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Also bear mind that you need to provide "txt"blockchain url where you will be sending your collateral first need to do some little investigation to make sure that coins or wallet not associated with any dark activity.
You mean the borrower has to expose the address where he keeps his potential collateral? Did you work alone on this? Rarely do lenders also act like financial auditors.
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My loan service will be different then many others i want to make it look like more like you dealing with bank.
If so, the borrower had better go to the bank. Your customer dos not have legal protection like a bank, nor does the loan policy that you make have no legal basis.
Can't take coins related with suspicous activity it's not easy to track If coins are clean but by looking over "txt" url and previous transaction history it's possible to get some idea.
If you do take coins from not legit sources the FBI might knock your door and Im not interested to get in any trouble.
I think that there is need to implement some kind of insurance kind of system when client pays some insurance to lower risk for both sides and make the things how they should be in the western world sociey when we have insurance.