Why Ethlend is Superior To Banks

in #ethlend5 years ago (edited)

When you go to a bank to ask for a loan what are the questions that go through your mind?

Is my Credit score good enough?
Will I be eligible?
Do I have enough collateral?
What interest rate will they charge and how will I pay it off?
How do I negotiate?
Do I even make enough money?

Borrowing money is something most people try to avoid. Apart from the obvious fear of not being able to pay back, there is also the social awkwardness of knowing someone has a hold over you and every second reminds you of it. Sometimes taking a loan is the only option. E.g. when we are about to startup a business we strongly feel will succeed. Some people obtain loans to offset urgent bills. Some to trade and some to build houses.

student-loans-01.png.rendition.768.768.png
source

The blockchain has come into the fray and offers a powerful platform on which financial innovations can be made. Its transparent and immutable features make it the ideal tool to be used for transactions and boost development.

Ethlend transcends the level of financial dealings by allowing peer-to-peer negotiations and transactions executed by Smart Contracts. The Smart Contracts verify all parameters and conditions and automatically executes the terms of the agreement. This encourages trust-less transactions and allows users to leverage on virtual assets.

With Ethlend you don't have to worry about physical collateral. You can use your digital assets(many of which can be earned online) as collateral and be able to obtain loans.

Ethlend functions on a decentralized environment. Not subject to any central authority. Your transactions are strictly with the other individual.

Ethlend is based on the blockchain. This means every transaction can be verified. This transparency cancels out fraud.

Ethlend allows users to negotiate. Unlike banks that offer high interest rates and demand high requirements, all users need to use Ethlend is their digital assets(collateral). Interest rates on Ethlend range from 0.25% to 5%. Conventional banks usually offer loans at interest rates between 12 - 20% source

ethlend interest rate 2.png

Ethlend also lets the borrower decide or propose the duration of their loan (payback period).

ethlend define loan duration 2.png

Normally, banks demand landed property or objects of value as collateral. Even crypto friendly establishments give SPECIFIC tokens/cryptocurrencies that they wish to work with. Ethlend however, allows users (lender and borrower) to decide what coin /token/stablecoin they wish to offer/accept as collateral.

ethlend choose collateral 2.png

AAVE has partenered with Ethlend for inter-blockchain operations

As you can see, all these advantages help Ethlend function in a versatile manner as the options are very flexible.

Ethlend is

CHEAPER

FASTER

SAFER

You can also check out the Ethlend website yourself or read about them in the Ethlend State of The Dapps page.

Signup at Ethlend and check out the platform. You won't be disappointed.

Download the Ethlend app

DISCLAIMER

The information contained within this post is not to be taken as financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. Please do you own research before investing in cryptocurrencies or any digital asset. You can lose all of your money by investing wrongly. The information presented in this article is for educational and entertainment purposes only.

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Hi @ulqu3

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Continue being active and supportive towards our little steemit community we managed to create together. Keep up a great work.

Cheers, Piot

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