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Lendoit – complete free market environment

The Lendoit Platform

The Lendoit decentralized peer-to-peer lending marketplace, connects international borrowers and lenders through an easy and trusted platform, utilizing the advantages of Smart Contracts and Blockchain technology. Lendoit offers a multitude of solutions for the needs of borrowers and lenders, through integration with global third party professionals in the fields of Scoring, Verification
and Collection. Lendoit generates unique Smart Reputation Contracts and creates Smart Compensation Fund Contracts, which help lenders secure their funds. Lendoit enables lenders to give loans in any ERC20 currency, and participation in Lender’s non- discriminatory. Tenders can be done directly via Lendoit’s supported third-party wallets, using the Smart Loan Contract. Lendoit also offers a Secondary Market which enables lenders to easily liquidate their funds at any moment.

The Lendoit Ecosystem

Lendoit has developed a disruptive lending ecosystem, using its Smart Contracts that serve the following participants:
-Borrowers can apply for a loan using a Smart Loan Contract
-Lenders can lend to borrowers using the Smart Loan Contract, by transferring funds to the contract
-Reputation Consumers can get information about an Ethereum address via the unique Lendoit Smart Reputation Contract, for any purpose (e.g. checking address before transferring tokens to it, exchanging physical assets for tokens, etc.)
-Collectors can buy any debt in a tender using the Smart Loan Contract. Collectors that can participate in the auction must be under applicable legal requirements and regulation in the relevant jurisdiction.

The Lendoit Platform: Loan Process in Detail

Lenno, FriendlyScore and Bloom are just a few of the many international, decentralized coring providers with which Lendoit will be cooperating. Knowing that they work with ‘local’ scoring providers from countries all over the world, Lendoit will be in the best
position to ascertain the level of risk each potential borrower poses, allowing lenders to make more informed decisions on who they choose to lend to. Conversely, the new methods employed by these scoring providers will also provide greater access to
potential borrowers who would have otherwise suffered from low credit scores in the traditional lending marketplace, and therefore received less favorable borrowing terms.

Once a user has been verified and his credit score comes back from the third party scoring provider, the loan request can be “published”. Lendoit will publish each Smart Loan Contract in the Blockchain and Lendoit Marketplace. Users wishing to fund a loan
can begin to bid on the interest for it in the form of a Lender’s Tender.
  • Lender’s Tender

After the Smart Loan Contract is recorded in the Blockchain, lenders can participate in the Lender’s Tender directly via Lendoit’s
supported third-party wallets, using the Smart Loan Contract.
The Lender’s Tender is the process of raising funds for the loan requested by the borrower, in one of the bid structures implemented on the Lendoit Platform, subject to the applicable legal requirements in each case. For example, in a reverse auction structure, the winning bidder or bidders could be those who offered the lowest interest rates. The lender’s tender has two main purposes:
•Assist the borrower to get the lowest possible rate.
•Shorten the time it takes to achieve the amount of the loan request
  • Withdrawal of Funds by Borrower

Once the Smart Loan Contract aggregates the required amount and the tender is complete, the borrower can withdraw the loan’s funds using his wallet, from the Smart Loan Contract.
  • Notification for Loan Repayment

When the payment date arrives, the borrower receives a notice that the time has come to repay the principle and/or the interest of the loan.
  •  Loan Repayment

The borrower repays the funds including the interest to the Smart Loan Contract using his wallet. If the borrower fails to repay the
loan, he receives a second notice. At this point, the rate of interest he pays becomes higher, and after 60 days if the loan remains
unpaid, it defaults and is transferred to third-party collection companies (See section 15 for further details).

Lendoit’s Secondary Market

Lendoit offers a secondary market for lenders so that they may liquidate their funds at any moment in the market. If a Lender decides that he needs his funds immediately for other purposes, then he can offer his portion of the loan to other lenders using Lendoit’s
Secondary Market, and therefore benefit from instant liquidity for his funds. This provides an incredible amount of flexibility and can be of great value to the lenders.

The Lendoit Group

The Lendoit Group is comprised of several technology and operations companies. The Group’s goals and vision are to establish a fair
and decentralized peer-to-peer lending marketplace, the Lendoit Platform, as an alternative to the banking system and existing
traditional peer-to-peer platforms.

The Lendoit Group will collaborate and create partnerships with scoring, verification and collection providers from around the globe to establish a trusted ecosystem that will enable borrowers to obtain a loan with fair terms and enable lenders to offer funds easily and securely.

 If you want more information, visit the WEBSITE and read the WHITEPAPER.

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