We will understand in general terms what is P2P lending. P2P lending is a method of financial transactions in which a loan of money is made without the participation of banks, and the creditor is an individual. The abbreviation P2P stands for peer-to-peer, which literally translates as equal to equal. Everything is very simple. Equitable lending platforms are online exchanges and lending platforms. A person registers for them as a borrower or lender, after which he can take or issue loans. The exchange is not a lender, but it plays an important role acting as an intermediary in transactions and checking the reliability and solvency of the borrower. As lenders may be individuals and groups of individuals as well as investment organizations. Such equal lending is beneficial for both parties. The profit percentage of P2P is much higher than on bank deposits and it is possible to quickly receive the amount of money in a short time passing a quick check.
FinWhaleX is a P2P credit lending platform that provides access to loans anywhere and anytime. Let’s take a look at how this works. In order to apply for a loan, the borrower must first set the parameters for the loan. These include the amount, interest rate, loan term, etc. Sometimes the company recommends evaluating the parameters of other applications in order to more easily navigate the process and select the most advantageous offers. In addition, there are options for choosing an application for a loan on bail. Two ways can be offered for this. First, you can place an application for secured lending. This method is more attractive. Second, you can transfer the required amount of collateral after the lender accepts the application. The commission for filing a loan application is 0.5% of the amount depending on the loan term.
You Place a Loan Application
When creating your loan application, the Borrower set the parameters at its choice (amount, interest rate, period, etc.). We recommend evaluating the parameters of other applications already placed on FinWhaleX - lenders choose the most profitable applications for themselves. You can choose when to secure a loan application with collateral. There are two available ways. On the one hand, you can place the collateralized loan application which is more attractive for creditors. On the other hand, you can transfer the necessary amount of the collateral after the lender accepts your application. When placing the loan application, you need to pay a transaction fee in amount of 0.5% of the loan amount depending on the loan period.
Lender Accepts Your Loan Application
All creditors guarantee to fulfill their obligations for the accepted applications. After the lender accepts the application, FinWhaleX will generate a special multisig-address where your collateral (bitcoins) will be stored until the end of the loan period. Each party owns only one Private key for the multisig-address. Multisignature (multisig) refers to requiring more than one Private key to authorize a Bitcoin transaction. It guarantees that no one is able to access the collateral owning just one Private key.
You Return The Money Within The Term of The Loan
After repayment of the loan, you automatically return the deposit to yourself. No one can use your bitcoins until the loan is repaid - they are frozen in a special wallet. You can not return the loan, if it is not profitable for you. If the rate of bitcoin has not risen or fell, then you can refuse to repay the loan. In this case, the collateral simply goes to the lender, and your loan obligations are repaid.
FWX token is a utility token implemented according to the ERC-20 standard on the Ethereum blockchain.
Holders of tokens have access to the platform, increased scoring score for the loan, the possibility of taking a loan and lending to other users.
All transactions within the platform will be conducted only through the FWX token. For example, the issuance of a loan secured token FWX.
The FWX Token will allow its owner to use the FinWhaleX platform to take out a loan and lend to others.
Website: https://finwhalex.com/
WhitePaper — https://docs.google.com/document/d/1XhjDhhnjHJnTmgHlIzDlwECd4nV5zsPwJEmGZxdqjJ0/edit?usp=sharing