Lender can see loan requests (only loan requests with collateral are shown) in the loan requests screen.
Lender Select Loan Request
To see loan requests details click on the loan request. Loan request detail screen appears. On this screen
- Loan amount,
- Interest earned by lender,
- Loan duration,
- Loan request validity,
- Collateral token,
- Collateral token current price,
- Collateral token amount,
- Collateral token current value are shown.
Lender Approve Loan Request
To approve loan request
- Press Approve Request button on the Loan Request overview screen,
- Popup window appears,
- Press Confirm button to confirm.
After approval of the loan request, the lender gets an confirmation email. Email reminds lender also to transfer funds to the SmartCredit.io escrow account.
Lender Fund Loan Request
To fund the loan request
- Press Fund Loan button in the loan request overview screen,
- Popup window appears with escrow address, your account number and amount of ETH to be transferred,
- Press Confirm Transaction.
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Lender Confirm Transaction in Metamask
As next MetaMask plugin appears. Confirm transfer in MetaMask plugin.
Transaction in the Ethereum Mainnet can take some time. You can follow your transaction in the MetaMask plugin in the activity tab.
Lender Active Loan is Created
After collateral arrival an active loan is created.
Lender gets confirmation per email about the active loan and its duration.
Lender ccETH is created
Lender gets value protected ccETH tokens. ccETH token value is pegged 1:1 with ETH. ccETH belonging to the Lender are shown in the lender Home Screen.
In the case lender transfers ccETH (or part of ccETH) to person B then person B will get back ETH when loan is repaid.