Lendoit is a decentralized P2P lending marketplace platform based on Ethereum. It globally connects borrowers and lenders directly through Smart Contracts and the Blockchain technology. It is configured to give loans in any of the ERC20 currencies. The platform is equipped with all the elements a lending market needs to function, namely: professional scoring and verification APIs for each country, a loan marketplace, where lenders bid interest rates on loan applications and a default market where failed loans can be traded. Lendoit also offers important functions like syndicated loans and the ability to sell a loan to another lender if need be.
How does Lendoit differ from competing projects? As opposed to many projects which are trying to create P2P lending platforms on the Blockchain (showing a sign of where the market is going), but most of the projects apply faulty implementing approaches, the approach is unique and different and unlike others, Lendoit does NOT take collaterals. The founders believe that in the world of micro-loans, managing collaterals is not sensible - it’s like lending $USD by using €EUR as collateral. Lendoit platform combines 4 different efficient methods to mitigate the chances of lenders losing their money:
1. 3rd party professional scoring/verification local companies
2. Smart Compensation Fund
3. Collectors Market where default debts can be sold
4. Syndicated Loans.