Creating a Loan Request on ETHLend DApp (Kogia v0.3)


Hello Scotty from Ethlend today. I’m going to run through setting up a new loan request using Ethlend latest alpha release, Kogia Once you’re ready open up the Ethlend app, which is available at ethlend.io Once the application loads up the system will run some checks to make sure you have Metamask installed, unlocked and connected to the correct network main network for live loans or Kovan network for test loans Even if to agree to the Terms of Service privacy policy and disclaimer and then click on launch to open up the app You’ll then be presented with the option to borrow, lend or view your current loans I’m going to click on borrow From here, I need to select the currency. I want to borrow For this I’m going to select ethereum and Then I need to choose the collateral. I’m going to choose Lend for my loan collateral click on create Metamask will then pop up and this is essentially creating the new smart contract on the network click on confirm Give us a little bit of time to mine the transaction on the etherium network And Now I need to select how many Lend I’m going to use as collateral Depending on what token you select as collateral earlier. This could be arranged different things. So I’m going to put a thousand lenders collateral. I then to select the loan period and months. I’m going to select three months or three lots of 30 days I’m going to select the amount of Ether I want to borrow So I’m gonna go around fear Then I need to select the monthly interest rate, which I’ll go with say 2.7 percent Select the minimum funding contribution, which is the minimum percentage of the loan that Eiland can individually fund I’m gonna leave that at five percent The funding period which is the amount of days your request will be available for lenders to fund I’m just going to select one day and Once you’re happy with all the details here click on set data Meta mask will then pop up again asking you to confirm the setting of data, so we’ll confirm that Again give it a little bit of time to process the transaction Once we get to this screen the app will double check all the details on the smart contracts to make sure everything is correct So take a little bit of time and then we will get a button down here Once you’re ready you will need to click on approve transfer This is to authorize the transfer of tokens from your meta masks account to the smart contract It’s a slight difference from the previous versions of the if Lindh app Whereby you will need to have the tokens in your meta mass account before you can fund this loan so you can no longer sense Directly from an exchange to the smart contract or to the loan request. You need to use it through the app and Through meta masks so click on approve transfer Click on confirm And then you need to click on place collateral and This transaction will take the tokens from your account into the smart contract Click on confirm And that’s it you’ll learn requests to sit up and secured through the etherium smart contract that’s currently live waiting for lenders to fund it If you’re in a bit of a hurry, you can feature your loan for a small fee So you can just click on feet co-owned there Otherwise, you can go to the my loan section to have a look at us Can see here, that’s the loan request. We just put through with a thousand lend as collateral So you can see the loan amount requested the collateral the interest rate the period the minimum funding contributions And basically the funding process or progress at this stage So from here you can see the loan amount the collateral From here you can see the loan details the current funding progress From here, you can see the loan details the current funding progress any lenders which have funded the loan you can also feature the loan here as well or you can cancel the loan and get your collateral back and That’s it. If you have any more questions, please reach out to the team on Telegram or getter and we’ll be glad to help you. Thank you

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