|When the borrower needs money, he just need to create an application for a loan by providing a security deposit in the cryptocurrency. Borrower sets the parameters of the loan (amount, term, interest rate). The application is instantly published on the stock exchange and immediately becomes available to the Lenders.
When the Lender issues a loan, the exchange automatically transfers the loan amount (in USD) to the Borrower from the Lender?s balance. After this the loan period, indicated by the Borrower, begins to run. A certain loan can be issued only by one Lender, which means that after the issuance of a specific loan, the application is withdrawn from the publication of the exchange.
After the loan expires, one of two scenarios automatically occurs:
1. If there is enough money on the balance of the Borrower (in the Cubenomia personal account) in the payment system in which the loan was taken, the loan is automatically returned to the Lender in full, including the accrued interest on the loan to the Lender?s balance in the Cubenomia personal account.
2. If the Borrower does not have enough money on the balance to repay the loan, the exchange automatically transfers the security deposit (in cryptocurrency) to the Lender?s balance, after which the Lender has the right to withdraw the deposit to his wallet at any time, and this loan is considered repaid.
Conditions for Borrowers