Each borrower is required to successfully complete an approval and on-boarding process before they can borrow through the MoneySwitch protocol. After this, a borrower can connect their wallet to the liquidity pool and request a loan.
When a loan is requested the borrower must specify the amount and duration. These two factors will determine the interest-rate for that loan. The loan is rejected if the size of the loan will increase the borrowers total amount of credit above their credit limit.
The borrower can make partial or full repayments at any time with accumulated interest charged when the loan is fully repaid.
Copy link