Loan packages
1. Loan package definition
Loan package is the packages which pawnshops publish in the market. Borrowers can send collateral for their loan amount to these packages. The contract between Lender and Borrower will be generated automatically or needing negotiation depending on the types of loan packages.
2. How many loan package types are there?
There are three now at Defi for You:
  1. 1.
    Auto package: When Borrowers send Collateral, the contract is generated immediately by the system.
  2. 2.
    Semi-auto package: When Borrowers send Collateral, Pawnshop will make consideration on the collaterals to see if it matches with their initial requirements, then they can Accept/Reject. If Pawnshop accepts the request from borrower, the contract is generated, if not, nothing happens between Borrower and Pawnshop.
  3. 3.
    Negotiation package: When Borrower send Collateral, Pawnshop will send you Offers, Borrowers can Accept/Reject the offer.
3. When can I create these loan packages?
You can create these loan packages when you register for Pawnshop successfully (See more in Lending)
4. How to create Loan packages (A step - by - step guide)
Step 1: Log in and connect wallet, after that click on [My Account]
Step 2: Open Settings & Packages in Lender profile from Side menu, then click on New Loan Packages
Step 3: Complete all required fields in the loan package form below. Notes: More information about Loan to value and Liquidation threshold can be found in LTV& LTV liquidation threshold
Step 4: After creating and confirming on wallet extension or D-app successfully, a new loan package is created. The newly created loan package can be found by anyone in the Defi For You platform.
Last modified 1yr ago
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