How it works
Create a loan request
To get started, you would need to create a loan request by choosing a collateral token. This collateral will be with the smart contract till you repay your ETH loan. You can then choose a premium and the duration of the loan with a repayment structure across 1 or upto 10 instalements.
Once you fill the loan request form, you would have to pay gas (Ethereum Network fees) for creating a smart contract. Once a smart contract is created successfully you would authorise and transfer the collateral tokens to this smart contract.
Once the loan request is created successfully it would be visible to all the lenders on the platform across the world. Lenders can fund this loan and put their Ether to use and earn a premium on their investment. Most loans get funded in ~24 hours on the platform.