This is a loaning service where lenders can input their details and the money they want to lend along with the time and rate of interest. The borrowers can input the amount they want and they can get a list of lenders who can give them money.
On running the code, one has to press 1 to become a lender. Because the loaning system begins with lender. Then press 1 again to create an account. Provide the asked details and remember the userID given. Then provide the userID to know the interest that you will get on the money, rate and time provided by you. You will be notified that your account has been created. Now enter any of the other option as per your wish. If you wish to become a borrower, then enter 5 and then 2 Now enter the amount that you wish to borrow. You will be given with a list of details of the lenders who are willing to give you your required amount.
This is because, there is no involvement of third parties like banks or corporations who are holding the people's money. Money transaction is done completely with the use of technology. Security protocols are used to create financial networks and connections which undergo financial transaction. Thus the bridge between lender and borrower is eliminated.
- Each entity in the chain receives payment for its services.
- There is an unnecessaey delay at each point of the chain. Loan aproovals may take days or weeks sometimes.
- There are a lot of formalities which has to be done for each entity in the chain of third parties.
- It is based on the trust between the user and the third parties, which has complete control of the user's money.