P2P loans system is online!
Apply to loan :
How the contracts work in the borrowing process is explained in detail. However, since this is insufficient, I am preparing a visual model that users will understand how it works before the process starts.
Here is briefly what they are:
2 contracts ensure that the funds of the lender and borrower parties are secure before the match.
onExpire contract is activated
if your loan offer does not match and automatically sends
the loan or colleteral, which is the amount you deposit or
lock for the loan contract, back to your GalacticTrade
account within X days.
onIncomplete contract ensures
that the escrow account, which has been specially activated
for you and has enough funds to operate, will merge into
GalacticTrade if you do not complete all the steps necessary
to publish the loan offer. This contract is valid only if
the onExpire contract is invalid.
The 5 contracts manage the post-match payment to the borrower, the repayment from the borrower to the lender, the delay and cancellation status.
onPayment contract is
contract ensures that the loan amount is transferred
to the borrower.
becomes active as a result of discontinuance of
transactions on both sides of the borrower and
lender and closes the escrow account created for the
transaction (Merge account)
onRepay contract ensures
that the debt paid is sent to the lender and the
locked collateral is sent to the borrower back if
the debt is paid. Also, after these transactions,
the escrow account created for the loan is closed
for use. (Account merge)
onDelay contract becomes
active if the borrower fails to pay the debt on time
and sends the entire amount of collateral under the
account of the lender. Also, after these
transactions, the escrow account created for the
loan is closed for use. (Account merge)
onIncomplete contract becomes active if the escrow accounts do not trade on either side and wait for the expire period and abandon the transaction. The escrow account merges back to GalacticTrade.
GalacticTrade prepares and delivers contracts for the two parties and sends it to the Stellar network when the time comes. Borrower and lender can run these contracts (preAuthTx) and complete the loan, even if the GalacticTrade platform disappears.
If the bids to the opened loans are not completed on time, the bid will be canceled automatically and the loan will be open to everyone again. Similarly, if the request to create a loan offer is not completed within a certain period of time, the escrow account (s) created for the loan offer will be closed automatically.
You can ask your questions about the loans system here or via GalacticTrade.