Borrowers

Lending and Redemption

Borrowers can tailor the loan contracts to their own needs when applying for loans from various Banking Nodes, and upon getting a loan, the terms of the loan are set forth within a smart contract. It is the Borrowers’ responsibility to meet their repayment obligations. Any late repayments or failures will all be recorded in the blockchain, impacting their credit ratings and ability to access credit in the future. Tapi pay will provide templates of smart contract loan contracts that any Banking Node operator can utilize in the provision of such loans, however, more templates can be created and voted in the DAO by Tapi stakers.

Within the Tapi Pay platform, there will also be a request hub for borrowers to seek loan requests from our network of Banking Nodes. Any requests submitted will be broadcast to the network allowing individual Banking Nodesto to make contact and request further information to approve these requests. Borrowers can choose to either apply for loans through this portal or directly from individual Banking Nodes