The decentralized p2p lending service secured by cryptocurrencies is available to all users of the Deex ecosystem who have an exchange account. The process of applying for a loan takes only a couple of minutes and will be discussed in detail below.
Authorization
Follow the deex.exchange site and log in. After that, select the “Credit” option.
Main screen of the loan system
The following options are available on the main page.
- Loan calculator which indicates the amount of funds you want to take, the amount of collateral in ETH or BTC and the term of the loan (from 1 to 12 months).
- “My credits” option. Displays the credits already taken. Available after registration of the application.
- Information with the main parameters of your loan.
Making a loan application
Loans in the Deex system are provided in two available currencies – RUB and USDT. The maximum loan amount in RUB is 50,000 RUB. The maximum amount for USDT is limited to 500 USDT.
After you have selected the desired loan amount and loan term, you must read and accept the terms of the offer between the user and the platform.
On the same page you can find information about payments and follow the application form.
Collateral deposit can be taken in ETH or BTC and becomes available after approval of the application. Usually, this process takes no more than two minutes from the moment the loan is issued.
While the application is pending, you can delete it, edit, or issue a new one. The system does not have a limit on the requests made by one user.
Working with your loan
After approval of the application, you need to pay deposit to secure the loan. It can be done in a currency selected while registration.
Select the “Deposit” option and transfer the required amount to the address specified below.
Credit payments
Payment means that the funds must be deposited before the date of the next payment. Otherwise, after the expiration of the next payment date your funds will be debited from the collateral balance in favor of repayment of debt obligations for using the loan.
1st option: payment from balance
This option is available from the “My credits” page or from the credit page itself.
- Log in to the DEEX ecosystem
- Open the user menu
- Click the “Credits” button
- Сlick «Pay» in the payment schedule
- Click pay on «Payment» pop-up to make the next payment
- Check the «Payment History»
Note! On the payment pop-up you can change the «Amount to be paid» which allows you to knowingly pay all future payments before the date of the last payment and pay partially for the necessary amount.
2nd option: payment from the deposit
This option is suitable for the borrower who rejects or skips monthly payments due to various possible circumstances. This option passes automatically by the expiration date of the next payment. When funds are debited from the collateral amount in favor of repayment of obligations, the debt amount is reset to zero.
Note! When you pay a regular payment through the deposit option it is possible that the security coefficient drops to a critical level. In such case you can use «Increase security» option, while ignoring a greater likelihood that «Margin call» event will occur.
Deposit refunding
The collateral repayment mechanism provides for the repayment of all debt obligations of the borrower to the lender, as well as the return of credit funds or the assignment of part of the collateral to the lender.
- 1st option: using a Deposit
- Log in to the DEEX ecosystem
- Open the user’ menu
- Click the “Credits” button
- Click on the appropriate credit
- Click the “Return Deposit” button
- Select the “Sell pledge” method on the «refund pledge» pop-up
- Click the “Sell collateral” button on the «refund collateral» pop-up
- Wait for the return of part of the вeposit balance to your wallet
- 2nd option: using credit (Payments are paid)
- Log in to the DEEX ecosystem
- Open the user menu
- Click the “Credits” button
- Click on the appropriate credit
- Click the “Return Deposit” button
- Select the “Refund all credit” method
- Click the «Pay» button
- Wait for the deposit to be returned to your wallet
- 3rd option: at the expense of the balance (there is a debt)
- Log in to the DEEX ecosystem
- Open the user menu
- Click the “Credits” button»
- Click on the appropriate credit
- Click the “Return Deposit” button
- Select the “Refund all credit”
- Click the «Pay» button
- Return to «Credit»
- Pay the recalculated payment
- Wait for the deposit to be returned to your wallet
4th option: at the deposit’s expense (automatically)
This option is available when the date of the last regular payment expires or when the Margin call occurs. In such cases the borrowed funds repay all debt obligations and the loan amount, after which the remaining collateral is returned to the lender.
Note! The refund does not affect the borrower’s credit history.
Avoiding Margin call
Margin call is the an event that occurs when the security coefficient reaches a low threshold value, in which case the collateral goes to the lender for repayment of debt obligations and closing of the loan after which the balance of the collateral amount is returned to the lender. This event is possible in cases where the collateral is depreciated due to the volatility of the asset that acts as collateral or when the borrower has missed a sufficient number of regular payments in order for the collateral ratio to exceed a low threshold value. The following options are available.
- 1st option: by increasing the Deposit amount
- Log in to the DEEX ecosystem
- Open the user menu
- Click the “Credits” button
- Click on the appropriate credit
- Click the “Increase security ratio” button
- Click the “Add collateral” button
- Click the “Add Deposit” button
Note! The recommended amount transfers the coefficient to the value of the probability of low Margin call. It is also possible to change the amount within the recommended amount to the amount available on the borrower’s wallet.