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Using Decentralised Lending Apps For Crypto Loans

When I first got interested in Blockchain and cryptocurrency I was told ICO is where the money is. After buying a bit of Bitcoin on Unocoin, I thought I was ready to participate in an ICO so I went on a lookout for one. Ethlend was the one I found. Ethlend is a decentralised Lending platform. You can take a loan by putting your ERC-20 tokens as collateral.

I learnt a lot about Ethereum, Blockchain and lending from the Ethlend team. I was so active in their group that I began answering people’s queries and soon I was christened “Santa’s Little Helper” by one of their admins Nastia.

If you go to Ethlend’s telegram group and send a message – “/Naimish”, you will get an automated sweet reply too. Try it.

Nuo’s Decentralised Lending Platform

Today there are many decentralised lending platforms available but there is one built here in India – Nuo. Nuo is actually a Blockchain based bank, which once fully ready, will allow you to buy and hold your crypto, lend it out, take loans, etc everything on the Ethereum network.

While it is a long way, Nuo has launched its Android app where you can buy Cryptocurrency and store it as well. For desktops and laptops, Nuo has launched NuoLend, the decentralised lending platform.

NuoLend HomePage with all Loan applications

Why Decentralised Loans?

If you have money, you put it in a bank to earn interest on your deposit. If you need money, you go to a bank, put a collateral, take a loan and pay interest to the bank.

In the above scenario, bank is the ‘trusted’ third party without whom these transactions would not be possible. In a decentralised platform, you remove the third party, you directly deal with an individual sitting anywhere in the world.

Whether you want a loan or want to fund a loan, it will happen without a bank and purely on the reliance of a smart contract. Hence decentralised lending lets you earn a passive income on your cryptocurrency by funding loans or you can get a loan when in need without selling your tokens.

How does NuoLend work?

So in the past couple days we made videos about how NuoLend works, whether you want to fund a loan or apply for a loan. Without giving out more details I will recommend you watch both these videos to understand it more.

Funding a loan on Nuolend and earning Interest on it:

Applying for a loan on Nuolend by putting ERC-20 tokens as Collateral:

Would you try to apply for a loan on NuoLend? Let us know in the comments below

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