Lending-related Questions

1. How do I start lending on LENDBIT?

   • You can start lending by creating a lending pool through your account, setting terms like the interest rate, loan duration, and maximum loan amount. Your funds will then be available to borrowers who meet the collateral requirements.

2. Do I need to approve borrowers before lending?

   • No, borrowers do not need your approval. All loans are secured by collateral, which eliminates the need for lenders to manually approve borrowers. As long as borrowers meet the platform's collateral requirements, they can access your pool.

3. How do I manage my lending pool?

   • Once your pool is live, you can track borrowers, adjust lending terms, and monitor repayments. The platform handles all transactions automatically based on the terms you’ve set.

4. What happens if a borrower fails to repay the loan?

   • The platform automatically liquidates the borrower’s collateral if the health factor drops too low, ensuring that you, as the lender, are protected from losses.