I take that you didn't follow their telegram? Or read several pages of the last from their bounty thread? The bounty shall be distributed on January. If you can't wait to get a hold of LEND token, which is good, you can buy them, it's on Binance, EtherDelta, you choose.
Can someone explain how fiat lending works on this platform?
Or I just lend ETH amount equal to requested FIAT amount?
Hi, I take this directly from their bot on telegram,
Lendy:
Even though Ethereum and cryptocurrencies are volatile in general, that does not mean that the lender and the borrower needs to bear the volatility. The volatility of the loan currency (Ethereum) becomes an issue when the borrower wants to repay the loan with FIAT-earned income. To avoid this issue, the borrower can use a FIAT currency such as USD or EUR as a basis for the loan (this is called currency pegging).
Using currency such as USD means that the borrower could example borrow 100 USD worth of Ethereum and repay 100 USD worth of Ethereum plus interest. This means that even if the Ethereum price increases in value, the borrower does not bear the volatility since the borrower is repaying the loan tied against non-volatile currency.