Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.
As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?
The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.
On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.
Do you really think lending to friends and acquaintance reduces the risk? I rather trust complete strangers to be people who might as well give me any excuse in the word just cos they are close to me
That’s the benefit of the Lendsbay platform, they facilitate loans between friends and family, which formalises the process by creating documents and enforcable contracts.
They would not be allowed to give you excuses because they need to make payments otherwise their credit score will reduce drastically, any LBT tokens they hold on platform would be taken as collateral and if it was a considerable amount of money you would be able to take them to court with Lendsbay’s assistance of an experienced legal team.
This is what I wanted to know, what will happen if loan amount is big and person who took loan refused to pay back. I hope LendsBay will assist us in legal proceedings.
Yeah I could see a lot of people were asking these questions so I thought I should check with the team, to be honest it's like any other type of loan, failure to make payments and default of loan leads to court action, however it becomes complicated when its family and friends. But at least you have records that can be showed in court, it would be more difficult if you lent a friend this money informally and didn't have any records. I see how the idea works and I hope others will too in the future.
Would the blockchain 'loan' stand up in court? Surely there needs to be some sort of legal agreement the other person agrees to when taking out the loan at the same time? still sounds really risky to me
I would assume it would yes. Don't get me wrong it would be great to get full clarity about the ins and outs but I would imagine there will be an agreement via the app which makes it then legally binding. Maybe like paypal there will be a services option and a friends/family option .. maybe the latter doesnt have an agreement
Seen an increase of individuals who have started posting on the thread and within the telegram channel. 
nice. Anyway, I picked Croatia to win too but I was disappointed too by the outcome of that game 