FAQs
What are the pre-requisites to use NuoLend?
You will require a MetaMask plugin on your browser to start using our dApp. You will need to set it up with the Kovan Test Network for using our test network and to the Main Network for using the production network.
For first-time users, it is highly recommended to go through this blog which displays a step-by-step guide to using NuoLend.
Which are the tokens supported by NuoLend?
NuoLend is based on the Ethereum blockchain and supports only ERC20 tokens in the dApp. Support for ERC20 tokens added to the platform is based on the following factors:
legitimacy of project(team, product, users, community, fund raised)
traded on popular exchange
volatility in trading price
The list of supported tokens: ZRX, REP, ZIL, OMG, VEN, BAT, AE, WTC, DGD, IOST, BNT, STORJ, BNB, POWR, ENG, LOOM, NCASH, QKC, BLZ, ICN, STORM, CVC, MANA, REQ, KNC, BNB.
How much collateral needs to be pledged in the smart contract?
The borrower will have to pledge 1.5x the desired loan amount in the ERC20 token being put as collateral. This is to avoid the Liquidation Event from occurring frequently. This means that the Liquidation Event will occur in case the collateral's value goes below 33% compared to ETH.
When does Liquidation Event occur?
If the borrower has not paid any instalment within the due date.
If the value of the collateral goes below the value of the loan amount.*
*In the current version, the borrower cannot add more collateral into the smart contract to increase the value of the collateral amount. Will add support for addition of collateral to combat this in a future release.
Can a lender put up an offer to the borrowers?
Not yet, this feature will be added in a future release.
Can multiple lenders fund a single loan?
Not yet, this feature will be added in a future release.
Is NuoLend charging me?
The Nuo platform takes a 1% commission off of the instalments which are paid back to the smart contract. The platform never charges the borrower.
Is the premium that is selected a monthly/annual premium?
No, it is the premium for the duration of the loan.
What are the various limits in the system?
Min loan amount - 1 collateral token
Max loan amount - 5 ETH
Min loan tenure - 1 day
Max loan tenure - 100 days
Min days per instalment - 1 day
Max days per instalment - 10 days
Min premium - 5%
Max premium - 100%
What are the different states of the loan?
New - Borrower has transferred collateral and the loan is ready to be funded.Funded - A lender has funded the loan but the repayments have not completed.Completed - All instalments have been repaid by the borrower and the loan has completed.Canceled - Borrower has canceled the loan request by taking the collateral back after transferring it to the smart contract.Defaulted - The Liquidation Event has occurred due to any of the below stated reason and the lender has received the collateral amount.Disputed - User has raised an issue with the loan and the issue is yet to be resolved by Nuo.
What is State Check?
This is a feature available for lenders to force the smart contract to check if any Liquidation Event needs to occur. Otherwise, the smart contract will automatically check for any Liquidation Event occurrence once in 60 minutes.
Why does the borrower have to "Approve" a loan?
After the borrower has created a loan by selecting the various parameters(loan amount, collateral, premium, etc), a smart contract for this loan is created. In order to give this smart contract the permission to obtain the collateral tokens from your Ether address, the borrower needs to "Approve" the smart contract for the same.
How can the borrower cancel a loan?
As a borrower, the loan can be cancelled after transferring the collateral but before some lender has already funded the loan. The borrower will have to proceed by clicking on "Cancel Request" on the loan details page.
When will my loan be available to the lenders?
Your loan will be visible and available to the lenders as soon as you transfer the collateral amount to the smart contract. You will be able to see your loan in the "New" section of the dApp as well.
How to raise and resolve a disputed loan?
Currently, any discrepancy in the loan states need to be reported to info@getnuo.com to get it resolved. We will soon be adding an online portal to report any discrepancy in the state of the loans.
Which platform is NuoLend available?
NuoLend is available only on web as of now with a web browser which supports the Metamask plugin. You won't be able to use this on mobile or on tablet.We will soon be adding the NuoLend feature onto our android app.
How will I be notified of any payments/receivables on my loans?
You will be notified of any instalments due, any instalments done, or any other actionable event via the notification panel on the dApp. We will soon be adding support to send out emails to you regarding the same too.
Why am I getting 500 internal server error?
You could be getting this error due to one of the following reasons:
If your transaction via metamask fails.
If the transaction has timed out as per the browser(4 minutes) but metamask is still attempting to complete it.
You might have switched your wallet address from the metamask plugin while accessing a loan.
What should I set as the gas price for the transaction on metamask?
When the metamask plugin pops out for you to complete your transaction, please do not modify the gas limit. As per the gas price, please make sure you check the standard gas price rate at the time of transaction from here and set a comfortably higher price to ensure the transaction occurs successfully.
When should I withdraw the collateral or ether?
Every time you withdraw, there will be a fixed fee that you would be charged. Hence, you should withdraw the collateral as a borrower or ether as a lender right at the end of the loan to ensure that you pay the least gas(transaction fee).
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