Removing the human element of a service like this will certainly cause the initial development load to increase.. But will also remove the human weakness aspect of the service as well. Code is not suseptible to social engineering and as such is likely safer than having people working to sift through loan applications.
The inspiration for this service honestly came from @neoxian after he provided countless loans to me working under the same type of account as collateral guidelines. Figured it would be possible to automate the whole process and open up the lending pool to the entire community so we could all supply loans to those in need with sufficient collateral.
Removing the human element of a service like this will certainly cause the initial development load to increase.. But will also remove the human weakness aspect of the service as well. Code is not suseptible to social engineering and as such is likely safer than having people working to sift through loan applications.
The inspiration for this service honestly came from @neoxian after he provided countless loans to me working under the same type of account as collateral guidelines. Figured it would be possible to automate the whole process and open up the lending pool to the entire community so we could all supply loans to those in need with sufficient collateral.
Thank you for the feedback and the vote man!