This week’s update brings exciting news. Our mobile application demo shows a user’s ability to pay back a loan in installments of their choosing, as well as pass new parameters when initiating a loan request. As promised, we’ve now included the option to set interest on the loan, which the borrower needs to pay back fully before the loan is complete. In addition, users also have the ability to decide whether they would like to mine rewards upon completing the loan, or skip that process. Choosing to mine your reward results in your loan funds being put in a holding phase. These funds are unlocked once the holding period is completed, and you are able to claim the reward.

In our video, we provide a demonstration of a loan being paid back in installments for both the mined and un-mined loan requests. You can see a convenient “Pay Back” button next to the loan on the ledger screen, which brings up a small number pad to type in the amount you want to pay back. Once a loan has been paid off, it will be removed from the “Active Loans” page, and placed in the “Completed Loans” page with an indication of its status (“Completed” or “In Holding”).