Providing a loan should be a simple process. One should check the client’s eligibility to get the loan and then approve or deny the loan. Once approved, the customer should receive the funds. However, in traditional systems, this process is often chaotic for valid reasons. As the customer base increases, servicing loans becomes complex.
Every customer has different terms and payment dates. Loan management systems help automate the entire loan lifecycle. A blockchain offers different protocol networks so the development of the blockchain and its transactions do not interfere with live transactions. These networks are used to develop, test, and deploy smart contracts and other transactions.
Our Loan Management System based on blockchain with smart contract securely shares the details about transactions by organizing the network, this action prevents fraud in the system. In cirrus’s core wallet, the admin creates an account for each user and updates the wallet information in their profile and the transaction is done using the Cirrus API.
In this system, the admin can log in/log out from the system. They have the authority to view, approve, block and delete the customers and manage their requests for a loan. The list of all the customers can be viewed by the admin those who have requested approval from the admin and a contract will be created. The loan amount can also be transferred to the customer. The system will list down all the customers who have successfully received loans and their payoff details to the admin. All the transactions done by the customers can be viewed by them. Cirrus Core dashboard contains all the information about cirrus core and the wallet details of customers and the admin and they can view all the feedback of all the customers.
The customer will need to register to log in to the system to apply for a loan. The system will display the reminder of the pay-off date. The customer can request a loan by sharing all their details such as the reason for a loan, amount, duration of pay-off, personnel and income details. The contract details and the transaction loan amount details can be viewed by the customers.
- It is easy to maintain.
- It is user-friendly.
- The customer can easily apply for a loan.
- The integration of blockchain incorporates easier, faster, and cheaper solutions.
- The system maintains the privacy of valuable customers by eliminating attackers or frauds who inject vulnerable data.