DReloan. (Re-rotating laon without credit.)

Problem:

Globally 1.7 billion people are unbanked, and they can’t access the basic services like education because of no money and no credit history.

Nowadays, mostly only secured loan is processed. People want to start a business, get an education, but there is no such mechanism which provides them with an unsecured loan. Also, we as people want to help others for their basic needs via loan/charity. But they are not able to do because there is no such one-stop platform as well as there are many middlemen who take a significant cut in every loan they process.

And research shows that chances of getting a default of rich people are more than poor people. Poor people are more eager to pay loan to be accountable.

Solution:

One-stop P2P solution here lender and borrower can connect each other through BSC powered dapp Recycloan. Anyone can be lender and borrower. The borrower will request for money with a detailed description of work (education/business/healthcare). The lender will lend money as part of social charity. The funds are immediately transferred to the first account on the list and once repaid, they are transferred to the next until the end of the list is reached at which time the funds are returned to the lender. At any time the lender can add additional borrowers to the end of the list. Anyone can query a list of borrower addresses as well as the number that have repaid a loan providing borrowers with records of their loan transactions.

How this works:

Let's say Alice has a lender. Bob is the borrower.

1. Alice, as the borrower, will request for money on the portal.
2. Bob wants to do some charity work. Bob will come on our platform.
3. Bob will see the Alice request and send some money through our pooled smart contract.
4. Alice got the money, use money and after sometime wants to return the money.
5. When Alice is returning the money, it will again go in the pool. A part of returned money will go to Bob, and another part will go to another borrower who is like Alice. This is a lending cycle for non-credit history person.

Benefits for Alice (Lender)

1. Charity
2. High chances of gettting higher return. many more ...

Benefits for Bob

1. Get the basics necessity things done. (education, business, healthcare)
2. Help other and create socail impact.
   many more...

Things done

Fully functional dapp with frontend and smart contract.

Accomplishments that we're proud of

We were successfully able to deploy a smart contract on the BSC TESTNET and interact with it through out web application using our own BSC accounts.

DReloan deployed smart contract address

testnet: 0x90171f41c63466cE31057a4C9bb5cE92D324089c

Next step

Work on growth. Apply to social incubator. Work on credit score mechansim.

Resources

1. Binance Smart Chain docs.
2. ReadtheDocs solidity.