io lendwill finance

Lendwill is a social network for peer-to-peer lending with educational features.
We built this app to educate young adults on the questions of personal economy, money management, and credit while letting them build their first internationally verifiable credit history on the blockchain.
Earn Trust Points to unlock new levels.
Heres what you can do on Lendwill:
MATCHING WITH PEERS FOR P2P INVESTMENTS - we will match you with a person who wishes to invest in your daily expenses or with the person who needs an investment.
Earn money or get a helping hand.
ACCEPT THE LOAN IN A CLICK - upon matching, you can accept or decline the loan in a click.
CHAT - chat with your prospective borrower or investor before making it official.
MINIMUM AND MAXIMUM PERIOD FOR REPAYMENT -
Minimum: 2 months
Maximum: 12 months
Also, users on the Lendwill application can repay the loan to the other party anytime within the selected period after they have received the amount.
Users are given the privilege of 14 days from maturity to repay the loan.
i.e: User selecting a loan for 2 months duration will have 60 days + 14 days to repay the loan.
ANNUAL PERCENTAGE RATE -
Lendwill allows users to select repayment duration with interest rate as below:
2 months - 5%
3 months - 7.5%
6 months - 15%
12 months - 30%
LENDWILL FEE:
Lendwill collects 10 NOK for loans up to 1500 NOK - max 4%
For loans above 1500 NOK, Lendwill collects 2% of the loan amount.
MAXIMUM APR COLLECTED BY LENDWILL -
Loans less than 1500 NOK - 30% (annual Interest) + 4%( max matching fees) = 34% APR
Loans greater than 1500 NOK - 30% (annual Interest) + 2%( matching fees) = 32% APR
Example 1:
Borrower's loan amount = 1000 NOK (Principal)
Duration = 6 months
Monthly interest rate = 2.5% (@30% per year)
Interest for the above loan = 15% (for 6 months)
Formula used:
Interest = Principal * Monthly interest rate * no of months
Total Repayment amount = Principal + Interest
Calculations:
Interest = 1000 * 2.5% * 6 = 150 NOK
Total repayment ( principal + interest ) = 1000 + 150 = 1150 NOK
Matching fee for the transaction (to Lendwill) = 10 NOK ( principal amount <= 1500 NOK )
Total amount paid by borrower (to lender + to Lendwill ) = 1160 NOK ( 1150 NOK + 10 NOK )
Total APR = ( ( ( Interest + Fees ) / Principal ) / Number of days in loan duration ) x 365 x 100
= ( ( ( 150 + 10 ) / 1000 ) / 183 ) x 365 x 100 = 32%
Example 2:
Borrower's loan amount = 10000 NOK (Principal)
Duration = 12 months
Monthly interest rate = 2.5% (@30% per year)
Interest for the above loan = 30% (for 12 months)
Formula used:
Interest = Principal * Monthly interest rate * no of months
Total Repayment amount = Principal + Interest
Calculations:
Interest = 10000 * 2.5% * 12 = 3000 NOK
Total repayment ( principal + interest ) = 10000 + 3000 = 13000 NOK
Matching fee for the transaction (to Lendwill) = 200 NOK ( principal amount > 1500 NOK )
Total amount paid by borrower ( to lender + to Lendwill) = 13200 NOK ( 13000 NOK + 200 NOK )
Total APR = ( ( ( Interest + Fees ) / Principal ) / Number of days in loan duration ) x 365 x 100
= ( ( ( 300 + 10 )/ 1000 ) / 365 ) x 365 x 100 = 31%
SIGN A CONTRACT - you can electronically sign a legal loan agreement with another user without leaving the app.
The contract is stored on the blockchain.
EDUCATION - read educational articles and watch videos to get points, win rewards and increase your Trust Score.
The higher the score, the more investment and loan opportunities you have.
TRUST TREE - grow a virtual tree while getting educated on the topics of personal finance, credit and investment.
Return the money early or invest in others to get points and grow your Trust Tree.
WIN REWARDS - complete educational quests to win cool rewards
OPEN BANKING NOTE - we use direct account-to-account payments.
Because of the nature of the banking rails, the money transfer can take up to 24 hours to complete during weekdays and up to 48 hours if the transfer happened on a weekend.

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