Since the blockchain came into place, it has opened doors for different great project. With blockchain, distance is not a barrier, just think of anything, it can be achieved here.
[credit](https://www.google.com/imgres?imgurl=https://bitcoinexchangeguide.com/wp-content/uploads/2018/09/ETHLend-Launches-New-Tech-Firm-Aave-to-Induce-Innovation.jpg&imgrefurl=https://bitcoinexchangeguide.com/ethlend-blockchain-crypto-lending-launches-new-tech-firm-aave-to-induce-innovation/&h=481&w=745&tbnid=sLaOHiAyBQsakM&tbnh=180&tbnw=280&usg=K_3D4LU98_OztRCGPSmcZNWalHVoE=&docid=WJBRwIYH-Qh3XM)
Borrowing of funds has never been easy when it comes to the traditional ways. Lots of documents has to be signed, huge interest rate, collateral and lots more have to be met. In fact, considering the bank option is the worst, there is no comfort in it at all. I have seen a lot of people lost their asset following loans they got from bank because of the terms and condition in place. Everybody have target, and borrowing at times helps us gets it achieved on time, rather than waiting for things to happen the right way.
Now cutting all the cumbersome interest rate short, I present to you a block chain driven project which aim at ensuring that collateral can be gotten with minimal interest rate and with no many document to be signed. The good thing about this great project is that distance is never a barrier, your presence is not and never needed unlike the traditional bank ways.
<center><div class=phishy>WHAT IS ETHLEND</div></center>
ETHLend is a fully decentralized financial marketplace built on top of the Ethereum Network by Stani Kulechov. It currently occupies number 264 on the #stateofthedapps list. You can check the ranking [here](https://www.stateofthedapps.com/dapps/ethlend)
[credit](https://www.google.com/imgres?imgurl=https://cdn-images-1.medium.com/max/800/0*XyN0FuDugk6HOHYf.png&imgrefurl=https://coins.newbium.com/post/9292-the-decentralized-peer-to-peer-lending-platform&h=470&w=800&tbnid=UqYqB3Ff38rXNM&tbnh=172&tbnw=293&usg=K_53byk6GJsNzrAWUUustuxZ5jRGA=&docid=jmCQ_uBK-uYFMM&itg=1)
Ethlends allows lenders and borrowers from all over the world to create a peer to peer lending agreements in a secure and transparent way using Blockchain and Smart Contracts. Users can borrow against ETH, BTC, DAI and more than 200 ERC20 tokens.
With this great service, you don't need to appear in person before your lending process can be finalized and this has helped to remove the need for bank loan as it is fast, transparent and easy to use.
> Lending crypto-to-crypto removes the need for banks to be the only available option for borrowing. By placing a loan request on ETHLend, lenders from all over the globe can fund loan requests by competing to provide the most competitive interest rate. ETHLend is trustless and transparent and can be used by individuals and institutions.
[source](https://www.stateofthedapps.com/dapps/ethlend)
<center><div class=phishy>HOW ETHLEND WORKS</div></center>
For there to be a successful transaction, the two parties must agree on such a term. With Ethlend, there must be two parties involved, one is the LENDER and the other is the BORROWER. The both parties will have to agree on their terms and conditions, then it will be saved in smart contract. The person who wants to borrow will have to indicate interest, then the order will be matched by a lender who in turns, will have to agree on terms and conditions between him and the borrower. The crypto they can use in finalizing their transactions include, ETH, LEND, DAI,TUSD etc.
<center><div class=phishy>How to Access Ethlend</div></center>
Ethlend makes their platform very easy. Not like some lending platforms that the access is a problem. People want a situation were things can be done so easy.
So, to get started with Ethlend, you have to first of all register through the platform.
That can be done by filling your email/gmail address, select your country, input your phone number and click okay. After that, you will have to verify your gmail/email, that is all.
After the sign up process, you have to create your wallet which you will use in lending or borrowing. If you have existing account, all you have to do is import it but if you don't, you just have to create new wallet.
After creating the wallet, you will have to write down your passphrase, input your wallet password and it will open your account. After that process, you can now access your account.
Screenshots attached below
<center><div class=phishy>ETHLEND INTERFACE/FEATURES</div></center>
Ethelend has a lot of features that you can explore. The interface displays the latest loan request and offers. It also has the DASHBOARD, ACTION, VIEW, WALLET, PROFILE, LEND AND BORROW INTERFACE.
Screenshot attached below
<center><div class=phishy>HOW TO BORROW</div></center>
To borrow is quite easy, it can be done in two ways. Either you browse through existing offers or you create your new offer.
I click on existing offers and I input the token I need. I selected Ethereum and it displayed all the offers available.
If the deal is okay by you, you can take the loan by clicking the option.
Screenshots attached below
The second option is for you to create your borrow request. Select the token you want to use in borrowing, select the amount and duration, then click okay.
Screenshot attached below
<center><div class=phishy>HOW TO LEND</div></center>
For you to lend out money, you still have two option, either you create new offer or you browse through the market place for available offers.
Screenshots attached below
<center><div class=phishy>Likes</div></center>
You don't need to be a guru to access the website. It is so simple and easy to understand. I love the way you can easily browse through the #Lend and #borrow interfaces, it is well-explained.
They also update the recent borrow and lending transactions, with that, you can see how trade on the platform is running.
Lastly, you can browse through the FAQ field easily for additional information. This also makes the platform top-notch.
<center><div class=phishy>Dislike</div></center>
If you want a fast loan, you will have to upgrade your account to #Premium mode. You can get access to #premium mode by paying a #Lend fee of 500 LEND. This feature will only run for 30 days. The premium users get fast access to loan compared to ordinary users, I don't like this move at all, we all should be served equally. This should be looked at.
Screenshot Attached below
<center><div class=phishy>Final Verdict</div></center>
Ethlend has proven that borrowing and lending can be done with the power of the blockchain. And we don't have to pass through face to face deal before we can get it finalized. They have helped to improved on the traditional ways of borrowing (bank) by reducing interest rate and improving trust. With this in place, I am rating them 4.5/5.
For more info on #Ethlend, [visit stateofthedapps here](https://www.stateofthedapps.com/dapps/ethlend)
> Disclaimer: Images are properties of #ETHLend and are used for the sole purpose of this review.