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Contract States

🚦 Here are the different contract states that may appear during the loan process on our platform.

Requested​

The borrower has submitted a request for a loan based on a lender's offer.

RenewalRequested​

The borrower has requested an extension of the loan, creating a new contract.

Approved​

The lender has accepted the borrower’s contract request.

CollateralSeen​

The collateral (security for the loan) has been recorded on the blockchain.

CollateralConfirmed​

The collateral has been confirmed with enough blockchain verifications.

PrincipalGiven​

The loan amount (principal) has been transferred to the borrower.

RepaymentProvided​

The borrower has repaid the loan principal plus interest to the lender as agreed.

RepaymentConfirmed​

The borrower’s repayment (principal + interest) has been confirmed by the lender.

Undercollateralized​

The loan’s collateral value is too low, and the lender can take action to liquidate it.

Defaulted​

The borrower has failed to repay the loan by the due date.

Closing​

The collateral claim transaction is being processed but has not been fully confirmed yet.

Closed​

The loan has been fully repaid or ended for another reason.

Extended​

The loan has been extended with a new contract.

Rejected​

The lender has rejected the borrower’s contract request.

DisputeBorrowerStarted​

The borrower has started a dispute over the loan agreement.

DisputeLenderStarted​

The lender has started a dispute over the loan agreement.

DisputeBorrowerResolved​

The borrower has resolved the dispute.

DisputeLenderResolved​

The lender has resolved the dispute.

Cancelled​

The loan request has been cancelled by either the borrower or the lender.

RequestExpired​

The loan request has expired because it wasn’t accepted or cancelled in time (24h)