Trush Installments
Few can afford to pay off the price of a valuable NFT in a single payment. So we'd like to introduce Trush installments, a new decentralized approach to the Lending & Borrowing protocol. Trush will implement Trush installments to make purchasing NFTs affordable.
A Trush installment is a user-friendly smart contract that allows Borrowers to buy their desired NFTs while remaining profitable for Lenders at the same time. It's expected to be repaid over a certain period of time and the payments will include interest. This type of loan is an amortized loan that requires a standard amortization schedule to be created by the lender detailing payments throughout the loan’s duration. This type of loan has been a favored method of consumer financing for expensive purchases such as homes, cars, and appliances. Lenders also favor this, because it offers a steady cash flow to the issuer throughout the loan with regular payments based on a standard amortization schedule.
The amortization schedule will determine the size of the monthly installment debt payments. The amortization schedule is created based on several variables, including the total number of payments, the interest rate charged, and transaction fee. At this time, we have noticed uncertainty and distrust on the current centralized lease contracts. Trush seeks to construct a smart contract that is not deceptive and creates a decentralized and fair exchange between the Lender and the Borrower.
For example: If A (borrower) does not have enough money to purchase an NFT or valuable assets, A can request a loan via Trush platform. The loan will be obtained from another user, B (lender),and the Trush Installments contract will detail all of the Lenders and Borrowers particular terms and conditions. The smart contract will also charge the borrower a penalty fee if the interest loan has not been paid in time.
If the default continues, the Trush Installments contract can be denied and the lender's original loan with interest rate earned during the loan would be returned. You will be able to issue a loan that is amortized with monthly installment payments over a period. Trush installments can be customizable for your specific need, so that lenders and borrowers have the ability to select their desired amortization schedule, which would make purchasing a NFT or valuable assets more affordable for a borrower and at the same time profitable for a lender.
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