Submitting Loan Requests

Borrowers can browse the Teller Protocol Marketplace webapp or the MarketRegistry contract to find a market that meets their needs (Auto, Home, Personal).

Once a market is chosen, they can submit their bid request to the TellerV2 contract with the function defined below.

Submitting a Loan Request

/**
 * @notice Function for a borrower to create a bid for a loan.
 * @param _lendingToken The lending token asset requested to be borrowed.
 * @param _principal The principal amount of the loan bid.
 * @param _duration The length of time, in seconds, the loan will remain active.
 * @param _APY The proposed interest rate for the loan bid.
 * @param _paymentCycle The recurrent length of time before which a payment is due.
 * @param _metadataURI The URI for additional borrower loan information as part of loan bid.
 */
function submitBid(
    address _lendingToken,
    uint256 _marketplaceId,
    uint256 _principal,
    uint32 _duration,
    uint16 _APY,
    uint32 _paymentCycle,
    bytes32 _metadataURI,
    address _receiver
)

The _metadataURI submitted by a borrower along with the proposed loan terms (_APY, _principal, _lendingToken, etc), needs to correspond with the metadata required by the market. Depending on the market, this could be in the form of a verified credit report from the relative credit bureau, identity, or other relevant data.

Cancelling a Loan Request

/**
 * @notice Function for users to cancel a bid.
 * @param _bidId The id of the bid to be cancelled.
 */
function cancelBid(uint256 _bidId)

Borrowers who wish to cancel their bid request prior to it's expiration, can do it by submitting a transaction to the protocol with the _bidId.