Loan Status

Each loan transitions through various statuses from beginning to end

Pending

The loan request has been submitted on-chain and is waiting for a lender to accept the terms of the loan. Collateral has been approved and set aside, ready to be deposited.

Accepted

A lender has accepted the terms of the loan and paid the principal amount to the borrower. The collateral has been escrowed in the CollateralManager contract. The loan is active, accruing interest, and is accepting regular payments from the borrower.

Delinquent

The loan is in the 'accepted' state but a minimum payment has not been made for 'paymentDefaultDuration' amount of time. At this point, the loan can be liquidated or the collateral can be withdrawn by the lender.

Paid

The loan has been fully repaid and finalized so the collateral is able to be withdrawn by the borrower.

Liquidated

The loan had been delinquent and fully repaid by a liquidator. The collateral is able to be withdrawn by the liquidator.

Cancelled

The loan request was 'Pending' but the borrower decided to cancel on-chain before a lender accepted the terms of the loan.