Blender FAQ

The Blender Platform, Why Blender?

Blender’s industry-breaking peer lending system, lender loan-reclaims, and private (with selected friends and family) and public credit line options are just a few ways we offer our members the best Global peer-to-peer finance experience.

How Do I Assess a Borrower’s Credibility Prior to Lending?

Every borrower on the platform has public statistics, provided for lenders to assess in determining a borrower’s credibility. These statistics detail the borrower’s history, like: the average frequency of repayments, the rate of repayment, the ratio of funds being lent vs funds being borrowed, and more.

Lenders may inspect any line of credit created on the platform, including all transaction records detailing the flow of funds in and out of the line of credit by all participants. Filter functions allow lenders to sort through transactions to expose trends and patterns.

How Do I Earn Money as a Lender?

As a lender, you lend money to attractive lines of credit created by borrowing members whom you deem credible. Lenders earn monthly compounded interest on the funds that borrowers withdraw, until the borrower repays the borrowed funds plus interest accrued.

The Blender Platform’s lines of credit are similar to those traditionally issued by banking institutions, but the credit is being supplied by a group of lenders, like you.

What if a Lender Fails to Repay Me?

In many cases, borrowers provide collateral equal to 100% of their effective credit limit of their active credit-line(s). This collateral serves as Payment Delinquency Insurance; if a borrower is delinquent for an extended time period, the line of credit will default to distribute the Delinquency Insurance to each lender, proportionally to the lender’s contributed portion of the sum of all finalized Withdrawals made by the borrower. In other cases, borrowers provide data to Lenderblock Corporation to become Blender Verified; this action permits the litigable and/or contracted pursuance of owed funds from defaulted borrowers to their owed Lenders.

How Do I Create a Line of Credit with The Blender Platform?

Borrowers create their own lines of credit; they commit to their chosen interest rate and minimum monthly payment requirement; borrowers may increase their credit limits via several means. Borrowers also set a minimum lendable contribution, the smallest value they’ll accept from a lender per lending instance.

Your line of credit can be either public or private. Private contracts are only accessible by lenders you invite to participate.

How Do I Receive Loans from Lenders?

As a borrower, when lenders contribute funds you may withdraw the funds by creating a Withdrawal Request, which specifies the amount you’d like to withdraw. If lenders approve in majority, you may finalize the Withdrawal Request, depositing the requested funds into your Blender VirtuWallet. The withdrawn sum now begins to accrue interest at the rate set by the borrower.

How Do I Build Credit on The Blender Platform?

Credibility is comprised of usage statistics summarizing a user’s financial history and current disposition on The Blender Platform. The most telling of these stats is the Blender Score, which shows a users equity/debt ratio.

Borrowers build their credibility by paying back lent funds each month as expected, meeting or exceeding the minimum monthly payment value. This is very similar to the FICO credit score.

How Much Does The Blender Platform Cost?

The Blender Platform is free to join. Other free services include our commission-free deposits and withdraws to and from a bank account. The Blender Platform earns approximately 5% percent of each transaction occurring through a line of credit to continue maintaining the account. The Blender Platform also earns a flat-rate cost for the creation of a line of credit.

Partner FAQ

The Partner Platform, Why Partner?

Partner’s interest-free rotational savings platform reignites ancient practices of communal lending groups. We use modern technology to automate otherwise manual processes of running group savings pools within familiar closed-groups, which we call Partnerships. Partnerships can consist of members from around the globe.

How Do I Add Friends on Partner? Why Does it Help?

Partner allows you to connect your contacts to find existing Partner members, and to invite new members to Partner from your contacts. You can scroll through the Friends of Your Friends, in order to find new potential Friends to add. You must add Friends in order to create a Partnership, as you must invite each Partnership participant from your Friend list.

How Do I Create Partnerships with My Friends?

Partnerships are created by Partner members who have gathered Friends within Partner, and wish to initiate a new fund-savings pool for a closed group of Friends.

The initiator is called the “Manager”, and the Manager selects the participants to invite, along with the terms of the Partnership, which are: the number of withdrawal turns each member will have (which equals the number of rounds of the Partnership), the duration of each turn (each member is due to contribute on every turn which is not their designated withdrawal turn), the value of each due turn contribution from the Partners of the Partnership, and an optional entry fee charged by the Manager to the invited Partners (to be paid upon their acceptance of the invitation and entry into the Partnership).

The Manager has responsibilities throughout the Partnership, such as executing swaps of scheduled turns between Partners of a Partnership, typically when requested by a Partner as response to an important expense they have incurred and need help to cover. The Manager also has the responsibility to invite trustworthy participants to a Partnership, as defaulted Partners (participants of a Partnership) can decrease the recurring value of the pool for the remaining Partners.

When Do I Contribute Funds to the Partnership?

The Manager selects the terms of the Partnership, such as the duration of each turn (each member is due to contribute on every turn which is not their designated withdrawal turn) and the value of each due turn contribution from the Partners of the Partnership. The frequency of due contributions is the duration of a single turn; each Partner due to contribute must do so before the end of the turn.

When Do I Withdraw Funds from the Partnership?

In a Partnership with X participating Partners, each Partner will have every 1 out of X total turns to withdraw the sum of the pool; all other turns will be turns in which the Partner is due to contribute to the pool. The Manager possesses rights and ability to swap withdrawal turns with participating Partners, at their will.

What if a Friend in a Partnership Fails to Contribute?

In the event of a late or failed Partner’s contribution on a due turn, the Partner will enter a debt phase until they receive their next withdrawal turn … the owed funds will be deducted from their withdrawal sum and the deduction will be given to the Partner(s) owed the payment(s) from the previously missed contribution(s). In the event of a missed contribution during the last round of the Partnership life, there is no means to recover debt for owed Partners; given this inherent risk, the Manager must carefully invite the participating Partners.

Can I Withdraw Funds Early if I Have an Emergency Expense?

Managers may swap turns between any two Partners at any time, without limit. This is usually done to accommodate requested withdrawal turn changes made within the in-built chats within each Partnership. Request a fronted turn from your Manager and it may be done at the Manager’s discretion.

How Much Does The Partner Platform Cost?

The Partner Platform is free to join. Other free services include our commission-free deposits and withdraws to and from a bank account. The Partner Platform earns 5% percent of each executed withdrawal occurring through a Partnership. The Partner Platform also earns a flat-rate cost for the creation of a Partnership.