TELE Lend: A Multi-Chain Crypto Lending Platform
Thanks to Blockchain technology, any user with a decent internet connection can access financial tools. Decentralized Finance (DeFi) platforms are offering everything users get from traditional financial institutions, such as loans.
Numerous crypto users have taken the advantage of crypto lending because there is no discrimination and the fee is pretty affordable. There are no intermediaries when you use a DeFi platform to lend or borrow digital assets. Therefore, every user gets the same opportunity to acquire financial aid.
TeleFy has made this process a lot simpler by introducing the Tele Score feature. It is a credit score TeleFy assigns to every crypto wallet based on various parameters. Thus, the multi-chain Tele Lend platform works. It is one of a few decentralized crypto lending platforms that exist today! Continue reading to learn more information about Tele Lend and its benefits.
What is Tele Lend?
People usually apply for collateralized loans whenever they needed money. These securities-based loans come with excessive interest rates and repayments can be quite expensive. Therefore, people started looking for crypto loans.
Since cryptocurrency users cannot collateralize physical objects, they use digital assets to get loans. The process of acquiring crypto loans is pretty complicated. Both lenders and borrowers hold a variety of digital assets on diverse blockchains.
Many crypto lending platforms currently operate as centralized institutions. Their strict lending and borrowing rules make it pretty tough for newbies to form and manage the lending pool. Therefore, a more sophisticated crypto solution is needed to address this problem and TeleFy is offering that solution!
TeleFy has assessed all types of troubles users experience when trying to manage lending pools. It is offering the leading decentralized marketplace to enable multi-chain cryptocurrency lending. Tele Lend is the new destination to create and manage lending pools.
TeleFy is providing a flexible mechanism to establish lending pools. This sophisticated lending protocol eliminates all the troubles crypto users face while trying to lend or borrow digital assets.
How Does Tele Lend work?
Tele Lend makes crypto lending and borrowing quite simple. This platform is offering a unique way of assessing a crypto wallet’s creditworthiness. People lend money so that they can charge some interest to earn profit with the repayment of the loaned amount. Unfortunately, there was no way of assessing the creditworthiness of cryptocurrency users. Therefore, lenders were charging quite inappropriate interest rates.
TeleFy has developed a mechanism to recognize creditworthy borrowers. This platform assigns a credit score to every crypto wallet. It assesses a wallet’s previous transactions, crypto holdings, and several other parameters.
The Tele Score API is available for all the DeFis. Lenders can check the borrower’s Tele score before issuing crypto loans. If the Tele Score is high, interest rates will be low and the borrower can take advantage of cheap loans. New wallets with insignificant holdings and minimal transactions may have a low credit score. Therefore, interest rates for users with a low Tele Score will be high.
Tele Lend is eliminating lending risks and allowing creditworthy borrowers to get crypto loans with fair interest rates. Thus, Telefy’s lending platform is beneficial for all parties.
Why Tele Lend is beneficial for lenders?
People do not see one another when exchanging crypto assets on decentralized exchanges. Therefore, it is not easy to build trust and gain financial aid from lenders. Crypto lenders create lending pools when they wish to lend their digital assets. The interest rates are high because they cannot offer securities-based loans.
TeleFy’s Tele Lend platform ensures the lender won’t face the risk of losing digital assets. Lenders can assess the Tele Score before lending crypto assets. If the Tele score is high, the borrower is reliable and the process will generate profit for lenders.
How does Tele Lend benefit borrowers?
Thousands of people are seeking cryptocurrency loans because of affordable fees and quick processes. TeleFy is going to be the most lucrative Decentralized Finance platform to borrow cryptos. Users with long transaction history and considerable holdings will use this platform to generate lucrative Tele Score.
Once the crypto wallet got a lucrative Tele Score, it will enable the user to apply for the loan with lower interest rates. Every person wants to repay the loan with a minimum extra amount. TeleFy makes it possible for cryptocurrency users. Therefore, it is expected to draw thousands of borrowers.
Final thoughts
TeleFy is one of the leading DeFis trying to make crypto lending simpler and beneficial for both lenders and borrowers. Its Tele Lend platform enables multi-chain crypto lending. There is no interoperability issue and creating lending pools are quite simple.
This platform is already drawing the attention of thousands of lenders. Crypto borrowers will get drawn to this platform to gain a valid credit score to prove their creditworthiness. Thus, Tele Lend is going to entertain millions of cryptocurrency investors for their lending and borrowing demands.
