PayDay introduces a decentralized peer to peer solution that eliminates geographical boundaries between lenders and borrowers worldwide. It reduces the interest burden while boosting the revenue of the lender.
Loans are issued and repaid using PayDay coins. PayDay Bank serves as a personal loan wallet that plays a significant part in KYC processes and records the complete loan history. Beginning from the estimated date, the loan may be gradually deducted because of the user’s selected time pattern—daily, monthly, etc.
PayDay Bank is an innovative, self-sustainable, smart contract-driven wallet that can track the availability of insurance and issue a loan based on the auditors’ consensus. The idea of user rating is crucial, but PayDay is developing a reputation system built on transparency and mutual trust. After obtaining the first loan, a user receives three links to the loan history which automatically updates based on user activity throughout the system.
The crypto market is now a multi-billion dollar business. Highly developed nations are actively working on the legal framework for crypto utilization.
PayDay Coin aims to eradicate the obstacles to using digital currencies in daily life. It is a groundbreaking blockchain-based ecosystem that allows users to obtain microloans at favorable interest rates anytime and anywhere.
For the borrowers’ convenience, mobile and web wallets will be created to enable working with the system anywhere. With the KYC system, PayDay Coin can guarantee compliance with regulatory requirements in various jurisdictions. The PayDay Coin ecosystem allows the creation of separate solutions to boost user trust and loyalty as well as control the offline and online reputation of borrowers.