Today we are going to talk about a new cryptocurrency with a very original name: The LendingCoin (TLC). Surely, you might’ve guessed that the main purpose of this company is somewhat related to lending, but did you know that The LendingCoin is also related to real estate? Read our review to find more.
What Is The LendingCoin?
The LendingCoin is a blockchain platform that can be used as an alternative to banks whenever you need lending without actually having to go through the whole mortgage process. The platform was created to finance these mortgage loans while charging low rates from the clients, like 0.25%, a percentage that is surely lower than any bank can offer.
With the help of The LendingCoin, you can grow your portfolio of real estate (or use the money as you like) and pay using small rates. You will be able to pay with the tokens later, which means that you have to get a big quantity of tokens if you want to take a loan. This will enable the cryptocurrency to become more valuable in the market.
How The LendingCoin (TLC Token) Works?
This company works by creating an ecosystem in the money is lent to the customer, who receives USD, but have to acquire TLC tokens to pay their debt back. There is a circular scheme in which the users finance their own systems because they always have to acquire the tokens to pay back the money that they took to refinance their homes or to invest in real estate.
The LendingCoin uses ERC20-based tokens, which was chosen because of the speed of the transactions and the easiness to create new tokens using it as a model. If you want to see your balance or how much you owe to the company, you will always be able to do it from the app.
Tokens acquired by The LendingCoin TLC Tokens are then used again to refinance more loans and to keep the system going. The fees of the company are transparent and easy to verify.
The LendingCoin Team
The team of the company is somewhat small and it is divided into three different teams. The “leadership” team is formed by Phil Sigler, CEO and creator of the company, David Slonaker, which works on finances; Mindy Ngo, operations expert; Tom Sigler is the Vice President; Chris Bruce works in compliance and Sam Warren in business development.
On the “Technology and Product” team you can find Thom Ives (CTO), Rich Want (product developer), Quoc Ngo (lead developer), Paul Burton (network lead), Kendall Bender (electrical architect), Fred Robbins (hardware architect) and Housan Harril (lead evangelist), while the legal team is formed by Steven Wieland, Richard Levin and Nick Taylor.
The LendingCoin Conclusion
This seems like the perfect platform for people who are looking for mortgage loans but are afraid to pay what the banks are charging for this kind of loan. By having more attractive rates, we are sure that The LendingCoin can definitely be an interesting option for people in need of money who own real estate properties.