Procedure for Obtaining a Credit

A person wishing to obtain a credit must create a credit request.

To create a credit request you need to:

• Create a "C" type purse in WM Keeper (if not already created);
• Enter the credit amount and return amount, the Z-type purse for receiving the credit, as well as the purpose, repayment guarantees and other requested parameters in the form available via the "Credit Requests" menu, "Add credit request" link;
• Click the "Submit Request" button;

After completing these steps, the borrower's request will be placed in the "Credit Request List", where any system participant with at least an initial certificate can select it.

If the credit request allows collective lending, multiple creditors can participate, with the maximum number determined as the greatest common divisor of the credit amount and the return amount. Each creditor can issue an amount that is a multiple of the ratio of the total requested amount to the maximum number of creditors.

Once the full credit amount has been collected, the corresponding amount of WMZ will be transferred to the borrower's Z-purse, and debt obligations equal to the return amount will be transferred to the creditor's D-purse.

Only one active credit request can exist at a time for each borrower.

Procedure for Issuing a Credit

A person wishing to issue a credit selects a suitable request from the credit request list.

To issue a credit from the request list you need to:

• Create a "D" type purse in WM Keeper (if not already created);
• Select a request from the credit request list by clicking the "Select" link;
• Review the credit request parameters, paying special attention to the aggregated credit operation data, credit purpose and guarantees;
• Add authorization for fund withdrawal and balance viewing on the purse you will use for lending, for WMID 835688387017;
• If the request meets your conditions, select the Z-type purse from which the credit will be issued, the amount you are willing to lend, and click the "Transfer Funds for Credit" button;
• Verify the entered parameters, read the credit issuance rules, confirm your agreement and click the "Transfer Funds for Credit" button again.

After completing these steps, the specified amount will be transferred from the creditor's Z-purse to the Credit Exchange Z-purse with transaction protection for the request validity period plus two days.

Once the full requested amount is provided by creditors, the protection code will be entered, funds will be transferred from the service purse to the borrower's purse, and the borrower's debt obligations will be transferred from their C-purse to the creditor's D-purse.

If the full requested amount is not collected, the credit request will be canceled and the protection code will not be entered. Thus, the funds will be returned to you in full after the protection period expires.

Procedure for Returning a Credit

To return a received credit, the borrower opens the C-purse transaction history and, selecting one of the outstanding credits, clicks "Repay Credit".

A form opens where you need to specify the Z-purse number from which the repayment will be made (by default, the purse with the maximum WMZ amount is selected). In the same form, the borrower specifies the repayment amount (by default, the full credit amount or, if the borrower does not have it, the amount of WMZ available in the purse).

When the "Transfer" button is clicked, the specified amount of WMZ is transferred from the debtor's Z-purse to the creditor's Z-purse, and the WMD and WMC amounts on the D and C purses of the transaction participants are either zeroed out or reduced by the corresponding value.

The credit can be returned either in full or in any arbitrary parts. It is considered repaid only when the borrower has fully paid with WMZ title signs.

Detailed credit repayment instructions