Loan request - Borrower creates loan request where he sets up parameters such as Collateral size, Fee, Time period, assets which he wants to borrow and, amount of it.
Once the loan request is created and waiting for funds, the borrower has the ability to cancel the loan or update the parameters of the loan until it is funded.
Funding the loan - The Lender can fund the loan, he can use filters to select which assets borrowers want to borrow, the time period, and fee size.
During the loan period - The Borrower can repay anytime before the time period deadline, after that is loan is not repaid Lender has the option to liquidate the loan and receive the Collateral which was provided for the loan.
After loan period - Two options.
Borrower successfully repaid the loan, Lender claims his assets + accumulated fees.
The Borrower did not repay the loan in time and the Lender liquidated him and claimed collateral that was provided for the loan.