Attention
Lending Protocol and Single Asset Vaults are disabled on Devnet. You have two options for testing these features:
- Run
rippledin stand-alone mode and enableLendingProtocolandSingleAssetVaultin the rippled.cfg file. - Connect to the Lending Protocol-specific Devnet at
https://lend.devnet.rippletest.net:51234/.
Creates a new Loan ledger entry, representing a loan agreement between a Loan Broker and Borrower.
The LoanSet transaction is a mutual agreement between the Loan Broker and Borrower, and must be signed by both parties. The following multi-signature flow can be initiated by either party:
- The borrower or loan broker creates the transaction with the preagreed terms of the loan. They sign the transaction and set the
SigningPubKey,TxnSignature,Signers,Account,Fee,Sequence, andCounterpartyfields. - The counterparty verifies the loan terms and signature before signing and submitting the transaction.
(Requires the Lending Protocol amendment )
{
"TransactionType": "LoanSet",
"Account": "rEXAMPLE9AbCdEfGhIjKlMnOpQrStUvWxYz",
"Fee": "12",
"Flags": 0,
"LastLedgerSequence": 7108682,
"Sequence": 8,
"Data": "546869732069732061726269747261727920646174612061626F757420746865206C6F616E2E",
"Counterparty": "rCOUNTER9AbCdEfGhIjKlMnOpQrStUvWxYz",
"LoanOriginationFee": 100,
"LoanServiceFee": 10,
"LatePaymentFee": 5,
"ClosePaymentFee": 20,
"OverpaymentFee": 5,
"InterestRate": 500,
"LateInterestRate": 1000,
"CloseInterestRate": 200,
"OverpaymentInterestRate": 5,
"PrincipalRequested": 10000,
"PaymentTotal": 12,
"PaymentInterval": 2592000,
"GracePeriod": 604800,
"SigningPubKey": "03C040CAC1E164B0E385D31E41447FE6B8960E0D202811CFDA08B55BA29E08C6B0",
"TxnSignature": "30440220549D359F792E155D20B5E8B3423F0F844CCF7C86986EB85BE482908A55A7157D02207B464FFE57E75D9693BAC445540CF078E9E0B6452C917DE4D66F27918D32A170",
"hash": "831EEFF19C980FC348E984625FE41AEB27301B0B072D4239A980E78B86B2515C"
}In addition to the common fields, LoanSet transactions use the following fields:
| Field Name | JSON Type | Internal Type | Required? | Description |
|---|---|---|---|---|
LoanBrokerID | String | Hash256 | Yes | The ID of the LoanBroker ledger entry. |
Flags | String | UInt32 | No | Flags for the loan. |
Data | String | Blob | No | Arbitrary metadata in hex format (max 256 bytes). |
Counterparty | String | AccountID | No | The address of the counterparty of the loan. |
LoanOriginationFee | Number | Number | No | The amount paid to the LoanBroker owner when the loan is created. |
LoanServiceFee | Number | Number | No | The amount paid to the LoanBroker owner with each loan payment. |
LatePaymentFee | Number | Number | No | The amount paid to the LoanBroker owner for late payments. |
ClosePaymentFee | Number | Number | No | The amount paid to the LoanBroker owner for early full repayment. |
OverpaymentFee | Number | UInt32 | No | A fee charged on overpayments, in units of 1/10th basis points. Valid values are 0 to 100000 (inclusive), representing 0% to 100%. |
InterestRate | Number | UInt32 | No | The annualized interest rate of the loan, in units of 1/10th basis points. Valid values are 0 to 100000 (inclusive), representing 0% to 100%. |
LateInterestRate | Number | UInt32 | No | A premium added to the interest rate for late payments, in units of 1/10th basis points. Valid values are 0 to 100000 (inclusive), representing 0% to 100%. |
CloseInterestRate | Number | UInt32 | No | A fee charged for repaying the loan early, in units of 1/10th basis points. Valid values are 0 to 100000 (inclusive), representing 0% to 100%. |
OverpaymentInterestRate | Number | UInt32 | No | The interest rate charged on overpayments, in units of 1/10th basis points. Valid values are 0 to 100000 (inclusive), representing 0% to 100%. |
PrincipalRequested | Number | Number | Yes | The principal loan amount requested by the borrower. |
PaymentTotal | Number | UInt32 | No | The total number of payments to be made against the loan. |
PaymentInterval | Number | UInt32 | No | The number of seconds between loan payments. |
GracePeriod | Number | UInt32 | No | The number of seconds after the loan's payment due date when it can be defaulted. |
SigningPubKey | String | Blob | Yes | The public key used to verify the validity of the first signer's signature. |
TxnSignature | String | Blob | Yes | The hex encoding of the digital signature for the first signing. |
hash | String | Hash256 | Yes | The unique identifying hash of the partially-signed transaction. |
An inner object that contains the signatures of the counterparty of the transaction. The object contains the following fields:
| Field Name | JSON Type | Internal Type | Required? | Description |
|---|---|---|---|---|
SigningPubKey | String | STBlob | No | The public key used to verify the validity of the signature. |
Signature | String | STBlob | No | The signature over all signing fields. |
Signers | List | STArray | No | An array of transaction signatures from the counterparty. |
The final transaction must include either:
- Both the
SigningPubKeyandTxnSignaturefields. - The
Signersfield.
Note
This field isn't included in the LoanSet JSON, instead it's added to the stored transaction metadata after the counterparty submits the fully signed LoanSet transaction.
Transactions of the LoanSet type support additional values in the flags field, as follows:
| Flag Name | Hex Value | Decimal Value | Description |
|---|---|---|---|
tfLoanOverpayment | 0x00010000 | 65536 | Indicates that the loan supports overpayments. |
Besides errors that can occur for all transactions, LoanSet transactions can result in the following transaction result codes:
| Error Code | Description |
|---|---|
temBAD_SIGNER | - The transaction is missing a CounterpartySignature field.- This transaction is part of a Batch transaction, but didn't specify a Counterparty. |
temINVALID | One or more of the numeric fields are outside their valid ranges. For example, the GracePeriod can't be longer than the PaymentInterval. |
tecNO_ENTRY | The LoanBroker doesn't exist. |
tecNO_PERMISSION | Neither the transaction sender's Account or the Counterparty field owns the associated LoanBroker ledger entry. |
tecINSUFFICIENT_FUNDS | - The Vault associated with the LoanBroker doesn't have enough assets to fund the loan.- The LoanBroker ledger entry doesn't have enough first-loss capital to meet the minimum coverage requirement for the new total debt. |
tecLIMIT_EXCEEDED | The requested loan would cause the LoanBroker ledger entry to exceed it's maximum allowed debt. |
tecINSUFFICIENT_RESERVE | The borrower's account doesn't have enough XRP to meet the reserve requirements. |