📥Borrow
Last updated
Last updated
The Borrow interface allows a holder to use their Object (NFT) as collateral in order to take out a loan.
View the available offers from your wallet
Select the collateral you would like to use (up to 32 in a bundle)
Select the currency you want to receive (assuming there are multiple options)
Select the amount you want to borrow and how long of a duration
MetaStreet loans are UN-liquidatable! You will NEVER get liquidated while a loan is outstanding - you can borrow with peace of mind, just remember to repay or extend your loan before the due date!
Yes! Go to 'Current Borrows' to select the loan you want to repay. Once you select the correct loan, pick the duration you want your new loan to mature. In order to repay part of the loan, you will first need to check the 'Reduce principal to lower costs' box, then choose a custom amount that you want to leave outstanding. The difference in the original loan and the new amount is what you are prepaying.
No! You only pay interest pro rata from when your loan was outstanding. This means if you get a 30 day loan, but its only outstanding for 15 days, you will pay for 15 days of interest, not 30.
As long as there is capital in the pool, you can extend your loan at the most favorable terms offered by lenders. Let's say you borrowed 10 ETH on a NFT worth 20 ETH, and then lost the 10 ETH you borrowed. As long as there is capital in the pool at a price of 10 ETH per NFT when your loan comes due, simply extend your loan.
When a loan defaults, the NFT is immediately put up for sale via 24-hour auction. If the NFT sells for MORE than the principal plus interest of the loan, the excess proceeds will be RETURNED TO THE BORROWER.
Yes! You can batch up to 32 NFTs of the same collection and borrow against them in a single loan.
