Borrowing a Peer-to-Peer Loan
This guide will walk you through how to request to borrow a peer-to-peer loan.
Enter your password and sign in to your MetaMask account. (Note: MetaMask periodically updates their wallet. The same user journey will apply, however the screenshots may look different from your wallet).
Select the “Borrow” tab on the left-hand side of the screen.
Next, scroll to the bottom of the page and select the asset that you would like to borrow. Note: if you select WETH, you will first need to ensure that your ETH is wrapped.
Here, fill out your requested loan and terms. Make sure to grant permission to the smart contract to interact with the asset that you’ve selected. Note: peer-to-peer loans need the collateral to be equal to or greater than 150% of the value of the principal being requested.
Click the green “Request Loan” button.
Review the transaction message and click “Sign” to authorize the transaction.
Congrats! You’ve completed your first peer-to-peer loan request.
You can view the request by navigating to “My requests and offers” on the left-hand side of the platform.
Under “Loan Requests,” you can view the request. The loan request is on the listing board and visible to potential lenders.