Request a loan from the Peer market
To open a Standard Loan Request, a borrower should set definitions for the following three variables:
- 1.Loan Amount How much ETH they want to borrow against their NFT
- 2.Loan Duration How long they want to borrow it for
- 3.Initial APR How much interest they want to pay
Note: Initial APR is increasing hourly for the next 48h, introducing price discovery mechanic to the peer lending market. When setting initial APR, max APR after 48h will be displayed for the reference. No need to worry about it getting too high, usually, biggest offers would come at low interest rate to secure low risk spots.
Once set, the borrower transfers the NFT collateral into an isolated Sodium Wallet and publishes the Loan Request. The NFT collateral maintains its partial utility for the duration of the loan via Sodium Wallet, but cannot be transferred or sold.
The loan request stays open either until the total requested loan amount has been fulfilled, or the request time has reached its maximum (48h).