Renegotiating a loan on NFTfi allows borrowers and lenders to adjust the terms of an existing loan. One of the most common reasons for this is to extend an existing loan.
The final decision on loan renegotiation always lies with the borrower!
- 1.Log in to your NFTfi account and go to the ‘Loans' section in your profile. Here, you'll see a list of all your active loans.
- 2.Choose the loan that you wish to extend. Click on the loan to view the loan listing page.
- 3.Click on the ‘Renegotiate Loan’ button. This can be done anytime during an active loan or after the loan has expired, but before the lender forecloses the loan.
- 4.In the renegotiation window, adjust the loan period and repayment amount as needed. You can offer a fee to the lender to incentivize them to accept the new terms. This fee is only paid by the borrower and can be seen as a tip paid to the lender. You can also attach a message with your renegotiation offer.
- 5.Once you're satisfied with the new terms, click on the 'Send Renegotiation Request' button. This will send a notification to the other party.
- 6.The other party will receive your renegotiation request and has the option to accept or reject it. You can review, modify, or cancel your renegotiation offer anytime before the other party responds.
- 7.If the other party accepts the new terms or you agree to a counter-offer, the loan terms will be updated accordingly. If you're the borrower, you'll need to accept the final offer.