Repaying a loan
You need to repay your loan before the loan due date to keep hold of your collateral. If you do not repay in time, it is likely you will lose your collateral.
Before repayment, make sure you have enough ETH to cover the gas cost!
- 1.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 repay. Click on the loan to view the loan listing page.
- 3.Review the total repayment amount, which includes the principal and the accrued interest.
- 4.Once you're ready to repay the loan, click on the 'Repay Loan' button.
- 5.You will need to give permission for NFTfi to access your WETH by signing in your wallet.
- 6.You will then need to confirm you wish to repay the loan and sign once more in your wallet.
- 7.After confirming the transaction, you can check the status of your loan in the 'Loans' section of your profile. The loan status should now show as 'Repaid', and your NFT collateral will be returned to your wallet.
What if you miss your repayment deadline and default on your loan?
If you default, the lender will have the option to foreclose the loan manually.
NFTfi can't help you in any way at this point, and if the loan is not yet foreclosed, we suggest you try sending the renegotiation offer.
Anyone can repay a loan, but the collateral will always be returned to the holder of the Obligation Receipt (the borrower). This allows borrowers to make payments from any wallet, not necessarily the borrower's address.