# Fees

## Protocol fees

There are no fees for borrowers on NFTfi, and lenders are not charged any service fees.

## Gas fees for borrowers

{% hint style="info" %}
A **gas fee** refers to the fee required to conduct transactions or execute contracts on the Ethereum network. Gas fees are out of our control, and you can monitor them [here](https://etherscan.io/gastracker).
{% endhint %}

Borrowers will pay gas fees for the operations listed below:

* Approving NFTfi to interact with your NFT (once per NFT collection, except for CryptoKitties (CK), where it must be done for each individual cat as CK isn’t fully ERC-721 compliant).
* Approving the NFTfi smart contract to spend (repay) wETH, USDC or DAI for the first time (this is a one-time transaction)
* Starting a loan
* Repaying a loan

## Gas fees for lenders

Lenders pay gas fees for the operations listed below:

* Approving the NFTfi smart contract to spend wETH, USDC or DAI for the first time (this is a one-time transaction)
* Foreclose an NFT in case of a borrower default
* Canceling an offer on-chain (due to security reasons)


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