> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.
# Borrowing
> Borrow USDC against your assets on Offerbook, from asking for a loan to repayment
Borrowing on Offerbook is fixed and predictable: you lock collateral, receive USD Coin (USDC), and repay the principal + interest to unlock it. The rate and the duration are agreed when the loan starts and never change, there are no price-based liquidations, and loans run from 1 to 30 days.
You can borrow against tokens or collectibles; what each market accepts is covered in [Markets](/user-docs/earn/offerbook/markets).
## How to start a loan
Everything starts from the Borrow view in the header. There are three paths to a loan as a borrower:
* Fill an open lend offer for instant terms set by the lender
* Create your own borrow offer with the **Ask for a Loan** button, and wait for a lender to fill it
* Send a counter offer on an open lend offer whose terms are close but not quite right. See [Counter Offers](/user-docs/earn/offerbook/counter-offers)
You can also advertise the terms you want through an [intent](/user-docs/earn/offerbook/intents), which is free, off-chain and locks nothing.
## The Borrow view
The Borrow view is built around a widget and the live offer list beneath it:
* **Collateral to lock:** the collateral selector opens a searchable modal with category tabs (Owned, All, Collectibles, Bridged, DeFi, LSTs). You can select a single asset, several assets at once, or a collectible collection; the offer list then shows lend offers matching your selection.
* **You borrow:** the USDC amount, with **Half** and **Max** shortcuts based on what your selected collateral can support.
* If the requested amount exceeds what your wallet can back on the listed offers, a warning shows the maximum drawable amount with a one-click adjustment (for example, "Your wallet can draw up to 20 USDC on these offers, not 27 — Lower to 20").
In the offer list, the best-priced offer is tagged **Best**. Offers your wallet cannot fully back show the missing collateral ("Need 0.11 more SOL"). Offers tagged **Intent** and marked **Unfunded offer** are advertised terms rather than filled liquidity: they cannot be filled directly, but posting a matching offer lets the intent creator fill you (see [Intents](/user-docs/earn/offerbook/intents)). A global **Create Offer** button appears in the header when scrolling the list.
## Filling a lend offer
When you accept a lend offer, the loan starts immediately and the loan duration begins. Your collateral transits through the escrow and is locked onchain automatically, in a single transaction, and the USDC is transferred to you. If the offer allows partial fill, you can accept any amount at or above its Minimum Fill Amount; otherwise the offer must be filled in full.
Before you confirm, the offer view shows what you lock, what you borrow, the cost under **You pay** (the interest plus the 25% upfront fee), and the repayment amount and due date. At this stage, you can add the loan's maturity date to your calendar using the calendar button provided in the interface. Calendar reminders fire 2 hours before maturity.
After maturity, the lender can manually claim the collateral at any time. The transfer is not automatic, but you cannot rely on any delay. Repayment timing is entirely your responsibility.
## Creating a borrow offer
The **Ask for a Loan** button opens a creation flow in three steps: **Collateral**, **Terms**, and **Publish**.
Define what you lock and what you borrow:
* **You lock:** the collateral asset and amount, capped by your wallet balance (Max shortcut available). Collateral can be a verified token, a real-world asset (RWA) such as xStocks, or a non-fungible token (NFT) from a whitelisted collection; for NFT collateral, the LTV reference is the collection floor price
* **You borrow:** the USDC amount, linked to the **LTV (Loan-to-Value)** slider: changing one updates the other. As you move the slider, an indicator estimates how attractive the terms are to lenders (for example, "Good chance to fill, reasonable collateral ratio")
* **Quick Pricing · LTV:** presets to position your LTV: **Recommended**, **Match best**, and **Beat market**, computed against competing offers when they exist
Set the price and the duration:
* **APR (Annual Percentage Rate):** the rate is displayed all-in, including the fee (offer APR × 1.25, pricing in the 25% upfront fee), and compared to the market median (for example, "-2.5 vs median 22.5%"). The breakdown is shown underneath: on a 20% all-in APR, "Lender keeps 16% · 4% protocol fee". See [Fees and Costs](/user-docs/earn/offerbook/fees-and-costs)
* **Quick Pricing · APR:** the same preset system as for LTV (Recommended, Match best, Beat market)
* **Duration:** 1 to 30 days, with presets (7d, 14d, 30d) and a fine-grained day stepper
* **What you'll pay:** the interest over the duration and the exact repayment amount at maturity are displayed before you continue
* **VS. MARKET:** a fill score out of 100 positions your offer against live competition on a gauge from "Won't fill" to "Fills fast", with a plain-language verdict (for example, "Below market, 43/100 — softer than the median, it may sit for a while") and your LTV compared to the market median. **Browse all offers** opens the competing offers
The Publish step offers two ways to put your terms on the market:
* **Lock & list now** creates the onchain borrow offer: your collateral is escrowed (the app deposits it from your wallet automatically) and the offer is listed, fillable instantly by any lender. It requires the collateral plus a little SOL for network fees and rent. See [Settings & Notifications](/user-docs/earn/offerbook/settings-and-notifications)
* **Just advertise terms** posts an [intent](/user-docs/earn/offerbook/intents) instead: a free signature, no SOL spent, nothing locked, and the collateral stays in your wallet. Lenders come to you, but the intent cannot be filled until you lock it as an offer. Your wallet must hold the advertised collateral to post it, so that advertised terms stay backed by a real balance
An offer's expiration (1, 3, or 7 days, set in the Create Offer flow) determines how long it stays open to be filled. Past 1 day, your terms stay fillable even if the collateral price or market rates move against you, so keep it short unless you are confident the terms will hold; expired offers can be renewed in one click.
Published offers cannot be edited. You can cancel an offer at any time before it is accepted, at no fee. Once an offer expires, you can renew it directly from **Positions > Offers**, with the option to adjust the LTV, instead of recreating it from scratch. If nobody fills your offer before it expires, no loan is created and you owe nothing.
Counterparties can also send [counter offers](/user-docs/earn/offerbook/counter-offers) on your offer, proposing a different LTV, rate (APY), duration or amount. They appear beneath your offer in Positions, an activity dot shows on the Positions link, and you can accept one (the loan starts immediately at the counter terms) or ignore them.
## Borrowing costs
25% of the estimated interest, paid in USDC when the loan starts.
The full interest for the agreed duration is always owed, regardless
of when you repay.
The interface prices the fee directly into the displayed rate: the APR
shown in the creation flow and in offer listings is all-in, combining the
offer rate and the fee (an offer at 8% APR displays as 10% all-in). The
full schedule is in [Fees and Costs](/user-docs/earn/offerbook/fees-and-costs).
Network fees and account rent also apply to the onchain transactions
involved. Rent is a deposit, not a fee: part of it returns when the related
accounts close.
## Your Escrow
Every Offerbook user has a dedicated escrow wallet, but as a borrower you
never manage it. Your collateral transits through it automatically in a
single transaction when you create or accept an offer, and returns
directly to your main wallet when you repay.
## Your Positions
Everything you do as a borrower lives under **Positions**, filtered to the
Borrowing side:
* **Loans** — follows each loan through its statuses: Active, Repaid,
Expired, Defaulted.
* **Offers** — your open borrow offers. Cancel them before they are filled,
or renew them once expired.
## Repayment
Repay from **Positions > Loans**, using the action button on the right of the loan's row. You sign a transaction that returns the principal plus interest to the lender and unlocks your collateral.
Any time before maturity — or even after, as long as the lender has not
claimed. The collateral returns directly to your wallet. Early repayment
does not reduce the cost: the full interest is owed whenever you repay.
Past maturity, the lender can claim your collateral by signing a
transaction. This is not a liquidation: no market sale, the collateral
is transferred directly to the lender and the loan is marked Defaulted.
You keep the borrowed USDC, but the collateral is gone.
The lender can claim at any moment after maturity. **Never rely on the
post-maturity window** — always plan to repay before the loan reaches
maturity.
## Examples
### Accessing liquidity against a held asset
A user holds a tokenized onchain asset valued at approximately \$10,000, with limited onchain liquidity. Rather than selling the asset, they want to access USDC liquidity for a short period.
They create a borrow offer with the following terms:
| Parameter | Value |
| ------------------ | ---------------------------------- |
| **Collateral** | Onchain asset valued at \~\$10,000 |
| **Borrowed asset** | 8,000 USDC |
| **LTV** | 80% |
| **Loan duration** | 3 days |
| **Fixed APR** | 35% |
A lender accepts the offer. Once the loan starts, the collateral is locked for 3 days, and the borrower receives 8,000 USDC. During the loan, no price-based liquidation can occur, regardless of market price movements.
#### If the borrower repays
At maturity, the borrower repays the borrowed amount plus interest:
| Item | Amount |
| ----------------------------------------------------------------- | ------------------------- |
| Interest paid | \~\$23 for the 3-day loan |
| Fee at loan start (25% of estimated interest, paid by borrower) | \~\$5.75 |
| Fee at repayment (10% of interest, deducted from lender's return) | \~\$2.30 |
| Interest received by the lender | \~\$20.70 |
The loan is closed, and the collateral is returned directly to the borrower's wallet.
#### If the borrower does not repay
After maturity, the lender can claim the collateral by signing a transaction: a 0.1% fee is deducted from the collateral, and the rest is sent to the lender (no fee on NFT or RWA collateral). The borrower can still repay and recover the collateral until the lender claims.
Do not rely on this window. The lender can claim at any moment after maturity. Always plan to repay before the loan reaches maturity.
### Insurance: protecting against a price drop
The same borrow mechanic can protect against a downside on a volatile asset you want to keep exposure to. This use case is surfaced as **Get Insured** in the interface, but it relies on the same loan flow as any other borrow offer.
A user holds an asset valued at approximately \$1,500 and is concerned about a price drop over the next few days, but does not want to sell. By creating a borrow offer using this asset as collateral, they receive USDC immediately, and decide at maturity whether to repay (and recover the asset) or not (and keep the USDC).
| Parameter | Value |
| ------------------ | ------------------------- |
| **Collateral** | Asset valued at \~\$1,500 |
| **Borrowed asset** | 1,000 USDC |
| **LTV** | \~67% |
| **Loan duration** | 3 days |
Two outcomes at maturity:
* The asset stays above 1,000 USDC: the user repays (principal + interest + fees) and recovers the collateral. The cost is the interest plus the 25% upfront fee — the price of the protection.
* The asset drops below 1,000 USDC: the user can choose not to repay. The lender claims the collateral, and the user keeps the 1,000 USDC, now worth more than the depreciated asset.
Insurance is not free. The borrower pays interest plus the 25% upfront fee regardless of the outcome. The protection only pays off if the asset drops below the borrowed USDC amount (after fees) by maturity; if the price holds, the operation is a net cost.
## Mistakes to avoid
Because there are no margin calls during the loan, borrowers may overlook loan maturity. After maturity, the lender can claim your collateral at any time. Use the calendar reminder at offer acceptance to stay on track.
You can repay at any time before maturity, but the full interest for the agreed loan duration is always owed. There is no partial interest or fee reduction for early repayment.
APR is what balances an offer relative to its collateral, LTV, and duration. The fill score and the market comparisons in the creation flow exist precisely to surface this: offers with rates significantly out of line with current market conditions may remain unmatched. Think about how all parameters work together rather than focusing on a single value.