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Lending on Offerbook means supplying USD Coin (USDC) at a fixed rate for a fixed duration, secured by the borrower’s collateral held in escrow. There are no price-based liquidations: if the borrower repays, you receive your principal + interest; if they do not, you claim the collateral. You can lend against tokens or collectibles; what each market accepts is covered in Markets.
The collateral is your only recourse. If its value drops below the borrowed amount during the loan, the borrower can rationally choose not to repay, and you receive an asset worth less than the USDC you lent. This trade-off is inherent to time-based lending: only lend against collateral you would accept holding, at an LTV (Loan-to-Value, the ratio between borrowed USDC and collateral value) that prices this risk. See Security & Risks.

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How to start lending

There are three paths to a loan as a lender:
  • Fill an open borrow offer at the terms set by the borrower
  • Create your own lend offer with the Offer to Lend button, and wait for a borrower to fill it
  • Send a counter offer on an open borrow offer whose terms are close but not quite right. See Counter Offers
You can also advertise the terms you want through an intent, which is free, off-chain and locks nothing.

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Your escrow wallet

All funds transit through a dedicated escrow wallet, separate from your main Solana wallet. As a lender, the escrow is visible in the interface next to your main wallet balance, and it is central to how your offers work:
  • USDC is deposited into the escrow as part of offer creation. Lend offers must be covered by the escrow balance to be visible to other users. See Settings & Notifications
  • You can create multiple lend offers from the same USDC balance, all visible at the same time. When one offer is accepted, the USDC leaves the escrow, and any remaining offers no longer covered by the balance are hidden automatically
  • When a borrower repays, the USDC (principal + interest, minus fees) returns to your escrow, where it can be reused for new offers without withdrawing first
  • You can deposit and withdraw at any time. If a withdrawal leaves active offers uncovered, those offers are hidden automatically
The first deposit of a given asset funds an escrow account (0.00203928 SOL of rent, refunded when you withdraw the asset). See Fees and Costs.
The escrow supports NFT deposits and withdrawals alongside fungible tokens. This is mainly relevant when working with NFT-collateralized loans or when retrieving NFTs after a loan has settled.

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Filling a borrow offer

When you accept a borrow offer, the loan starts immediately and the loan duration begins. USDC is transferred to your escrow automatically if needed, then to the borrower, and the collateral is locked onchain. If the offer allows partial fill, you can accept any amount at or above its Minimum Fill Amount, which borrow offers also display in collateral terms; otherwise the offer must be filled in full. 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.

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Creating a lend offer

The Offer to Lend button opens a step-by-step creation flow.
1

Choose your conditions

Define the core parameters of the offer:
  • Asset to lend: USDC (fixed), and the amount
  • Collateral you accept: verified tokens on Jupiter, real-world assets (RWAs) such as xStocks, or non-fungible tokens (NFTs) from whitelisted collections
  • LTV (Loan-to-Value): adjust via slider. For NFT collateral, the slider uses the collection floor price as the reference value
  • APY (Annual Percentage Yield): set the rate you ask
Offers using NFT collateral are per-item: each offer targets one specific NFT, shown as its own card in the Collectibles market. The exception is PFP collections with a floor price: lend offers on these can be collection offers, where any qualifying NFT from the collection can be pledged as collateral.
2

Set duration and expiration

  • Loan duration: 1 to 30 days (presets: 3D, 7D, 30D)
  • Offer expiration: lend offers expire after 24 hours (fixed). This is separate from the loan duration: the loan countdown only starts when the offer is accepted
3

Set fill preferences

  • Allow partial fill: when enabled, your offer can be accepted partially, and you set a Minimum Fill Amount in USD
  • Partial fill is not available for offers using NFT collateral, since an NFT cannot be partially transferred
4

Publish

Your escrow must hold the offered USDC for the offer to be visible: the app deposits it from your wallet into your escrow automatically when the offer is created.
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. Counterparties can also send counter offers on your offer, proposing a different LTV, APR 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.

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Earnings & Costs

Interest accrues at the agreed rate, fixed for the whole loan duration.

You earn

The offer APY, locked for the full duration. The borrower pays the interest on top of the principal at repayment.

You pay

10% of the interest, deducted at repayment, plus network fees and account rent on the onchain transactions. Rent is a deposit, not a fee: part of it returns when the related accounts close.
The interface shows the Effective APY, which already accounts for the fee: an offer at 5% APY yields a 4.5% Effective APY. The full schedule is in Fees and Costs.

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Your Positions

Everything you do as a lender lives under Positions, filtered to the Lending side:
  • Loans — follows each loan through its statuses: Active, Repaid, Expired, Defaulted.
  • Offers — your open lend offers. Cancel them before they are filled, or renew them once expired.

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How Your Loan Ends

A loan has two possible outcomes, and only one of them asks anything of you. Both are handled from Positions > Loans, using the action button on the right of the loan’s row.

The borrower repays

Nothing to do. The loan closes, and the USDC (principal + interest, minus the 10% fee) lands back in your escrow, ready to be reused for new offers.

The borrower walks away

After maturity, claim the collateral by signing a transaction — the transfer is not automatic. The collateral is sent to your wallet as-is, never sold on the market, and the loan is marked Defaulted. A 0.1% fee is deducted at transfer (none on NFT or RWA collateral).
Until you claim, the loan stays open and the borrower can still repay. Claiming is the action that settles the outcome — do not leave it pending.

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Example

The same loan, seen from the lender’s side. A borrower posts a borrow offer — 8,000 USDC against ~$10,000 of collateral, 3 days, 35% APR — and you accept it.
ParameterValue
You lend8,000 USDC
Collateral locked~$10,000 onchain asset
Loan duration3 days
Interest over the term~$23
  • If the borrower repays: you get your 8,000 USDC back plus the interest, minus the 10% repayment fee — about $20.70 net. The USDC lands in your escrow, ready to reuse.
  • If the borrower does not repay: after maturity you claim the collateral from Positions > Loans. A 0.1% fee is deducted (none on NFT or RWA), and you receive the asset itself, to hold or sell.
See Fees and Costs for the full schedule.

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Mistakes to avoid

The collateral is not transferred automatically. If the borrower does not repay and you do not claim, the loan stays open and the borrower can still repay later. To recover the collateral after maturity, you must sign a claim transaction.
Collateral value is not monitored during the loan. Using highly volatile assets as collateral over long durations increases uncertainty around the collateral’s value at maturity. Collateral characteristics and loan duration should always be considered together.
APY is what balances an offer relative to its collateral, LTV, and duration. Offers with rates significantly out of line with current market conditions may remain unmatched. When defining an APY, think about how all parameters work together rather than focusing on a single value.