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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

Everything starts from the Earn menu in the header, which opens the Tokens or Collectibles market view (see Markets). The Tokens view has two tabs: Available Now, the borrow offers you can fund today, and Set Your Terms, the terms borrowers have asked for and nobody has filled yet, each with Create offer to post a matching lend offer. Pick the collateral you want to lend against, then take one of three paths:
  • Fill an open borrow offer at the terms set by the borrower
  • Create your own lend offer with the Offer to Lend button (or Create Offer > Lend in the header), 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, or browse every offer and intent on one screen in the Pro view. Lending against the assets used in yield loops has its own entry point on the Multiply pages, with the same offer mechanics.

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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 you create an offer, Fully fund this offer deposits only what your spare escrow does not cover: the part of the balance your other open offers do not already need. Reuse escrow balance draws on the escrow without a deposit, at the risk of leaving some offers underfunded
  • 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. If the borrower pays down part of the principal early, that part arrives in your escrow right away, and the interest arrives in full when the loan is repaid
  • You can deposit and withdraw at any time. If a withdrawal leaves active offers uncovered, those offers are hidden automatically
Repaid loans do not land in your main wallet. If USDC seems missing after a loan closes, check your escrow balance, shown next to your main wallet balance, and withdraw from the escrow to move it to your wallet.
The Escrow tab of your Dashboard is the ledger of this wallet: the balance in escrow now, what you have deposited and withdrawn in total, the net USD in and out, and every movement (repayment received, loan funded, deposit, withdrawal) with its USD value and the balance after it. Filters narrow it to Deposits, Withdrawals, Funded by you or Withdrawn by you. Early paydowns appear as “Principal paid down”.

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Topping up underfunded offers

Offers your escrow no longer covers are listed under Underfunded offers at the top of the Dashboard’s Offers tab. Top up on a row, or Top up escrow in the section header, opens a dialog that deposits into one token’s escrow: cover the largest offer (the default), cover all offers, or enter a custom amount, capped by your wallet balance. Each offer can then be filled on its own, but they share the same escrow, so once one fills the others may be underfunded again. The first deposit of a given asset funds an escrow account (up to about 0.002 SOL of rent; the account stays open after you withdraw, so this rent is not refunded for now). 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, Create Offer > Lend in the header, and the Dashboard’s Offers tab (with the Lending side selected) all open the same step-by-step creation flow.
1

Choose your conditions

Define the core parameters of the offer:
  • Asset to lend: USDC (fixed), and the amount, at least $10 per loan
  • 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. As you adjust the LTV and APY sliders, an indicator estimates how attractive the terms are to borrowers (for example, “Great chance to fill, cheap for borrowers”)
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: 1 to 7 days, set by you. This is separate from the loan duration: the loan countdown only starts when the offer is accepted
Past 1 day, your terms stay fillable even if the collateral price or market rates move against you. Keep the expiration short unless you are confident the terms will still be worth it later, and remember that expired offers can be renewed in one click.
3

Set fill preferences

  • Allow partial fill: when enabled, your offer can be accepted partially, and you set a Minimum Fill Amount in USD
  • Allow extensions: when enabled, borrowers can roll loans from this offer into fresh periods on the same terms, paying you the interest accrued so far at each extension, at least 30% of the period’s interest. You can revoke or re-grant it per loan after a fill. See Loan Extensions
  • Partial fill is not available for offers using NFT collateral, since an NFT cannot be partially transferred
4

Review and publish

The offer summary recaps your terms (amounts, APY, LTV, duration, expiration, partial fill minimum) and displays the Effective APY: the offer APY minus the 10% platform fee on interest deducted at repayment (an offer at 16% APY shows 14.4%). As the summary states, your USDC stays in your escrow balance until the offer is filled, and you can create multiple offers with the same balance.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 Dashboard > 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, rate (APY), duration or amount. They appear beneath your offer in Dashboard, an activity dot shows on the Dashboard 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 Dashboard

Everything you do as a lender lives under Dashboard, with the Lending side selected:
  • Positions: the loans you funded, with your principal lent, interest, average APY, realized PnL and the collateral you can claim at the top. Each loan follows the statuses Active, Repaid, Expired and Defaulted.
  • Offers: your open lend offers, the terms you are showing borrowers. Cancel them before they are filled, or renew them once expired.
  • Escrow and Analytics: the escrow ledger described above, and your lending performance compared with the market.
Select several offers or loans to act on them together: cancel or renew them in fewer wallet prompts, with the result shown row by row.

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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 Dashboard > Positions, 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 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.
  • 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 Dashboard > Positions. A 0.1% fee is deducted (none on NFT collateral), 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.