> ## 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.
# Lending
> Lend USDC at fixed rates on Offerbook, from posting an offer to claiming collateral
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](/user-docs/earn/offerbook/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](/user-docs/earn/offerbook/security-and-risks).
## How to start lending
Everything starts from the **Lend** dropdown in the header, which opens the Tokens or Collectibles market view (see [Markets](/user-docs/earn/offerbook/markets)): 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, 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](/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. Lending against the assets used in leveraged loops has its own entry point on the [Multiply](/user-docs/earn/offerbook/multiply) pages, with the same offer mechanics.
## 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](/user-docs/earn/offerbook/settings-and-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](/user-docs/earn/offerbook/fees-and-costs#account-rent).
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.
## 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.
## Creating a lend offer
The **Offer to Lend** button opens a step-by-step creation flow.
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. 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.
* **Loan duration:** 1 to 30 days (presets: 3D, 7D, 30D)
* **Offer expiration:** 1, 3, or 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.
* **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
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 **Positions > Offers**, with the option to adjust the LTV, instead of recreating it from scratch.
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.
## Earnings & Costs
Interest accrues at the agreed rate, fixed for the whole loan duration.
The offer APY, locked for the full duration. The borrower pays the
interest on top of the principal at repayment.
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](/user-docs/earn/offerbook/fees-and-costs).
## 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.
## 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.
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.
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.
## 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.
| Parameter | Value |
| -------------------------- | ------------------------ |
| **You lend** | 8,000 USDC |
| **Collateral locked** | \~\$10,000 onchain asset |
| **Loan duration** | 3 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](/user-docs/earn/offerbook/fees-and-costs) for the full schedule.
## 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.