💰Borrowing using ETH
Over-Collateralized Loans.
The following tutorials are from our current WIP prototype, which is currently under testing in Goerli Network. The final MVP version to be launched may have some changes. At the moment, these illustrations shown are just for informative purpose for you to understand the product and its features.
RADE allows users to take loans by pledging your ETH at a min collateralization ratio of 150%.
Steps to take a loan by pledging your ETH.
Step 1 : Navigate to the "Borrow" section from the dashboard and Click Open Nest to open a loan account.
Step 2 : Select Crypto Collateralize method and click next.
MemberVouch (Under-collateralized Borrwing) method is currently under development. Launching soon.
Step 3 : Select the time period of borrowing (Loan Term/Duration), which represents the total tenure of your loan. Also choose your flexibility on repayment by selecting relaxed payment terms.
Step 4 : Enter the amount of ETH you want to pledge and calculate maximum Borrow amount. You can choose to edit the borrow amount, but should not exceed "Max Borrow Amount". Once confirmed, click proceed.
Step 5 : Verify the loan terms and click confirm
Step 6 : Confirm the transaction in your metamask wallet to initiate the pledging and wait for the trasaction to be sucessful.
Step 7 : Your wallet will have received the $RUD amount. Click on your Nest to see further details of your loan account.
Click here to see how to initiate Repayment on your Nest.
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