Borrower Guide
Last updated
Last updated
Log In to the Platform: Log in to vm.com using your Web3 wallet.
Access the Borrowing Page: Navigate to the "Request loan" section under "DomaiFi center" and set your desired loan amount, duration, repayment method, and annual interest rate. Then, select an NFT you own as collateral.
Submit the Loan Request: After confirming the details, submit your loan request. To initiate the process, the interface will prompt you to perform an operation in your Web3 wallet, transferring your NFT to a smart contract for collateralization.
*Note: For first-time borrowers, you will need to authorize the platform via your Web3 wallet. This step allows the smart contract to access and lock your NFT. Please note that authorization interfaces vary across different Web3 wallets.
Request Submission Successful: Once the NFT is successfully collateralized, your loan request will be submitted.
The platform will review the loan request (within 2-3 business days). Upon approval, the loan request will be published in the VM Finance Market for lenders to provide funding.
Monitor Loan Status: You can track your loan request status under "My Loans" in the "DomainFi center."
How to Retrieve Collateralized NFTs:
Collateralized NFTs are securely locked in a smart contract.If funding is provided and you repay on time, the smart contract will automatically unlock and return your NFT.
If the loan is not successfully funded, you can delist the loan request and cancel the order to have the smart contract unlock and return your NFT.
Access the Repayment List: Go to the "My Loans" section under the "DomainFi center" to view pending repayment orders. Select the order you wish to repay and click on the details.
Repayment Process: Click the "Repay" button. To ensure security, the system will prompt you for a secondary confirmation. After confirming, the page will automatically redirect to your wallet interface to complete the authorization and deduction process. For installment repayment orders, you can also click "Repayment plan"to open a sidebar window. From there, you can choose to make an early repayment or settle the entire amount in one payment. The repayment options are flexible and diverse.
*Note: For first-time repayments, borrowers need to perform a wallet authorization step, allowing the deduction of the required amount to successfully complete the repayment.
Repayment Successful: Once the deduction is successful, the repayment is complete.
