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description: This page is work in progress.
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# Borrower's guide

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We are currently rewriting this page to improve clarity.
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***

### You just want to lend/borrow and want a simple interface

Click on "Lend/Borrow at the best available rate" on the bottow as shown by this picture:

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2FFoqJMPTwfB1yFopQ7wZa%2Fimage.png?alt=media&#x26;token=88f914b4-4c6c-4e2e-90eb-5bf0e17b54da" alt=""><figcaption></figcaption></figure>

You then obtain this interface to choose how you want to lend/borrow:

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2FSGaOeHR9OsrgK3HPGwwc%2Fimage.png?alt=media&#x26;token=8c423268-3d14-4dee-9cbb-5b83423e402a" alt=""><figcaption></figcaption></figure>

You can now choose the amount you want to lend/borrow, the duration.\
For the duration you need to input the minimal duration, as well as the maximal duration of the loan.\
Based on these information you get displayed a yield that is fixed during the whole duration of the loan, click now the bot button to confirm and start the lend/borrow of your asset, the loan is done immediately you do not need to wait.

### Wtf is this app, and wtf happened in the above lend/borrow flow

So in most lending app you deposit into a pool, and the pool lend your assets to the borrowers. This mean that if you join the pool at 7% APR, you get 7% APR as soon as you join the pool, but it also mean that if someone else join the pool it becomes 6.9% APR.

On FixedLend, no one can join your pool and dilute your yield, but in exchange it requires the user to be a bit more sophisticated. Here is how it works:

Each user place lending/borrowing orders, that is they place an order that looks like "I want to lend my 100USDC at 5% APR for between 1day and 1month".\
Then, borrowers see all available offers, and choose which one they will take. Once they take it, assets of the lenders get transferred to the borrower, the collateral is transferred to the contract, and the loan is effective. Then when he choose to, the borrower can repay the debt of let's say 101USDC, get back its collateral, and the loan ends.

So users either need to make order, that is place a competitive order and wait for it to be filled, or take order, that is look at every order and take one. Both lenders and borrowers can have this role.\
To get a grasp of the current market condition, an order book is displayed that shows every current order. That was users can have a sense of what competitive terms for their offer they need to choose to get filled quickly.

For a beginner lender, I would recommend to first select a duration for its loan, let's say "1 week", then observe what's the best yield for a 7day loan, and finally make a lend offer just above this best yield, it will be hopefully taken in no time.

### Main interface

As you probably saw, here is the base interace

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2FIwpZsVIx0xGAmn8JB45x%2Fimage.png?alt=media&#x26;token=9a06f7d1-0eb1-4db0-aca8-551b7fb8b42b" alt=""><figcaption></figcaption></figure>

At the top you can select a market, either USDC or ETH for now, and a duration.\
This will display the order book of this market for loans of the selected duration.\
Only the first 4 orders are displayed on the left, but every orders is displayed on the orderbook on the right.\
When you choose the advanced selection you get a more fine-grained choice of the loan duration, that is actually splitted into "minimal duration of the loan" and "maximal duration of the loan". Here is the screen you obtain when you click that button.

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2Fc4EHjXIog8FisqNbaMEt%2Fimage.png?alt=media&#x26;token=703ffade-6c3f-48c5-a18f-717b70c79344" alt=""><figcaption></figcaption></figure>

In this advanced view, you get two sliders for the minimal and maximal duration of the loan.

### Take order

On the bottom the first button is "Take order". Here is the screen you obtain when you click on it.

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2FcjjXjMlZIaSDAYrIwVKI%2Fimage.png?alt=media&#x26;token=d850aa20-f5be-46e6-9ae3-dd5566ba166e" alt=""><figcaption></figcaption></figure>

You have a list of lend/borrow offers, with some informations. You can then click "Take offer" to take this offer and lend/borrow on the choosen term.

I would recommend to not use this interface as it may be confusing, and just stick with the 4 basic options ("1 day", "1 week", "1 month", and "1 year") provided.

### Manage positions

If you click instead "Manage positions", you obtain the following screen.

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2Fb1N3zzzKqDGHRTMMXuzQ%2Fimage.png?alt=media&#x26;token=dc16fd17-70f0-4c26-948b-324314e7a5d2" alt=""><figcaption></figcaption></figure>

If you previously made offers, there will be displayed here. You can choose to disable them to prevent further lend/borrow with them.\
You can also see all your loans and choose to repay them.\
There is also a list of your deposited collateral, you can withdraw them if no active loans use them.

### Make orders

If you click "Make order", you obtain the following screen.

<figure><img src="https://3541047098-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fz0mlzIY2YJIp34E2WqM7%2Fuploads%2F8wOhwpv0mEgpxrDn6Gva%2Fimage.png?alt=media&#x26;token=d7af7f3f-6fe5-4f24-8736-a8ee29a91958" alt=""><figcaption></figcaption></figure>

With this screen you just need to fill the required informations, and click "Create" to make a lend/borrow offer.\
When you do so, only allowance is asked, your assets are transferred out of your wallet only when your offer is taken.
