Manage loan
Last updated
Last updated
Managing your loans on defi.money can be done at any time, and can be found by going to the MARKETS
page and connecting your wallet to the same network you have ongoing loans, and selecting the asset you have a loan with. You can also filter assets by BORROWED
, or click the toggle for list view.
You can manage your loan through (4) different action, each serving a different purpose.
Add collateral:
this action is for adding more collateral to the loan, either to increase the loan health, or to add more collateral so you can mint more $MONEY. You can also add collateral and borrow more $MONEY in the same transaction.
Withdraw:
this action is for withdrawing collateral from the loan, which will decrease the loan health if you still are actively borrowing $MONEY. You can also withdraw collateral and partially repay the loan with $MONEY in the same transaction.
Borrow more:
this action is for borrowing more $MONEY through the same loan. Doing this action by itself will decrease the loan health, so pay attention to the risks. You can also add collateral and borrow more $MONEY in the same transaction.
Partially repay:
this action is for paying back some amount of the loan with $MONEY. You can also withdraw some of the collateral in the same transaction.
Note that all of these actions affect the loan health, either positively or negatively, so verify that any change you intend to do and subsequent change in the loan health is something you accept. And if you wish to fully close the loan, you can go to the CLOSE LOAN
page which simplifies the steps for you.
Below is a guide for how to use all of the (4) different actions you can take to manage your loan.
To Add collateral
, make sure you have the ADD COLLATERAL
tab selected, like this:
Then enter the amount you wish to add.
Notice that adding more collateral:
Increases the max borrowable amount of $MONEY
Lowers the conversion range (explainer here)
Increases loan health
After verifying the changes are as expected, click the APPROVE
button and follow the steps in your wallet.
When the approve transaction has confirmed, the button changes to ADJUST LOAN
. Click this button to initiate the loan adjustment, and follow the steps in your wallet. After that is confirmed, you are done!
To Withdraw collateral
, make sure you have that tab active, like this:
Notice that withdrawing collateral:
Lowers the max borrowable amount of $MONEY
Moves the conversion range closer to the current price of your collateral (explainer here)
Decreases loan health
After verifying the changes are as expected, click the ADJUST LOAN
button and follow the steps in your wallet (you don't need to sign an approve transaction if you are only withdrawing collateral). After that is confirmed, you are done!
To Borrow more
, make sure you have that tab active, like this:
Notice that borrowing more $MONEY:
Lowers how much of your collateral you can withdraw
Moves the conversion range closer to the current price of your collateral (explainer here)
Decreases loan health
When you have confirmed the changes you want to make, you click the ADJUST LOAN
button and follow the steps in your wallet (you don't need to sign an approve transaction if you are only borrowing more $MONEY). After that is confirmed, you are done!
To Partially repay
, make sure you have that tab active, like this:
Notice that partially repaying:
Lowers the conversion range (explainer here)
Increases loan health
Increases the max borrowable amount of $MONEY (in case you change your mind later)
When you have confirmed the changes you want to make, you click the ADJUST LOAN
button and follow the steps in your wallet (you don't need to sign an approve transaction if you are only partially repaying the loan). After that is confirmed, you are done!
And that is how easy it is to manage your loan!
If you wish to learn about the Collateral conversion status or liquidation, go here.