Creating a loan request

Prax AI being peer-to-peer, every borrower has to create loan request on the platform, detailing the collateral they want to use (ERC-20s, NFTs or a bundle of both), the asset they want to borrow, as well as their desired loan terms they feel comfortable with.

1. Visit https://app.praxai.co and connect your wallet.

2. Choose the asset(s) you want to use as collateral.

   1. Single asset (ERC-20s or 404s)

   2. Bundle (ERC-20s and 404): tick the "Select multiple assets (bundle)" option.

3. Pick your desired loan terms:

   • Asset to borrow and amount

   • Desired repayment

   • Interest rate

   • Loan duration

   • Loan request expiration

   • Instantly fundable loan request: this option lets lenders fund your loan request directly, without having to send an offer.

4. Submit your loan request by approving your collateral and signing a transaction.

⚠️ Please note that loan requests cannot be edited, but they can be cancelled with an on-chain transaction. Prax AI will provide a recap of your terms. Make sure to review them carefully.

Once your loan request is submitted, it will be featured in the lend section of the app, where every lender will be free to fund it or counter-offer.

The asset(s) listed as collateral won't leave your wallet until your loan request gets funded or you accept an offer. Make sure they remain available until your offer request expires or it will be invalid.

You'll be notified in the app once when one of your loan requests is funded or if you receive a loan offer.

Once you accept a loan offer, you'll be prompted to set a reminder.

All you have to do next is to make sure you repay on time to avoid defaulting.