Repay a Loan
Last updated
Last updated
To repay your loan, you need to access the Borrowed section on the NFT detail page or Borrowed section under Account page. Please keep in mind that you should repay your loan by the due date, but you have the option to repay it earlier if you wish. Here are the steps:
Step 1 Click the profile icon and select Borrowed.
Step 2 Choose the loan you want to repay.
Step 3 Click on the “Repay” button.
Step 4 If you're a new user and this is your first time repaying a loan on SOLARR Credit, you need to grant permission to access your currency (ETH/USDT). You only need to do this once.
Step 5 Confirm the transaction in your MetaMask wallet, and pay the required gas fee. Clicking on “Confirm” to proceed and pay the required gas fee. Once the transaction is confirmed, the lender will receive the loan repayment, and your NFT will be transferred to your wallet.
Borrower has to repay the loan by one-off repayment including the agreed loan amount and yield. It is not supported to repay in multiple installments. Borrower has to repay the loan by the end of the loan period. Borrower is not allowed to repay after the loan is due. If a loan is due, it means the Borrower has breached the loan and could not repay the loan, hence the Borrower will lose the ownership of the NFT. Meanwhile, the ownership will be transferred to the Lender. The Lender can claim the collateralized NFT in SOLARR Credit. Only the wallet address that listed and accepted a loan can repay the loan. Other wallet addresses cannot help to repay the loan.
