When you create a loan request on the Arcade platform, you can also be 'open to offers', meaning that lenders can submit loan proposals against your collateral. You will have the opportunity to review a lender's offers before officially starting any loan.
To use the "open to offers" feature as a borrower, please proceed through the following steps:
- Log onto the Arcade platform and use the left-hand navigation sidebar to go to "My Wallet". After clicking, you will see all the NFTs in your wallet that are part of Arcade's supported collections.
- Click on the NFT you would like to use as collateral, and follow the same loan origination flow as described in "Creating a Loan Request". First, approve your selected collateral for deposit. You will need to sign an approval transaction in Metamask.
- After your collateral has been approved for deposit, you can set the loan terms of the request. To submit a request that is open for offers, move the "Open to Offers" slider to the right next to each of the loan terms in the form. After submitting, you will be required to wrap your collateral for loan origination.
- Alternatively, you can select that some fields are open for offers, while retaining specific terms for other fields.
- Once you have set your loan terms open to offers, you will be required to finish the collateral deposit flow. You must approve each piece of collateral for deposit, initialize your bundle, and approve your bundle for withdrawal once the loan is originated. After completing the following steps, you will see that your loan request has been successfully submitted.
- After submitting your request, your loan will appear in the "Loan Requests" dashboard for prospective lenders to make offers against. If you receive an offer, you will be notified. In your Loan Details page, you will have the opportunity to accept the offer. Accepting the offer will start your loan.
Updated 5 months ago