Loan Repayments

Borrower Pays Debt by Due Date: In this scenario, the borrower successfully pays off their debt within the specified due date. As a result, the NFT representing the collectible will be released from the "Escrow" smart contract and returned to the original owner. The lender will receive their credited amount back, and the operation is considered completed.

Additional comments A 48-hours grace period will be granted after the due date. During this grace period, the borrower has the opportunity to pay the outstanding amount, including the lent amount, interest, and fees, by paying an additional fee of 2.5% on the total outstanding amount.

If the borrower is not able to pay back the loan the auction process will start.