Loan Closing
Only 2 states in the Loan Closing phase:
  1. 1.
    Borrower repays on time.
  2. 2.
    Overdue.
If the loan is overdue, Lender can choose to claim the collateral immediately, or wait until Borrower repays.

Repay on time

If the borrower repays by the due date, the principal and interest of the loan will be sent directly to the lender's wallet through the smart contract. The fees will be automatically deducted.
Fees
Amount
Info
Platform Fee
5% of the interest
Charged by the Mantle
The Fee Is Calculated Based on the Interest:
Suppose the principal is 100 FLOW and the repayment is 101 FLOW. All fees charged are based on 1 FLOW.

Over Due

If the borrower (the NFT owner) fails to repay the loan and interest on the due date, the lender can choose whether to give up the outstanding amount and obtain the collateralized NFT assets or can wait until the borrower repays.
Repossession: If the borrower is in default on the loan, the lender has the right to repossess the collateral. Lender can settle the loan and claim the collateralized NFT. The transfer of NFT ownership will be performed automatically through smart contracts.
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Outline
Repay on time
Over Due