Opening a Loan
This page describes how you can open a loan.
The loan system mainly works on you exchanging WMATIC, WETH or DAI for ARTH at 0% interest. Two modes that play a crucial role in getting a loan.
  • Normal mode: In the normal mode the collateral ratio must be at least 110%
  • Recovery mode: In recovery mode, the collateral ratio must be at least 150% when opening a loan.
Step 1: For a user who wants to take a loan; click on the 'open loan' button. If a user has opened any loans before and wants to check the status can check it below in the opened loans list.
Step 2: Once you click on 'open loan' button you will find a drop down section that will let you choose from WMATIC/WETH/DAI. NOTE: In case of WMATIC; you can always convert MATIC to WMATIC.
Step 3: After you have selected the currency; you need to input an amount that is going to be the collateral amount from your end. NOTE: In normal mode the amount you enter has to be amounting to a collateral ratio of at least 110% or more. It is advised to keep it well above 150% so that you can avoid liquidation under recovery mode.
Step 4: Once you have entered the amount you will see the minimum ARTH that you will receive. It also tells you the total debt amount which is inclusive of the borrowing fee and liquidation reserve. Step 5: After step 4 you need to click on the confirm loan button to open your loan. Step 6: After clicking on the confirm loan button; you will have to follow through with two steps to complete your transaction. The first step is to approve the transaction.
Step 7: Once you approve the transaction you will get a metamask wallet pop up to confirm the same. Once you click on confirm transaction in metamask; you will get a pop up regarding the transaction whether it was a success or a failure. Step 8: Once you have got the successful transaction confirmation; you proceed with the next step which is; complete transaction.
Step 9: Once you click on complete transaction you will get another metamask confirmation and once you have confirmed that it completes your open loan process.
Step 10: To check whether your loan has been opened or no; you can check it the ' Your loans' section.
NOTE: If it is not visible there you are advised to click on the refresh button once and check for the same.
Last modified 1mo ago
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