💰Information on Borrowing

Borrow HBAR, all you need to know

-Borrow from Hashroom

Anyone with an NFT from the Collections set up in Hashroom can borrow. Once a Collection is approved and liquidity is provided on the platform, Borrowers can get a loan on the NFT they hold in their wallet.

*Hashroom will approve specific collections based on many factors, such as volume traded, community demand, founders, etc.*

Once the user is on the platform, they can connect using their Hedera Wallet and review all the collections to “Borrow” from. A list of approved collections will be displayed, showing you the most considerable loan available for your NFT. Once you see the collection you’d like to borrow against, select it along with the NFT you’d like to put up as collateral. At this point, it will display the duration and the amount you will have to pay back before the end of the time shown.

Once the loan is accepted, Hashroom will take a 2% fee of the amount of HBAR borrowed, and Borrower will then receive the rest of the HBAR for you to do as you like. The Borrower may pay back the loan + interest (4% for a week) at any time before the loan expires. You will then receive your NFT back once the loan is paid.

7-day and 14-day loans will be available in specific collections. If you default on the loan, your NFT will be available to be claimed by the Lender. You can pay back anytime as long as the Lender hasn't claimed.

-Example of Borrowing in Hashroom

You borrow 1000 HBAR for your NFT.

You will receive 980 HBAR & Hashroom will receive 20 HBAR.

You must repay 1040 HBAR to the Lender by the end of the loan.

You receive your NFT back.

-Steps to Borrow HBAR

Step 1: Select the Collection you'd like to choose your NFT from. Select "Lend/Borrow" & then "Borrow"

Step 2: Select the NFT you'd like to collateralize for HBAR. You will be able to see how much HBAR you'll receive, how much you will have to pay back, the return date of when you will have to pay back, and the other offers in the queue.

Step 3: Approve transaction from Hashpack.

Step 4A: Just sit back & Relax while you are borrowing the HBAR.

Step 4B: Once it's done, You'll see the message above & you are done!

Step 5: Under the "Loans/Offers" Section, you can review your Active/Completed offers under "Loans"! You can review what you have to pay back under Active. You can see what you have paid back under Confirmed. To Repay, click the button and complete it on your HBAR Wallet; this will put your NFT back into your wallet. WARNING: Make sure to Repay before the Time left goes to 0, or Lender can claim your NFT as collateral!

Tips:

• Rarity doesn’t matter; use your least rarest NFT

• Browse around often for the best loans available

• Strategize in which NFTs have a chance of going up in price and collateralized to pick up more of that kind.

*Hashroom’s fee will be subject to change depending on market conditions*