1. Go to the BenFi homepage → Click 'I want to Borrow'. Note: The borrowing amount must not exceed the expected total deposits for the current period; otherwise, the order will fail to match.
2. Enter the collateral quantity and borrowing amount. Currently, only BTC is accepted as collateral, and BUSD is used for borrowing. Ensure that the Loan-to-Value ratio (LTV = Borrowing Amount / Collateral Value) remains at an appropriate level. If the LTV reaches 95%, the liquidation threshold will be triggered, resulting in collateral liquidation. Once liquidation is completed, the corresponding loan will be automatically repaid.
3. Choose whether to enable "Automatic renewal." When enabled, your order will be prioritized in the matching queue ahead of new borrowing orders.
Note: if there are fewer market contributors, renewal may fail, requiring repayment. Please check the renewal status.
4. Whether to fill in the alert email address. After filling it in, you will receive order alert notifications.
5. Check the BenFi Agreement, then click "Initiate pre-loan".
6. Wait for order matching based on the estimated matching time. Once the order is successfully matched, the borrowing will be completed, and the funds will be credited to your account.