Enter the RociFi Dapp

Navigate to the borrowing page through either the Dashboard page or the Markets page. Both options are detailed below.

1. via. the Dashboard. Note that this view allows you to see your available credit line for a specific asset (e.g. here we see that the user can borrow up to $1,500 USDC).

   

2. via. the Markets page

   

Both options lead to the borrowing page presented below. Here the asset type you want to borrow is pre-filled, however, can be modified if necessary.

To see the loan terms select the following.

1. First, select the loan duration. This is important as subsequent options on LTV & APR vary by loan duration.
2. Second, the collateral asset you want to provide (note you can only provide one collateral type).
3. Finally, the loan to value (LTV) & interest rate (APR) that you want to borrow with.
   1. Note that there is a slider with several options. Some scores will have more options than lower scores. e.g. a score 6 will have several options whereas a score 10 won’t.
   2. Higher scores benefit from (a) a lower interest (APR) for an equal amount of collateral and (b) can, depending on the score, receive under collateralised loans.
4. Finally, specify the amount of stable coin you want to borrow. Note that how much you can borrowed may be restricted based on the the limits to borrowing (read more here). You can select on “Max” to see the maximum amount you are allowed to borrow based on the borrowing limits and available liquidity.

Once you have selected the loan terms you want you should have a page that looks like the screen below. Note we have used a testing configuration loan term here. You won’t have a loan term of one hour and APR of 1000% 🙃.

1. Token spending approval - This is a standard feature of ERC20 contracts (see here). Here the user is allowing the RociFi protocol to take X amount of a token as collateral. X will be the amount of collateral required for this loan.
2. Credit score update - Here the protocol is updating the user’s credit score. RociFi requires credit scores to be update at least 15 min prior to a new loan. This is to ensure the credit score is still valid.

Once the request is confirmed you should see the following screen.

Note we can also see this event on polygonscan (e.g. here). Specifically we can see that this request started from the borrower (0x…aed) to the RociFi loan manager(0x…a43*) and the result is that funds are being sent from the RociFi USDC pool (0x…7b8) to the borrower.

We can see this more explicitly in the input data along with the loan parameters initially selected.

*Note that these examples are provided using test address. Thus actual contracts in production will vary.

It is imperative you pay your loan back prior to the maturity date. Failing to do so will result in your collateral being liquidated and more importantly result in a permanent default being associated with your address. To provide users with a reminder there is a “loan notification” option once a loan has been approved. Follow these prompts to set up a reminder on your google calendar to repay a loan. This is optional and none of you personal information is stored if you elect to set this up.

Finally we can see on the main RociFi dashboard that you have an active loan. Specifically we can see the following sections have changed to reflect the new loan.

(A) The total amount borrowed has increased.

(B) There is a new active loan card (loan ID = 45)

(C) There is a table with all active loans.

(D) The collateral supporting the loan is now locked