# Borrowing

## Overview

You can borrow assets against your deposited collateral. The amount you can borrow is determined by the collateral ratio of assets you deposited. You can easily check the ratio of your deposit to borrows, or loan-to-value ratio (LTV) in the colored bar below the top menu.

[Video Tutorial](https://www.youtube.com/watch?v=MBqnhqYDfL0\&feature=emb_logo)

### [**Earn as you borrow with BiFi tokens**](https://app.bifi.finance/lend?medium=bifiguide_en\&source=lending\&campaign=borrow)

When you repay your borrows, you have to pay your accrued interest. However, because BiFi is currently rewarding users of BiFi with BiFi tokens, you can actually earn as you borrow.

For example, you can borrow DAI at 11.87% interest rate, but by earning BiFi tokens you actually earn approximately 16.12%. As a result, you can earn 4.25% even as you borrow!

![](/files/-MYEBV0J6uubhFsHL0RM)

Learn more about BiFi token rewards: 

{% content-ref url="/pages/-MYE8-VL9ebDtxyUO7Eb" %}
[BiFi Rewards](/guide/lending/reward.md)
{% endcontent-ref %}

## 1. Setting MetaMask Network

### Ethereum mainnet 

Click the MetaMask extension on your browser and set the network on top to `Ethereum Mainnet`.

![](/files/-MYE8qfW1TK5wxENimhv)

{% content-ref url="/pages/-MYDto1IbanXVJDXaHnp" %}
[Install MetaMask](/guide/wallet/metamask-guide/metamask.md)
{% endcontent-ref %}

### BSC mainnet

Click the MetaMask extension on your browser and set the network on top to BSC Mainnet.

{% content-ref url="/pages/-MYDwc3JOyIxn2MdgIDj" %}
[Add BSC Network](/guide/wallet/metamask-guide/bsc.md)
{% endcontent-ref %}

![](/files/-MYE8edmhqTxK-CL3oHv)

{% hint style="warning" %}
BiFi supports both Ethereum and BSC. If you set BiFi to BSC Mainnet, but have your MetaMask set to another network, you will see an error. Make sure you are on the correct network.
{% endhint %}

## 2. Borrowing Assets

If you deposited your assets to BiFi, you can now use your deposit as collateral to borrow other assets. Click `Borrow` for the asset you want to borrow, and set your desired amount.

When you click `Borrow` , you will be prompted to confirm the transaction on MetaMask. When the transaction is confirmed, MetaMask will notify you and you can check your borrowed asset.

![](/files/-MYEDz-76oMAKMUMSFEZ)

{% hint style="info" %}
Once you approve the transaction, you can leave the dialog before it is confirmed, as it is working directly on the blockchain.
{% endhint %}

### [Page Overview](https://app.bifi.finance/lend?medium=bifiguide_en\&source=lending\&campaign=borrow)

Your assets can be subject to liquidation, if the ratio of your deposited assets to your borrowed asset exceeds the collateral ratio, or Loan-To-Value Ratio (LTV). BiFi only allows you to borrow up to the maximum borrow limit, but your LTV can exceed this in three scenarios:

1\) Your borrowed asset increases in price, making your borrowed amount bigger, 2) Your deposited asset decreases in price, making your deposit amount smaller, or 3) your borrows plus accrued interest is more than your deposits plus accrued interest.

![](/files/-MYEEcqeCIZP7iqelKDI)

**Borrow Amount**\
The amount you want to borrow.

**APY**\
The amount of interest you can earn on your borrow in a year.

**Token Price**\
Current price of the asset you want to borrow.

**Borrow Limit**\
The maximum amount of assets you can borrow after you borrow the selected amount. The more assets you borrow, the lower the borrow limit becomes, proportionate to the collateral ratio.

> Borrow limit before borrow >> after borrow $46.64 >> $23.43 (if you borrow $23.20)

**Used Borrow Limit**\
The changed used borrow limit in percentage after you borrow the selected amount.

> Used borrow limit before borrow >> after borrow 0.48% >> 50.24%

## 3. Repaying Assets 

Click `Repay` to pay back your assets. Repay amount excludes the amount of interest you need to pay back. Select the amount you wish to repay.

![](/files/-MYEFOwz4_IAo1jhEeN9)

{% hint style="info" %}
The asset must be enabled to be repaid. Enabling assets incur gas fees, so you need to hold be holding ETH to pay on Ethereum BiFi and BNB to pay on BSC BiFi.
{% endhint %}


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