Aave users can take out a loan from the platform so long as they also deposit an asset that serves as collateral. To deposit an asset, simply login to your account and go to the deposit section and submit your transaction. You can take out a loan only after depositing the asset.
Below are the steps to borrow from Aave:
1. Log in to your account and go to the Borrow section.
2. Click Borrow and set the amount based on the collateral.
3. Choose a stable or variable rate and confirm it.
How much you can borrow depends on the value of the asset. You can't borrow an asset if your health factor is low or if there's not enough liquidity.
When repaying the loan, make sure that you also use the same asset. You must only pay in BTC if you borrowed BTC. Borrowers can also use the collateral when repaying their loans.
Users can borrow for an undefined period but it may be better to deposit additional collateral or repay the loan. Otherwise, you risk liquidation of your asset. Below are the steps to repay your loan to Aave:
1. Log in to your account and head to the Borrowing section on the dashboard.
2. Hit repay and click the asset you want to pay.
3. Choose the amount and confirm your transaction.
One thing to keep in mind when taking out a loan from the Aave platform is the health factor. The health factor is a score on your collateral against the asset you borrowed. The higher the health factor, the safer your collateral is. A higher score lets you avoid asset liquidation.
If you have questions, please don't hesitate to contact Customer Support.
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