# Apply for Borrow

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* Connect a wallet that supports the WEMIX 3.0 Mainnet.

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* Check out the process for using the Borrow service.&#x20;
* To register for a Borrow, you must possess NFTs that are eligible for use on NFTFi. All NFTs supported on NILE's marketplace, except for ticket NFTs, can be utilized through the NFTFi service.

### Select Collateral NFT

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* Select the NFT that you would like to use as collateral for the borrow application.

### Set Borrow Conditions

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* Set the borrow amount and annual borrow fee rate, which are detailed inputs on the borrow application.
* You can use the same type price chart to check the relevant data of NFTs within the same collection, all of which possess an equal amount of Covenant.
  * Covenant: The converted value of the Covenant for NFTs of the same type
  * Average Sales: The daily average value of the initial sale and secondary market transaction price for NFTs of the same type
  * Average Bids: The daily average value of final bid prices for NFTs of the same type
  * Successful Bid: The amount of successful bid per transaction for NFTs of the same type
* You can check the recommended borrow amount by clicking the 'Recommend Amount' button.&#x20;
  * The 'Recommend' button will only be displayed if there is available data on the average bid price for NFTs of the same type within the last 7 days.
  * *The recommend borrow amount is determined based on the average borrow amount from recent transactions. Please note that the borrow applicant is responsible for any decision.*
* After entering the conditions, you can set the bid period after reviewing the calculated annual borrow fee rate and the fixed borrow fee for the conditions.
* The platform fee rates will apply based on the set bid period as following\
  : **12 hours (0.10%), 24 hours (0.20%), 36 hours (0.30%), 48 hours (0.40%)**

<figure><img src="https://3901227812-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FqlGy1XJXC3snSpxBiv12%2Fuploads%2FEvHsx4JvaaN0xZDFehLb%2F%E1%84%83%E1%85%A2%E1%84%8E%E1%85%AE%E1%86%AF%20%E1%84%89%E1%85%B5%E1%86%AB%E1%84%8E%E1%85%A5%E1%86%BC%E1%84%92%E1%85%A1%E1%84%80%E1%85%B5_5.png?alt=media&#x26;token=cd700025-1577-4ab3-b074-861ace21dbf9" alt=""><figcaption></figcaption></figure>

* Review the requested borrow application information and the total payment amount.&#x20;
* A gas fee(WEMIX) must be paid to process the transaction, and it is subject to real-time fluctuations.&#x20;
* Once Borrow is approved, the borrow amount and the platform fee will be refunded upon receipt of the borrow amount.

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<figure><img src="https://3901227812-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FqlGy1XJXC3snSpxBiv12%2Fuploads%2FL0kQ9IGRzen9V9VsjhrP%2F%E1%84%83%E1%85%A2%E1%84%8E%E1%85%AE%E1%86%AF%20%E1%84%89%E1%85%B5%E1%86%AB%E1%84%8E%E1%85%A5%E1%86%BC%E1%84%92%E1%85%A1%E1%84%80%E1%85%B5_7.png?alt=media&#x26;token=fa7bbac4-3fec-4db9-bea4-a19968e1ed2c" alt=""><figcaption></figcaption></figure>

<figure><img src="https://3901227812-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FqlGy1XJXC3snSpxBiv12%2Fuploads%2FOLEB9ibrmLyGqIvdj3Gn%2F%E1%84%83%E1%85%A2%E1%84%8E%E1%85%AE%E1%86%AF%20%E1%84%89%E1%85%B5%E1%86%AB%E1%84%8E%E1%85%A5%E1%86%BC%E1%84%92%E1%85%A1%E1%84%80%E1%85%B5_8.png?alt=media&#x26;token=cec9c827-6683-4e67-b73e-81840f648191" alt=""><figcaption></figcaption></figure>

* Borrow application completed. View your product's bidding status by pressing the 'View List' button.