Extend

Extend Loan - Action Overview

The Extend Loan action allows users to extend the duration of an existing loan by repaying the current loan and taking out a new one under the same pool conditions.

How It Works

1. Select Loan to Extend:

   • The user first selects the loan they wish to extend from their active debts.

2. Choose the Extend Option:

   • Next, the user clicks the Extend option, located next to the selected loan's checkbox. This will open a popup window where the user can view the loan details.

3. Adjust Loan Amount and Duration:

   • In the popup window, the user can:

     • Adjust the loan amount they wish to extend.

     • Change the loan duration (by default, the maximum duration for the pool is selected).

4. Confirmation:

   • After making the desired changes, the user confirms the loan extension. Once confirmed, the current loan is repaid, and a new loan is issued with the updated amount and duration.

Main Use Case

The Extend Loan action is primarily used when:

• The user wants to extend the loan duration without changing the collateral or pool conditions.

• The user wishes to delay repayment and take advantage of the maximum available loan duration.

This feature offers a simple way to manage active loans and avoid liquidation by extending the repayment period.