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
Select Loan to Extend:
The user first selects the loan they wish to extend from their active debts.
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.
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).
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.
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