# Lend
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The interest rate is defaulted to a "Decaying Rate", this makes the rate annualized. This is recommended.
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### **A lender must first create a pool in order to lend to a borrower.**
**Step 1:** Choose "Create Pool"
**Step 2:** Select the collateral token you wish to accept from the dropdown menu
**Step 3:** Select the token you would like to lend from the dropdown menu
**Step 4:** Set a [lend ratio](https://docs.vendor.finance/overview/vendor-finance-v1/definitions)
**Step 5:** Select a [repayment due date](https://docs.vendor.finance/overview/vendor-finance-v1/definitions)
**Step 6.** Set a [fixed interest rate ](https://docs.vendor.finance/overview/vendor-finance-v1/definitions)**(this is defaulted to a** [**decaying rate**](https://docs.vendor.finance/overview/vendor-finance-v1/definitions)**)**.
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Regarding **Step 6** - Once the borrower borrow, their interest rate is locked in to whatever they agreed upon at the time of transaction.
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**Step 8.** Review the pool deployment details and deploy the pool
**Step 9.** Seed the pool with the tokens you wish to lend out by going to the My Pools tab and selecting you lend pool**. Click add funds. ** NOTE: You can also do this by sending the tokens directly to the pool contract displayed once you create the pool in step 8
**Step 10.** Provide the loan agreement link to your borrowers or embed the link on your website. It will also show up under explore tab!
**Optional:** You can create private pools by adding specific addresses under the borrowers tab. Only these addresses will be able to borrow.
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Congratulations, you have created a loan agreement, users can now borrow!
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## Visual Tutorial
**1. Navigate to ******
**2. Click "Connect Wallet"**
**3. Click the option you want to connect too.**
**4. Click the collateral drop down**
**5. Click the collateral you wish to accept**
**6. Click the lend token drop down**
**7. Click the lend token you wish to lend**
**8. Choose your** [lend ratio](https://docs.vendor.finance/overview/vendor-finance-v1/definitions) **ratio. There are presets or you can choose custom. When entering custom you put the amount of lend token. The** [lend ratio](https://docs.vendor.finance/overview/vendor-finance-v1/definitions) **is the amount of Lend token you give per 1 unit of collateral. In this example, for every 1 wBTC a borrower deposits, they will receive 410.697 USDC**
**9. Click the "Expiry Date & Time" field.**
**10. Choose the month and day you want the loan to expire**
**11. Choose the time you want the loan to expire**
**12. Toggle the interest rate to your liking, or enter a rate by typing in the field.**
**13. Click "Review Transaction"**
**14. Click "Deploy" after you confirm everything is correct in the transaction review**
### Slideshow Tutorial
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