> ## Documentation Index
> Fetch the complete documentation index at: https://docs.iris.credit/llms.txt
> Use this file to discover all available pages before exploring further.

# Borrowing

> How to request fixed terms, review a quote, and settle a loan.

## Getting a fixed-rate quote

Borrowing on IRIS starts by asking for fixed terms rather than opening a floating-rate loan yourself.

<Steps>
  <Step title="Set your parameters">
    On the [borrow page](https://app.iris.credit/borrow), define the loan you want:

    * **Collateral asset**: the asset you lock up. See [Supported markets](/home/user-guide/supported-markets).
    * **Borrow asset**: the asset you receive.
    * **Borrow amount**: the principal you want a fixed rate for.
    * **Duration**: how long you want the loan.
    * **Max acceptable rate**: the highest fixed APY you will take. Quotes above it are dropped before they ever reach you.
  </Step>

  <Step title="Set venue preferences (optional)">
    If you do not want your loan supported through certain venues, you can narrow the set you allow.

    A broader venue set gives solvers more room and can produce a better quote. A narrower one gives you tighter control over where the backing position sits.
  </Step>

  <Step title="Request a quote">
    Once configured, you request terms from the solver side of the protocol.

    The quote reflects the solver's read of duration, funding conditions, venue flexibility and risk.
  </Step>

  <Step title="Review and settle">
    If the quote makes sense, execute the settlement transaction.

    The [settlement flow](/home/advanced/intent-settlement) opens your position, posts collateral, establishes the underlying venue borrow, and delivers the borrowed funds.

    Your collateral is only committed when you actually settle.
  </Step>
</Steps>

## What a quote contains

| Field        | What it means                                                                         |
| ------------ | ------------------------------------------------------------------------------------- |
| Fixed rate   | The annual rate you pay for the whole term                                            |
| Duration     | How long the fixed rate runs, which sets your maturity date                           |
| Overdue rate | Added on top of your fixed rate if you are still open past maturity                   |
| Grace period | How long after maturity before liquidation opens. Often short, sometimes a single day |
| Venue        | Which lending venue the loan starts on                                                |

A quote is a signed offer with a short life. Expect to act on it within about two minutes.

## Two things to know before you settle

**The rate is for the full term.** Repaying early does not reduce what you owe. You settle the full term's interest whenever you close, so pick a duration you actually want rather than a long one you plan to exit early.

**Being late has a price you agree to now.** The overdue rate and grace period only apply if you are still open past maturity, but you accept them when you settle. Read them before you sign, not after.

Both are covered in [Maturity, grace period and overdue](/home/user-guide/maturity-and-overdue).

## After settlement

You now hold a solver-backed fixed-rate loan. Under normal conditions the backing stays in the background and you simply hold a fixed-rate position.

From here you can [monitor and manage the position](/home/user-guide/managing-positions), including watching health, adding collateral, or repaying.

<Info>
  For settlement and isolated positions, see [Settlement and isolation](/home/advanced/intent-settlement). For the capital behind your rate, see [What backs your fixed rate](/home/user-guide/solver-backing).
</Info>