> For the complete documentation index, see [llms.txt](https://docs.niftyapes.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.niftyapes.money/borrowers-dapp-guide/borrow-page/initiating-the-loan.md).

# Initiating the Loan

Borrowers can initiate the loan from either the top-level or Offer Book Details page.

![](https://3101901544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fai9iiM3lynt9siXMc0yj%2Fuploads%2FwOckAcs0sH7jAmKk07n1%2Fimage.png?alt=media\&token=48bd3902-c9ec-42f4-8b4e-1c75a2865a19)

Once clicked, the borrower is taken to a loan details page. Here, the terms of the loan are displayed as well as an estimation of the *total* interest the borrower could owe at the end of the loan.

![](https://3101901544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fai9iiM3lynt9siXMc0yj%2Fuploads%2F80V2gHjadJLEL3C2e1EZ%2Fimage.png?alt=media\&token=f884882f-3617-446f-bacb-9103fc9a6d4e)

Borrowers will first be prompted to approve the NiftyApes smart contracts to transfer their NFT token. 

Once the approval transaction is confirmed, they are able to initiate the loan.

![](https://3101901544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fai9iiM3lynt9siXMc0yj%2Fuploads%2FDm75bcQAKs3MDPBrNbvY%2Fimage.png?alt=media\&token=3c93df53-9bd6-4314-9aa9-836fe00704f9)

When the loan is executed, the collateral is locked in the NiftyApes smart contract, and the liquidity  is sent to the borrower's wallet in a single transaction.

Borrowers can view all active loans from the [Borrower Dashboard](/borrowers-dapp-guide/borrower-dashboard.md).