> 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.

![](/files/qbdb0id6j8yek6czEX7Q)

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.

![](/files/KPMAWuL6jejZZl2kj7xU)

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.

![](/files/i3XlYA4RXvHag0qO7x4e)

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).