FAQs

I don't see the NFT Collection I want, how can I request a new collection?

Based on feedback from the community on their most desired collections. Reach out to us through our discord channel.

What happens if a borrower fails to make a monthly payment within the given due date ?

Borrowers that fail to make regular monthly payments risk having their down payment and purchased NFT liquidated.

What recourse does a lender have if a borrower default’s on a loan?

The borrower's down payment and the purchased NFT will be liquidated and used to pay back the lender. Any remaining funds will be returned to the borrower.

What happens to the borrower's down payment ?

The borrower's down payment is used in conjunction with the lender's committed funds to purchase the requested NFT on the open market.

As a borrower, I don't see the NFT purchased in my wallet, why?

Once the NFT has been purchsed using the borrower's down payment and the lender's funds, the NFT is transferred to Ape Now's BNPLMarket contract and held in escrow until the loan is fully paid back by the borrower. Borrower's can see their escorwed NFT through the dApp, and also through the contract by calling the following method:
/**
* @notice Returns the details of the escrowed NFT details for a given loan.
* @param bidId The bidId for the loan from the TellerV2 protocol.
*/
escrowedTokensForLoan(uint256 _bidId)