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To borrow, first, you need to deposit an asset and set it as collateral. Once done, navigate to the "Borrow Market" section find an asset you want to borrow, and click the "borrow" button. Provide the amount you want to borrow and click once again. Sign the transaction in your wallet and it's done.
The amount of debt you can have depends on the amount of collateral you have provided. Moreover, each asset that is used as collateral or borrowed has specific parameters that determine exactly how much you can borrow.
The debt interest rate depends on how much of the asset is borrowed compared to how much of the asset is deposited. The more is borrowed the higher the interest rate.
Health Factor is a numeric measure of your position (collateral against debt) safety. The higher the value is the less likely that price fluctuation will result in liquidation. If your Health Factor falls below 1, your collateral will be sold to repay your debt. In simplification, the value of Health Factor says how many times the debt value must increase against the collateral value so your position is liquidated. For example, if you are borrowing ETH against BTC collateral and the Health Factor is 1.3 it means that if the price of BTC given in ETH increases by 30% your positon will bel liquidated. If it was 1.5 then it would be 50%, If 2 then 100%.
There is no fixed date for the loan to be paid back. Theoretically, you could never repay your debt as long as you have enough collateral.
Repaying is very simple. Just navigate to "Your Debt Positions", and click "repay" next to the asset you want to repay. Then provide the amount you want to repay, click "Approve & Repay" and sign the transaction.
To avoid liquidation you should monitor your Health Factor, whenever it falls to a value close to one you should repay some of your debt or provide more collateral.