# How it works

## Navigating the Application

JPEG'd P2P is organized around 4 sections:

* **My NFTs:** Displays all your NFTs, both in wallet, listed or in loans
* **My Loans:** Displays all your active loans, NFT offers and collection offers.
* **Listings:** Displays all the listings looking for a lender and the active listings
* **Collections:** Displays all supported collections and all the collection offers

<figure><img src="/files/3SVHGWEQFT84j0FqPkZl" alt=""><figcaption><p>The 4 sections of JPEG'd P2P</p></figcaption></figure>

## Borrowing ETH or USDC

1. **Open a Loan**: NFT owners can accept existing loan offers or list their own loan requests.
2. **List Loan Request**: If suitable offers are not available, NFT owners can specify their desired loan terms.
3. **Close a Loan**: Loans can be closed anytime by repaying the principal and interest, allowing the borrower to reclaim their NFT.
4. **Get Better Terms:** Lenders can automatically refinance a loan by offering better terms to the borrower, automtically decreasing the borrow cost.
5. **Per Block Interest:** Interest gets accrued every block. If you repay early, you only repay the interest accrued until repayment.

👉 View our guides for borrowing [here](/jpegd-dao/peer-2-peer-lending/for-borrowers.md)

## Lending ETH or USDC

1. **Lending Offer**: Lenders can make offers on specific NFTs or as collection offers, specifying the terms.
2. **Refinance**: Lenders can offer better terms to borrowers with existing loans, repaying the accrued interest to the original lender.
3. **Set a Minimum Interest:** Lenders can specify a minimum interest that they'll earn in case of refinancing or early close of the loan.

👉 View our guides for lending [here](/jpegd-dao/peer-2-peer-lending/for-lenders.md)


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