# Borrowing

Users who want to borrow at a fixed interest rate can mint fCash and sell it for currency. By selling fCash for currency, borrowers receive currency up front in exchange for the obligation to repay a fixed amount of currency at a specific future time. 

First, a borrower deposits collateral into their Notional portfolio.

![](https://340266529-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MI0SmezuP0sAu-OXOVm%2F-MJ0XdmggbHYVU_5ZNj1%2F-MIvK6csmeNJFWrFTxsA%2Fborrow-01.png?alt=media\&token=825c85ac-c8a6-448b-9e9e-e6c74b726668)

Then the borrower mints a pair of fCash tokens at their chosen maturity.

![](https://340266529-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MI0SmezuP0sAu-OXOVm%2F-MIvIdA-lCNK3rzmoL5A%2F-MIvKAfr_4DoqZVIPyA4%2Fborrow-02a.png?alt=media\&token=1033b45c-5b4e-49f8-9b9d-1efc54e841dc)

The borrower can now sell the positive fCash token into its liquidity pool in exchange for currency.

![](https://340266529-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MI0SmezuP0sAu-OXOVm%2F-MJ0XdmggbHYVU_5ZNj1%2F-MIvKEgB40CQyTxIOKn5%2Fborrow-03.png?alt=media\&token=7ea4bef6-4863-4d3c-898e-5c680a995c16)

Now the borrower has currency they can withdraw and a future obligation to repay a fixed amount of currency collateralized by their ETH.

![](https://340266529-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MI0SmezuP0sAu-OXOVm%2F-MIvIdA-lCNK3rzmoL5A%2F-MIvKIjBt3B9IXi_hPla%2Fborrow-04a.png?alt=media\&token=a70320ea-ebc0-4afe-9dc9-b37df465638c)

Upon maturity, the borrower can either repay the currency that they owe or their collateral can be used to cover their debt to the protocol.