> For the complete documentation index, see [llms.txt](https://userdoc.kairos.loan/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://userdoc.kairos.loan/faq/loan-to-value-and-interest.md).

# Loan to Value and Interest

There are three terms defining a loan, the **amount** (Loan to Value), the **duration** and the **interest**.

Lenders are in competition before the loan to offer the borrower the best terms. In the first version the interest rate is set by the Kairos team according to the collection and the state of the loan market. The lenders must be as competitive as possible on the amount and duration.

For the audited version of the protocol, the market will decide on the overall terms of the loan. **The most competitive lenders will be matched first.**


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