Have you ever wished you could be the bank and lend your money out for an interest rate that you set? Well you can! That's right, Poloniex allows you to lend out your money to others for as little as 2 days at a time and you get to collect daily interest on that money.
If you don't already have a Poloniex.com account you should head on over and get one. After you are all signed up and logged in click on the 'Lending' menu button at the top of the page.
I recommend you lend your money out in the form of BTC. It has the highest volume and best interest rates for lending. This guide assumes you have some BTC in your Poloniex exchange account already. If you don't well maybe you can sell some of your hard earned Steem for BTC you can read about that in my previous post How to Transfer Steem Back Dollars to Your Poloniex Account and Sell Them on the Open Market.
Click on the 'Quick Transfer' link and you should see a pop-up modal like this:
Fill in the amount of BTC you want to transfer into your lending account from your exchange account and then click the 'Transfer' button. You should see a confirmation like this:
Now you should be back on the lending screen with your new lending account balance
Fill in the Offer BTC form with the amount of BTC you wish to lend and the interest rate you want to charge. Make sure to take a look at the order book below and to price your loan competitively.
Click on the 'Offer Loan' button and your order will be created as an open order
If you've priced your interest rate well it shouldn't take long before someone comes along and borrows your money. When that happens you will see it under 'My Active Loans' and you can see a live ticker of the fees you are collecting.
Make sure to remember Poloniex will take a 15% cut of the interest fees you collect in the end. So price that in accordingly.