> For the complete documentation index, see [llms.txt](https://docs.gage.cash/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.gage.cash/start-here/before-your-first-deal.md).

# Before your first deal

Three things to know, shown on first connect and repeated here.

The app shows this once, when your first connection completes, and asks you to confirm you have read it. On Earn it shows the lending variant. It is worth reading twice.

{% hint style="warning" %}
**1. If you miss the deadline, the lender keeps your collateral.**

Expiry is a date and a time. On the current engine, repayment closes when the term ends, and from that same second the lenders may claim. Set your own reminder; the Telegram bot's term reminders cover deals on the original V1 market only today, not positions on the current engine.
{% endhint %}

{% hint style="warning" %}
**2. Lenders may end up holding the collateral, and memes can go to zero.**

A lender is paid the cap only if the borrower reclaims. If the borrower walks away, the lender holds the collateral at whatever it is worth then. The lending variant says it from your side: **You may end up holding the collateral instead of USDG. Memes can go to zero. If the borrower walks away, you hold it.**
{% endhint %}

{% hint style="warning" %}
**3. sGAGE rewards are estimates at pool price.**

Every reward figure is an estimate at the current pool price of sGAGE in GAGE. The pool price moves. Rewards unlock over the term, the drip, and are allocated only while the week's budget and rates allow; an allocation can be zero.
{% endhint %}

## Also worth knowing

* A listing is not a loan until all four quarters are funded, inside a 24-hour window.
* The fixed cost is always shown as an amount and a percentage for the term. Never annualised on its own, never "0% fee".
* Values in the interface come from a valuation service and say where they came from. The contracts never read a price.
* A Stock Token can be paused around a corporate action. Deals keep advancing; withdrawals of that token wait.
* Nothing on gage is financial advice.

The full [Risk disclosure](/reference/risk-disclosure.md) and [Terms](/reference/terms.md) are in the Reference section.


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