# Platform Fees and Policies * **Are there any fees for using LENDBIT?** * Yes, the platform charges a small fee for facilitating loans, which is automatically deducted from the interest earned by lenders. * **How is the interest rate determined?** * The interest rate is set by the lender when they create their lending pool. Borrowers can choose which pool offers the most favorable terms based on their needs or create thier own borrow orders. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.lendbit.finance/frequently-asked-questions-faq/platform-fees-and-policies.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.