# Official Liquity Documentation
Liquity is a decentralized borrowing protocol that allows you to draw [interest-free](https://app.gitbook.com/@liquity/s/liquity-docs/faq/borrowing#how-can-you-offer-borrowing-at-a-0-interest-rate) loans against Ether used as [collateral](https://docs.liquity.org/liquity-v1/faq/borrowing#what-do-you-mean-by-collateral). Loans are paid out in LUSD (a USD pegged stablecoin) and need to maintain a [minimum collateral ratio](https://docs.liquity.org/liquity-v1/faq/borrowing#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio) of 110%.
In addition to the collateral, the loans are secured by a Stability Pool containing LUSD and by fellow borrowers collectively acting as guarantors of last resort. Learn more about these mechanisms in our documentation.
Liquity as a protocol is non-custodial, immutable, and governance-free.
**Get an overview of the protocol here**:
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Liquity explainer
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If you still have questions after browsing our FAQs and documentation — [join our Discord](https://discord.gg/2up5U32)!
For the **Spanish** version of our docs click [here](https://liquity.gitbook.io/spanish/). For the **Chinese** version [here](https://docs.liquity.org/v/cn/).
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