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How to use “Binance Loans” Service

2020-06-11 08:12
Video tutorial
Binance Loans provides a wide range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions, and internal risk management.
Frequently Asked Questions

1. Who can borrow on Binance Loans?

As long as you are a registered user of Binance, you can borrow on Binance Loan.

2. What crypto can I borrow on Binance Loans?

Binance Loans supports the borrowing of several cryptos, including BTC, ETH, BNB, BUSD and USDT. You can check out the Loan Data page for more information.

3. What crypto can I use as collateral?

Binance Loans supports several cryptos as collateral, including BTC, ETH, BNB, and BUSD. You can check out the Loan Data page for more information.

4. How long are the Loan Terms?

Loan terms of 7, 14, 30, 90 and 180 days are available. You can always repay in advance and the interest is calculated based on the hours borrowed.

5. How is the interest calculated?

Interest is calculated hourly, and less than one hour is calculated as one hour. The interest rate is determined by the time you make the loan.

6. How do I repay the interest and principal?

You have to repay them manually on the Order page. The interest has to be repaid before the principal.

7. Can I make a full repayment before the due date?

Yes. There is no interest penalty for early repayment. When the principal is returned, the interest will be charged according to the actual borrowing hours.

8. What is LTV?

LTV is the value of your loan to the value of your collateral. The price used here is Index Price. Different collateral coins have different initial LTVs, which means when you use different coins as collateral of the same value, the loan you make is of a different value too.

9. What happens when my LTV is too high?

If your LTV is higher than the margin call LTV, we will inform you to add more collateral or to repay your loan. If your LTV is higher than the liquidation LTV, we will liquidate your collateral to repay your loan.

10. How can I adjust my collateral?

You can adjust your collateral on the Order page. You can always add more collateral and when your LTV is lower than the initial LTV, you can remove some of your collateral, too.

11. What happens if my Loans repayment is overdue?

We give an overdue duration of 72 hours (for loan terms of 7 and 14 days) or 168 hours (for loan terms of 30, 90, and 180 days), during which you will be charged 3 times the hourly interest. If you do not repay after the overdue duration, we will liquidate your collateral to repay your loan.

12. Can I use the crypto I borrow to trade in Margin and Futures? Can I withdraw them?

Yes, you can trade on Binance using the loan you make as long as you meet the qualification for using the services. Yes, you can withdraw them as well.
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