Binance’s loan service helps satisfy users’ funding requirements. By taking out a loan, users are required to pledge corresponding digital assets as collateral.
If you are a registered user of Binance, you are able to borrow Binance Loans. These loans support the borrowing of a number of different cryptos, including USDT and BUSD. You can find out more information on the Borrow page on Binance Loans.
Repayment in advance is possible without a commission fee. When the principal is returned, interest is charged according to the actual number of days borrowed.
Currently, there are two ways to repay a Binance Loan:
- Regular USDT repayment (please refer to step-to-step guide below)
- Repay with Collateral
1. Click “Futures” from the drop-down list under “Wallet” after logging into your account.
2. Select “Collaterals”.
3. Select “Repay”.
4. Enter or select the amount you would like to repay. Click “Confirm repayment”.
5. Now, you have successfully repaid the loan.
How to remove collateral after repayment
Note: In case a loan is returned in advance, but the system did not automatically refund the corresponding collateral deposit, please remove the collateral deposit manually as follows.
- Select "Adjust LTV".
2.Select "Remove" and manually enter the collateral amount to be removed.
3.Click "Remove collateral" to confirm.