• This interest charge is only subject to those who borrowed after 00:00:00 AM UTC on September 21st, 2020. No interest will be charged on existing borrowings before the date;
• If a user fails to repay within the 14 days of interest-free period, daily interest will be charged. Users can borrow indefinitely as long as interest can be paid.
• Users will enjoy different borrowing limits and daily interest rates at different VIP levels, Please refer to Cross Collateral Interest Rate for more details.
Each order of cross collateral loan will enjoy a 14-day interest-free period, starting from the day of borrowing, i.e. the first 14 UTC+0 natural days of the borrowing are interest-free (including the day of borrowing).
After the interest-free period, a daily interest rate will be charged at 0.0216%, and the interest is calculated once a day at 00:00 UTC+0.
The system will update the accumulated interest of each order according to the formula (remaining loan amount* the latest interest rate), and refresh the LTV at the same time.
The calculation method is: Borrowing time dd+N 00:00 UTC+0.
Example 1: User borrowing time = 2020-07-01 00:00:00 UTC, interest-free period = 14 days, will start to record user’s interest at 2020-07-15 00:00:00 UTC.
Example 2: User borrowing time = 2020-07-01 07:02:55 UTC, interest-free period = 14 days, will start to record user’s interest at 2020-07-15 00:00:00 UTC.
Example 3: User borrowing time=2020-07-01 07:02:55 UTC, Principal=500USDT, interest-free period=14 days. The user repays 200USDT on 2020-07-14 23:00:00 UTC, will start to record user’s interest based on 300USDT at 2020-07-15 00:00:00 UTC.
You can view the details on the Transaction history, Interest history page. This page updates at 00:00 UTC+0 every day according to the amount of your loan amount.
How to repay interests
When you make a repayment, interest will always be repaid before any principal, according to the order time it is generated i.e. the first order is paid first; once all interests have been repaid in full, you will then start repaying principal, the LTV will be refreshed at completion.
For details about how to replay a loan and ways to repay, please view below help pages:
You can also view historical details on the repayment history interface: