Note:
• 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.
Interest-free period
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).
Interest Charge
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.
Interest history
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:
