Binance Lending Procedure

Binance offers crypto-backed loans, allowing you to borrow funds using your cryptocurrencies as collateral. Here’s a step-by-step guide:

Right to participate

1. Age: 18 years and older

2. Identity verification: go through the KYC (Know Your Customer) process

3. Having cryptocurrency: Have enough crypto assets to use as collateral

The lending process

1. Login* to your Binance account and go to the “Binance Credit” section.

2. Select Collateral*: Select the cryptocurrency you want to use as collateral (e.g. BTC, ETH, BNB).

3. Enter the loan amount*: Enter the amount you want to borrow in your desired fiat currency (e.g. USD, EUR).

4. Select loan term*: Select the loan term (e.g. 7, 14, 30 days).

5. Interest Rate*: View the applicable interest rate and fees.

6. Confirm credit*: Check and confirm credit details.

7. Receive funds*: The loan amount will be credited to your Binance account.

Repayment

1. Loan repayment*: Pay off the loan amount plus interest before the payment due date.

2. Auto Repayment*: Enable auto repayment to deduct the loan amount from your Binance account.

3. Liquidation of Collateral*: If you fail to repay the loan, Binance may liquidate your collateral to cover the loan.

Important

1. Risk*: Cryptocurrency-backed loans carry risks, including market fluctuations and potential losses.

2. Interest rates*: rates may vary depending on market conditions and loan terms.

3. Fees*: Additional fees such as origination fees or late payment fees may apply.

Please read the Binance Lending Terms, Conditions, and Risks carefully before proceeding.

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