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.