This is a general advertisement and the products and services referred to may not be available in your area.
Dear Binance members,
Binance Loans is pleased to introduce Fixed Rate Loans, giving users more options to borrow and lend stablecoins at fixed rates. This innovative service offers fixed-term loans with fixed APRs throughout the life of the application, ensuring a smooth and straightforward financial experience for both financiers and borrowers.
How Fixed Rate Loans Work:
To borrow under fixed rate loans:
Submit a request: Click [Submit a request] - [I want to borrow] to submit a request to set up your borrowing information or click [Borrow] next to your preferred request under “Borrow Market”.
Set up collateral: Select eligible assets from your spot portfolio as collateral to meet the initial LTV (loan-to-value) requirements.
Confirm Order: Review and confirm the order details and terms and conditions, click [Confirm].
Order Matching: After the order is matched, your borrowed funds minus the pre-calculated interest will be transferred to your instant wallet. Check the order status in [My Order] - [Current Order].
Repayment: Pay the loan in full before the expiration date to avoid late fees.
For financing under fixed rate loans:
Submit an Application: Click [Submit an Application] - [I Want to Finance] to submit an application to set up financing information or click [Finance] next to your preferred application under “Financing Marketplace”.
Confirm Order: Review and confirm the order details and terms and conditions, click [Confirm].
Order Matching: After the order is matched, your funds will be transferred from your spot wallet and the capital will be protected by Binance for the duration of the order. Interest will start accruing upon match. Check the order status in [My Order] - [Current Order].
Repayment: After the request expires, the loaned assets and interest will be delivered to your spot wallet within 24 hours after expiration. Check your assets in your spot wallet.
Binance Loan Products:
For more information, please refer to Flat Rate Loans FAQ Flexible Loans FAQ VIP Loans FAQ.
About Binance Fixed Rate Loans:
Binance Fixed Rate Loans aims to build a stable and easy-to-use financial environment by allowing users to customize interest rates and provide predictable costs/returns, especially for stablecoins. The platform effectively meets the needs and requirements of suppliers and borrowers. Fixed Rate Loans are over-collateralized loans and support multi-asset collateral to reduce liquidation risk. They also offer an efficient automated process including auto-repayment and auto-renewal options. Being managed by Binance, they provide a seamless and straightforward financial experience for all users.
comments:
Please refer to the Binance Fixed Rate Loans Terms and Conditions before placing any orders on the Binance Fixed Rate Loans platform.
For the borrower:
Once a loan request is submitted, the borrower’s collateral assets will be frozen in their spot wallet and will not be tradable or transferable. If the borrower wishes to release them, they will need to cancel the request under the “Unmatched Requests” status. After the request is matched, their collateral assets will be automatically transferred out of the spot wallet and will be held by Binance until the loan is fully repaid.
Interest on a loan is calculated in advance when the loan principal is transferred. The actual amount received by the borrower is the amount borrowed minus the interest calculated in advance. If the borrower prepays the loan or the loan is liquidated before the end of the loan term, the amount of interest due on the loan will remain unchanged and will not be returned to the borrower.
Borrowers are responsible for monitoring and adjusting the loan-to-value (LTV) ratio. If a borrower’s request reaches the liquidation level, the system will immediately implement a forced liquidation. A liquidation fee of 2% of the borrowed amount will be charged.
Please pay on time. A late fee of 3 times the loan interest rate will be automatically charged hourly if the borrower fails to repay the loan by the agreed loan expiration date.
For the sponsor:
Once a funding request is submitted, the specified funding assets will be frozen in the funder’s spot wallet and will not be available for transfer or trading. If the funder wishes to release them, he/she must cancel the funding request from “Unmatched Requests”.
After the request is matched, the assets will be transferred from the financier's spot wallet and the capital will be protected by Binance for the duration of the request. The financier cannot redeem the lent assets before the expiration date or early repayment request.
No interest will be earned until the order is matched. The interest earned will be distributed along with the return of the supplied assets within 24 hours of the expiration date.
Users can view their applications by going to Fixed Rate Loan Applications > Current Applications.
There may be a conflict between the translated version and this original article in English. In this case, please refer to the original version for the most current or accurate information on the aspects that give rise to any conflict.
Thank you for your support!
Binance Team
2024-09-05
