Binance launches fixed-rate loans
binance-launches-fixed-rate-loans
By Micah Zimmerman
September 5, 2024 at 4:51 pm
binance-launches-fixed-rate-loans
Edited by Jayson Derrick
News
Binance launches fixed-rate loans
Share
Binance Loans has introduced a new feature: Fixed Rate Loans.
The new offering allows users to secure stablecoin loans with a fixed annual percentage rate over the entire loan period, providing greater financial predictability.
The Binance BNB
bnb
-1.95%
BNB service allows users to place borrowing or supply orders within the platform. Borrowers can set up loan terms, select eligible collateral from their Spot Wallet, and have funds transferred once an order is matched.
Per Binance’s release, this service will offer “a fixed-term loan with a custom APR fixed for their entire order period, ensuring a smooth and straightforward financial experience for both suppliers and borrowers.”
Repayment must be completed before the loan expires to avoid additional late fees. Lenders can also place supply orders, which will be matched with corresponding borrowers. The principal is protected by Binance, and interest accrues upon matching.
