1. Interest is calculated by Principal, Daily Interest Rate and Actual borrow time. You can check the accrued interest on the "Earn"--"Lend"--"Borrow" page as we show you below.
The interest will be charged for the first time once you borrowed funds successfully.
The accrued interest is updated every hour and will be settled when the borrowers repay.
If you choose to repay part of the loans, the system will repay the interest first until all of the loans have been repaid, and the rest of it will still be charged interest.
The platform will charge 5% of your accrued interest as fees and 10% as the insurance fund.
Automatically Renewed Rule
Purpose: To make it easier for Borrowers to maintain current margin positions and the Lenders can get the principal and interest on time when the loan expires.
Trigger condition：When the loan is about to expire, the system will automatically borrow the same amount of the corresponding debt assets (which equals to the remaining debt’s principal and interest) to continue the debt if there are insufficient corresponding assets in the borrower's account.
1. The system will borrow the same amount of the corresponding assets(which equals to the remaining debt’s principal and interest).
2. Repay the mature loan.
The auto-renew function will be failed in the following situations:
1. The system will detect whether the current debt ratio in the borrower's account is lower than 96% before executing the auto-renew procedure. If negative, the system will fail to execute the auto-renew procedure.
2. The token has been delisted from the current funding market.
The system will partially liquidate the borrower's margin position to repay the mature loan if failed to execute auto-renewing. The coin of the highest value estimated in BTC will be liquidated firstly according to the mark price to repay until it pays off the corresponding debt.