Binance Introduces Fixed-Rate Loans for Stablecoins
06.09.2024 11:00 2 min. read Alexander Stefanov
Binance Loans has launched a new feature offering fixed-rate loans, which aims to provide users with predictable borrowing costs.
According to their latest blog update, this feature allows users to secure a set interest rate for the full term of their loan, benefiting from consistent annual percentage rates (APRs) throughout.
At present, the fixed-rate loan option is available for two stablecoins: USDC and FDUSD. Loans in USDC are offered with a 7.8% fixed interest rate for a 30-day period, with a minimum loan amount of 50,000 USDC. On the other hand, FDUSD loans come with an 11% fixed rate for the same term, with a minimum of 50,000 FDUSD.
To access these loans, users must place an order on the Binance platform and select their collateral. After the order is matched, the funds are credited to the user’s Spot Wallet, after deducting any predetermined interest. Borrowers must repay the loan by the due date to avoid incurring late fees, which are set at three times the interest rate of the loan.
For lenders, Binance ensures that their principal amount is safeguarded once an order is matched, with interest starting to accrue from that point. The principal and earned interest are returned at the end of the loan period.
Binance also manages the loans to minimize risks, with a focus on over-collateralization to prevent liquidations. The platform provides features like automatic repayment and renewal to enhance the borrowing experience.
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