1.What is Pledge Loan?
Pledge Loan is a pledge loan product of digital currency promoted by VeryHash. Users can pledge one digital currency to obtain another digital currency. The features of Pledge Loan are easy and safe.
2.Why choose VeryHash Pledge Loan?
(1) Professional hosting, fund security;
(2) Two optional repayment methods;
(3) One-click loan, loan in seconds.
3.Borrowing Instructions
Taking pledging BTC to borrow USDT as an example. When BTC / USDT = 10,000 (the price comes from Binance, Huobi and OKex) and the pledge rate is 60%, 1 BTC can be pledged to borrow 6,000USDT.
4.Lending Time
Lending as fast as 1 second.
5.Pledge Rate
(1) Different coins have different pledge rates; VeryHash will set a pledge rate interval for each coin, and you can choose the pledge rate according to your own situation (not exceeding the maximum pledge rate given by the system); for example, if you pledge 1 BTC and want to borrow USDT. When the pledge rate is 60%, then the USDT amount you can borrow is corresponding to 1BTC * 60%.
(2) Pledge rate when borrowing = loan amount / real-time USD price of pledged assets; when interest is generated, pledge rate = (loan amount + interest to be repaid) / real-time USD price of pledged assets; when overdue, pledge rate = ( loan amount + interest to be repaid + penalty interest to be repaid) / real-time USD price of pledged assets.
6.Borrowing Rate
(1) The interest will be calculated on same day when you borrow and will be charged on a daily basis. Choosing different coins and borrowing cycles will make the borrowing rate different, and the specific rate shown on the page;
(2) We will launch a time-limited interest-free activity of pledged loans from time to time, so that you do not need to pay interest when the price of the pledged asset goes down; when the price of the pledged asset goes up, you only need to pay 25% of the profit of the pledged asset.
For example, if you pledged 5 BTC to borrow USDT, the pledge exchange rate is BTC / USDT = 10,000 when you pledged, and the exchange rate is BTC / USDT = 12,000 when you repay. The 5 BTC profit you pledged is 10,000 USDT, which is equivalent to 0.83333333 BTC. We charge 0.20833333BTC (0.83333333BTC * 25%).
7.Repayment Methord
We support two repayment methods: repayment at any time before due and repayment due.
8.Repayment Time
Monthly 8th is a fixed interest repayment time. If the interest repayment time ends, there is still an interest to be repaid, it will be considered overdue, and a penalty interest will be generated on overdue interest.
9.Repayment in advance
On loan, repayment at anytime before due.
10.What happens after it's overdue?
Monthly 8th is a fixed interest repayment time. If the interest repayment time ends, there is still an interest to be repaid, it will be considered overdue, and a penalty interest will be generated on overdue interest.
The specific calculation rules are as follows:
Penalty interest = interest to be repaid * 6% * overdue days; at the same time the platform has the right to cancel your loan eligibility.
11.Repayment Order
When you repay, you will repay in the following order: overdue penalty interest -> current penalty interest-> current interest-> principal.
12.Alert line, Liquidation and Processing rules
(1) Due to the volatility of the digital currency market price, corresponding alert line and liquidation line are set up under different pledge rates, and the specific rate shown on the page;
(2) When the pledge rate reaches the alert line（the pledge rate is 70%), you will receive a position alert notification, which informs you to add more BTC or USDT to your account.
When the pledge rate reaches the liquidation line（the pledge rate is 80%), the system will start the liquidation procedure. If you do not turn on "Auto Margin" or the balance of your account is insufficient, the pledged assets will be automatically closed. Be sure to carefully evaluate the risks, supplement of BTC or USDT in a timely manner to avoid accidental losses in extreme conditions.
13.Auto Margin
When the pledge triggers the liquidation line, priority will be given to the pledged BTC to reach the pledge rate return (the pledge rate is 70%). If the BTC is insufficient, USDT will be deducted to repay some of the principal until the pledge rate returns to (the pledge rate is 70%), please keep sufficient balance in your account.
Comments
0 comments
Please sign in to leave a comment.