A partial loan repayment allows you to repay a portion of your outstanding loan without closing it. Here’s what you need to know:
How to Make a Partial Loan Repayment:
- USDC Payment: Directly repay from your USDC Transaction Account. Use the “Repay your loan” button on the loans page.
- Wire Transfer: Contact our support team for assistance.
Currencies Available:
- USDC: From your Transaction Account.
- Fiat: Via USD wire transfer to Ledn.
Minimum Repayment Amounts:
- USDC: Minimum of 100 USDC.
- Fiat: Minimum of $1,000 USD. We do not support repayments that would bring the outstanding balance below $500 USD.
Benefits of Partial Repayments:
- Lowers LTV: Reduces the risk of automatic liquidation.
- Reduces Interest Expenses: Partial repayments first settle accrued interest and administration fees, with the remaining amount reducing the principal balance. Lower principal means less interest charged daily.
Additional Information:
- No Fees: There are no charges for partial repayments.
- Quick Processing: USDC repayments are processed instantly, while wire transfers may take longer depending on banking procedures.
- No Restrictions on Frequency: Make partial repayments whenever needed, though scheduling in advance is not currently available.
- Irreversibility: Partial repayments cannot be reversed once processed. Confirm all details before completing the transaction.