Yes, you can initiate your collateral sale to make a repayment, as borrowers get control over their locked assets. For instance, if you see that the crypto market is crashing, you make a repayment using a part of your collateral before it loses its liquidity.
Note: The option is not available for Partial Repayment.
How to repay using loan collateral
⠀⠀1. Go to the Loans tab and start a payoff process for an active loan by clicking the Repay button.
Loans tab — Web platform
⠀⠀2. You can choose between Regular Scheduled Repayment and Full Early Repayment.
Loan Repayment options — Web platform
⠀⠀3. Choose the desired option depending on how much you want to repay and click Loan Collateral.
Loan Collateral option — Web platform
⠀⠀4. Check Repayment Summary and click the Confirm Repayment button.
Confirm Repayment button — Web platform
⠀⠀5. All done! Your repayment is completed.
⠀⠀1. Go to the Loans module.
⠀⠀2. Choose the desired loan.
⠀⠀3. Scroll down the module and hit the Repay the Loan button.
Repay the Loan button — Web platform
⠀⠀4. Pick Regular Scheduled Repayment or Full Early Repayment, depending on how much you want to repay.
Loan repayment options — Mobile app
⠀⠀5. Choose Repay with Collateral.
Regular repayment options — Mobile app
⠀⠀6. Check the Repayment Summary and click the Pay button.
Repayment Confirmation screen — Mobile app
⠀⠀7. All done! Your repayment is completed.
Repayment Completed — Mobile app
Key things to know
If you make Full Early Repayment with collateral, the rest of the collateral remaining after repayment will be credited to your account.
If you make Regular Scheduled Repayment with collateral, please be careful, as it will increase the LTV of your loan and the risk of collateral liquidation in case of market fluctuations. Please refer to our article about collateral management to get more info.
Please check if all payment details are correct before confirmation, as you can’t cancel the full or partial sale of your collateral.