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Can I use the BNK token at SpectroCoin Loans?

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Quick Answer

Yes, BNK holders can utilize the token in a number of ways, including making interest payments at a lower rate, as well as withdrawing and repaying the loan.

The ultimate advantage of holding Banker (BNK) tokens in your SpectroCoin Loans wallet is the possibility to pay interest at a lower rate. For example, if you take a loan with a 9.95% default interest rate, you would only have to pay 6.95% if the interest is paid in BNK.

As the interest is debited automatically every month, you have to make sure that there is a sufficient amount of BNK in your SpectroCoin Loans wallet. To get a discount, you must have the full monthly interest amount (EUR equivalent) in the BNK wallet. Otherwise, the interest might be debited from a different wallet or added to your loan.

Additionally, BNK tokens can be used to withdraw the loan or to repay the loan principal. However, it is not possible to use BNK as the collateral currency. The only accepted collateral currencies at the moment are BTC, ETH, XEM, and DASH.

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