How to repay the SpectroCoin loan?
To repay the loan principal, use the ‘Repay the loan’ section of your account. You can repay the SpectroCoin loan with any cryptocurrency supported on the platform, while verified users can also use Euro (EUR). Interest payments are debited from your account automatically every month, so we advise you to make sure that there is a sufficient amount of assets in your account to cover the interest.
There are two types of payments that have to be made to service the loan – repayment of principal and interest payments. All loans are issued with a standard 1-year maturity. You are free to choose when and by how much to repay the loan – there are no early repayment penalties associated with it. However, if the loan is not repaid by the end of the chosen term, it is extended for another year at a higher interest rate.
Loan principal repayments
You can repay the credit by logging in to your account, going to your loan page and clicking the ‘Repay the loan’ section. You can repay the credit in EUR (verified users only), BNK, USDT, BTC, ETH, XEM, and DASH. There is no minimum repayment amount or schedule.
The interest payments are debited automatically every month from your
SpectroCoin Loans wallet and start a month after you take the loan. The payment
is deducted on the same day when the credit was issued at 00:00 UTC or on the
last day of the month if the month does not have enough days. Interest payments
are debited from the assets you keep in your wallet on SpectroCoin Loans.
If you have enough assets in your BNK wallet, the interest payment will be charged from there, and a lower interest rate will be applied. If you do not have enough assets in your BNK wallet, the interest payment will be charged from your other wallets, granted you have enough assets there. If there are not enough funds in the mentioned wallets, the interest amount will be added to your loan.
Our system checks your wallets for interest payments in the following order:
- EUR (verified users only)
What happens if I am not able to repay the loan?
If you are not able to repay the loan, please contact our support at [email protected]. Our team will try to find a solution for you.