Let's take Binance's current loan as an example. The process for other products is similar.
1. Go to Binance's pledge loan
2. Select an asset
Use the search bar on the right side of the screen to find the asset you want to borrow.
3. Select the loan type
Select the loan type and enter the amount. If you agree to the terms, please check the box and click [Start Loan] to confirm the operation.
Please note that the amount you can borrow depends on the value of the collateral you provide. Usually, Binance requires the collateral value to exceed the loan amount to ensure that there is still enough security when the collateral market value drops.
4. Receive funds
Binance will automatically transfer the borrowed funds to your account. Assets borrowed through current loans can be used to trade on Binance, purchase wealth management products, and invest in more assets.
5. Track loan orders
You can view the details of ongoing loan orders under the [Ongoing Orders] tab.
You can also adjust LTV by increasing or decreasing collateral.
6. Repayment
The repayment process for Binance Pledge is simple and straightforward. Click the [Repay] button to start repayment.
You can repay at any time before the due date. For current borrowing, you can even adjust the repayment amount or repay early without incurring any penalties.
After the loan amount is fully repaid, the collateral will be returned to your account.
Please note that if you fail to meet the collateral (LTV) requirements or fail to repay by the due date (if applicable), your collateral will be forcibly liquidated to repay the outstanding liabilities.
