No minimum loan repayments are required. You are free to choose when and how you repay your loan - in crypto, in fiat or, a combination of both.
When repaying in crypto, you can use BTC, ETH, XRP, LTC, Stablecoins, XLM (Stellar) and NEXO (currently only the interest can be repaid with Nexo), or a combination of any of them, including the ones you deposited as collateral. The crypto options are instant. Staked NEXO Tokens receive dividends!
When repaying in fiat, you can use EUR, USD and GBP. Please note that the transfer should always come from a bank account in your name. We do not accept bank transfers from third parties and making such can result in delays. Processing time is up to 24 hours after receipt of funds. Depending on your bank and payment method, transfers may take between one and three business days. Nexo has no control over the duration here.
You get a 50% discount on the interest when repaying with NEXO or when using NEXO Tokens as collateral.
At Nexo, we believe in giving you the flexibility to structure your finances according to your own needs. That is why we have not installed a minimum repayment requirement. Interest is debited automatically from your available Credit Line balance.
The standard maturity of the loan is one year (may be renewed on request without repayment required). The period starts once you make your first loan withdrawal.
There are no penalty fees for early repayments. Please note, that loans repaid within 30 days of withdrawal, will be charged interest for the full 30 days. This is in order to prevent improper use of the Nexo Platform and to safeguard Nexo as a company, but more importantly, our clients and investors.
If you consider that your crypto asset has met its price target, you can repay a part or the outstanding balance by placing an order with the Nexo Oracle to sell a fraction of the assets stored in your account. Sell market orders are made at market price on leading cryptocurrency exchanges. The funds received back from the exchange will be instantly applied towards your outstanding loan balancе.
You will receive automated reminders asking you to deposit more collateral or to repay part of your loan prior to any partial automatic loan repayments, giving you plenty of time to react.
Bear in mind that you only pay interest on the funds that you withdraw.