No minimum loan repayments in FiatX are required. You are free to choose when and how you repay your loan - in FiatX, in crypto, or by combining both. For minimum crypto repayments, please click here.
Repaying in crypto:
When repaying in crypto, you can use BTC, ETH, LTC, stablecoins, XLM (Stellar), BNB, BCH, EOS, LINK, TRX, DOT, ADA, DOGE, SOL, MATIC, AVAX, MATIC, LUNA, UNI, XRP (Advanced Verification required; not available for US residents and citizens), and NEXO (currently only the interest can be repaid with NEXO tokens), or a combination of any of them, including the ones you deposited as collateral. The crypto options are instant. Please note that repayments in crypto assets, excluding stablecoins, are associated with additional costs due to the exchanges' fees.
Repaying in FiatX:
When repaying in FiatX, you can use EURx, USDx and GBPx. 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.
About loan and repayment:
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 FiatX currency repayment requirement. Interest is added to your outstanding balance daily at 00:00 CET. Bear in mind that you only pay interest on the funds that you withdrew as a loan.
The standard maturity of the loan is one year. If not repaid, the loan is automatically extended for another 12-month term. The number of extensions under the preceding sentence shall be unlimited. The period re-starts every time you withdraw funds from your Credit Line.
There are no penalty fees for early repayments. However, please note that for loans repaid within 30 days of the last withdrawal, you will be charged interest at the standard APR of 13.9% for the full 30 days, regardless of your current loyalty level. 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 your outstanding balance partially or in full by placing an order with the Nexo blockchain 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.
Benefits of owning NEXO Tokens:
You get various benefits, including a 50% discount on the interest, by owning enough NEXO Tokens in your Nexo account to cover the interest for the entire period.
You will receive automated reminders asking you to deposit more collateral or to repay part of your loan before any partial automatic loan repayments, giving you plenty of time to react.
Please keep in mind that the interest applied to your loans is compound interest i.e. it is calculated based on both the initial principal and the accumulated interest.