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.
Please note that the period re-starts every time you withdraw funds from your Credit Line.
Bear in mind that you only pay interest on the funds that you withdraw.
If you consider that your crypto asset has met your price target, you can repay by placing an order with the Nexo blockchain oracle to sell a fraction of the crypto assets stored in your account and to repay the outstanding balance in part or completely.
Please note that if you repay a loan within 30 days of the last withdrawal, you will be charged interest at the standard APR of 11.9% 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.