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.
Important: Please note that loans repaid in less than 30 days are charged interest for the remainder of the 30-day period at the standard APR of 13.9% regardless of your loyalty tier. 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.
This information is also available on the Credit Line Repayment screen as seen in the sample screenshot below: