Nexo Help Center

Can’t find the answer to your question?

Nexo Customer Support is online 24/7 to help with your needs.

How to secure Your Credit Line with the Unlock Fixed Terms Opt-in?

 

auto_term_unlock.png

 

With the Unlock Fixed Terms Opt-in Nexo gives you another option to secure your open credit line. Should your Loan-to-Value (LTV) reach 83.3% and the assets in your Flex terms have already been transferred out of the Savings wallet, the system will go on to unlock the Fixed-term with the least interest earned and transfer the original amount of locked assets to the Credit Line wallet thus preventing automatic repayments.

 

Please follow the steps below to activate the option:

 

Web platform:

1. Log on to your Nexo account and click on ‘My Profile’ > ‘Settings’

1.png

2. Click ‘Enable’ under ‘Unlock Fixed Terms’ 

2.png

 

Mobile application:

1. Open the app and tap on ‘More’ > ‘Settings

2. Tap on the toggle button next to ‘Unlock Fixed terms’

3.png

 

Key points:

  • All the assets in each Fixed Term deposit will be unlocked at once should the system need to collateralize part or all of the funds locked in this account.
  • Fixed terms will be unlocked only if ‘Unlock Fixed Terms’ is opted in and all Flex terms have already been transferred.
  • If you have two or more Fixed terms of various sizes, the one with the least earned interest will be unlocked first and the interest will be lost. This prioritisation is aimed at reducing the loss in your savings account. 
  • If the assets in a Fixed-term are not enough to stabilize your Loan-to-Value (LTV), the system will go on to unlock more assets if available. 
  • Fixed terms in fiat currencies are not affected by this option since fiat assets do not serve as collateral.
Was this article helpful?
2 out of 3 found this helpful