Q: I have no money, can I take a loan?
A: No, all loans are over collateralized. Your loan needs to be backed by crypto, gold or silver.
Q: Is the interest rate an annual rate?
A: Yes, all interest rates are an Annual Percentage Rate (APR).
Q: What is the minimum and maximum amount I can borrow?
A: You can borrow a minimum of 1 000 xZAR upto a maximum of 5 000 000 xZAR.
Q: What crypto can I use as collateral?
A: Currently we support Bitcoin, Ethereum, Silver, Gold, Cardano and Matic as options for collateral.
Q: When do I have to repay my loan?
A: There are no scheduled payments or deadlines, you can pay back your loan at any time.
Q: Are there any disadvantages to not paying back my loan?
A: No, there are no repayment terms or penalties. However, you will accrue interest on the outstanding debt and your collateral is not accessible. Under collateralized loans may be liquidated.
Q: What is liquidation?
A: Liquidation happens when your collateral value drops below the liquidation price and we are forced to sell your collateral to repay and close your loan.
Q: What happens when my loan is liquidated?
A: Your collateral will be sold and your loan will be repaid. A penalty of 12% will be levied against your outstanding amount. The remaining collateral will be deposited into your Spot Wallet.
Q: How do I repay and close my loan?
A: Simply repaying the outstanding xZAR owed will allow you to reclaim your collateral and close your loan.