Question 1

What is Bitget Crypto Loans?

Accepted Answer

Crypto Loans allow users to pledge their crypto assets as collateral to borrow other cryptocurrencies. In other words, users can use a specific amount of token A as collateral to borrow a corresponding amount of token B, with interest payable to the platform. To mitigate risks, over-collateralization is generally required.

Question 2

What assets can be used as collateral?

Accepted Answer

Bitget supports a variety of tokens as collateral, including Bitcoin (BTC) and Ethereum (ETH). The eligible collateral tokens for flexible and fixed loans may differ. Visit the Crypto Loans page for more details.

Question 3

What is the maximum loan duration?

Accepted Answer

Fixed loans: Available in two terms — 7 days and 30 days.,Flexible loans: There is no maturity date for the loan.

Question 4

What can I do with the borrowed assets?

Accepted Answer

Once you borrow assets from Bitget Crypto Loans, you can use them freely. This includes making trades on the spot market, depositing them into Bitget Earn products, or transferring them out of Bitget. However, your collateral will remain with Bitget Crypto Loans to secure the borrowed assets.

Question 5

How is interest calculated?

Accepted Answer

Interest accrues hourly. Any fraction of an hour is counted as a full hour. Formula: Interest = loan principal × (daily interest rate ÷ 24) × hours in the term.,Fixed loans: The interest rate remains unchanged after the order is placed.,Flexible loans: The interest rate for flexible loans adjusts hourly based on market supply and demand. You can view the historical rates on the Crypto Loan page.

Question 6

Can I repay in advance?

Accepted Answer

Yes, you can repay your loan at any time without incurring a penalty.

Question 7

What happens if I fail to repay on time?

Accepted Answer

Fixed loans: In case of late repayment, the overdue portion will incur 200% of the loan's original interest rate, and the penalty interest will accrue according to the formula.,Flexible loans: There is no maturity date or penalty interest, and you can repay at any time.

Question 8

What happens in the event of liquidation or insufficient collateral?

Accepted Answer

If the loan-to-value (LTV) ratio reaches the liquidation threshold, your order will be liquidated. The collateral will be sold to repay the loan. If there is insufficient collateral (i.e., the value of the collateral is less than the total debt), any shortfall will be covered by the Crypto Loans insurance fund.

Question 9

What loan perks do I get as a Bitget VIP?

Accepted Answer

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Question 10

How are VIP and promotion discounts applied?

Accepted Answer

VIPs enjoy a discount on Crypto Loan interest rates, meaning they pay interest based on the discounted rate.,Interest rate after discount = interest rate before discount × (1 – VIP discount).,For example, if a VIP user receives a 10% discount on a 30% interest rate, the interest rate after discount would be: 30% × (1 – 10%) = 27%.,VIPs can also benefit from any promotional discounts available for the coin during the loan term.,Interest rate after discount with promotion = interest rate before discount × (1 – VIP discount) × (1 – promotion discount).,For example, if a VIP user receives a 10% VIP discount and a 20% promotional discount on a 30% interest rate, the rate after both discounts would be: 30% × (1 – 10%) × (1 – 20%) = 21.60%.,Note: Fixed-term loans have a fixed interest rate throughout the term. Therefore, the discounts applied are based on the VIP and promotional discounts at the time the loan is placed.,Flexible loans, however, have interest rates that update hourly based on market conditions. The discount for flexible loans is also updated hourly according to the latest VIP and promotional discounts.

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