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    How to Get Started with Crypto Loans
    bybit2024-10-16 12:14:09
    On the AppOn the Website

    Crypto Loans fulfill traders’ short-term liquidity needs by letting them use their crypto assets as collateral to borrow desired coins. Here’s a comprehensive guide on navigating the web and App interface to access this feature. 

     

     

     

     

     

    Take out a loan 

    Step 1: On Bybit’s website, click Finance -> Crypto Loans on the navigation bar to head to the Crypto Loans page. 

     

     

    Notes: 

    — For Standard Account users, you will still be using funds in their Spot Account to borrow funds, repay their borrowing, or adjust the collateral amount. 

    — For Unified Trading Account users, you will be using the Funding Account for crypto loans to borrow funds, repay their borrowing, or adjust the collateral amount. 




     

     

    Step 2: Create a Loan order by filling in the following information. 

    1. Select the coin type and enter the amount that you wish to borrow.

    2. Select your collateral and the amount that you wish to use as collateral 

    3. Choose a loan term. 

    4. Review the information on the right side of the Order page, such as Interest Rate, Total Interest Amount, and Repayment Amount
    5. Read and acknowledge the Crypto Loans Service Agreement, and click Borrow Now to confirm your loan order. Interest starts to accrue as soon as your order is confirmed. 

     




     

     

    Step 3: Ensure all the information on the Order Details pop-up is correct, then click Yes

     






     

     

     

    View Your Loan Orders

    Click on My Borrowings to see your current borrowing details, including your Total Repayable Amount, Collateral Amount, Current LTV, interest rate, liquidation price, and more.

     

     

    Alternatively, click on All Loans in the top right corner or OrdersLoan Order in the upper right corner of the page, then select Borrowing Account Borrowings & RepaymentsOutstanding

     

     

    On the Loan Order page, you can find more information on your past orders under the Borrowing and Repayment, Collateral Amount Adjustment History, and Liquidation History panels. 






     

     

     

    Repay a loan and interest

    Step 1: Click My Borrowings to enter the Order page, and click Repay

     

     

    Alternatively, click on All Loans in the top right corner or OrdersLoan Order in the upper right corner of the page, then select Borrowing Account Borrowings & RepaymentsOutstanding and click on Repay. 

     




     

     

    Step 2: Enter the repayment amount, or click Maximum to enter the maximum repayment amount. Please ensure all the information is correct, then click Yes.

     

     

    You have successfully repaid your loan and interest!






     

     

     

    Adjust Collateral Amount

    Step 1: Click My Borrowings to enter the Order page, and tap on Adjust Collateral Amount.

     

     

    Alternatively, click OrdersLoan Order in the upper right corner of the page, then select Borrowing Account Borrowings & Repayments Outstanding. Click the Adjust Collateral Amount column to increase or decrease your collateral amount.

     




     

     

    Step 2: Under the Increase tab, enter the amount of collateral you wish to add, or click Maximum. By increasing your collateral amount, your LTV and liquidation risk can be reduced. 

     

     

    Under the Decrease tab, enter the amount to decrease or click Maximum. Verify the order details and click Yes.

     

     

    Notes: 

    — You can only reduce your collateral amount when the current LTV ratio is lower than the Initial LTV.

    — The maximum reduction in collateral is the amount needed to bring the LTV ratio back to its initial level. Hence, you can refer to the maximum reducible collateral amount stated on the window. 

     

    You have successfully adjusted the collateral amount!

     

    You can view your change in collateral amount from the Borrowing and Repayment Collateral Amount Adjustment History.

     

     

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