How do I payoff my loan? (Domestic/US Loans)

Types of Paybacks: 

Partial Payback: You can pay back a portion of your loan at any time. This will reduce the amount of interest you pay on a monthly basis. 

Full Payoff: You can pay off your entire loan balance at any time. For loans with monthly payments, you will only pay the interest accrued through the date you pay off.

For all Scratch related inquiries, you can reach their phone support at (844)727-2684. Additional Scratch contact information can be found here.

How to Payback Your Loan:

We offer various repayment options which have different collateral return speeds. Our payback methods are listed below in order from fastest processing time to slowest processing time:

1. Pay back with crypto: 
   1. Collateral Return Speed: Same Business Day
   2. Process: Reach out to a team member about paying off your loan using crypto prior to your maturity date. BlockFi will confirm your loan balance. You will then have 2 options:
      1. Pay off your loan balance in stablecoin (PAX, USDC or GUSD). We receive these funds within 10 minutes and are able to release your crypto within an hour, during business hours.
      2. Collateral liquidation: Pay off your loan balance by liquidating the crypto quantity needed to pay off your loan at the current market price less trading fees (typically ~1%). BlockFi will then return the remaining collateral.
2. Wire: 
   1. Collateral Return Speed: 1-2 Business Days
   2. Process: Send a wire to your loan processor, Scratch
   3. Timeline: Once your wire is processed, typically on the same business day it is sent, we will return your crypto back the next business day.
   4. Note: Your bank may charge you wire fees

1. ACH: 
   1. Collateral Return Speed: 5-10 Business Days
   2. Process: Make your full payment through your Scratch portal. This will initiate an ACH to the bank account you have connected to Scratch. ACHs take at least 5 business days to clear between banks.
   3. Note: For compliance purposes, BlockFi must wait at least 72 hours after the funds are marked as “processed” on Scratch before returning your crypto. This wait time is in place to account for ACH failure and bouncebacks.