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.
Note that the payoff process for international loans will vary based on international banking considerations. Payoffs can only be processed on weekdays during business hours (Monday - Friday).
We offer various repayment methods will have different collateral return speeds. Our payback methods are listed below in order from fastest processing time to slowest processing time:
- Pay back with crypto:
- Collateral Return Speed: Same Business Day
- 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:
- 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.
- Collateral liquidation: Pay off your loan balance by liquidating the crypto quantity needed to pay off your loan at the current market price plus trading fees (typically ~1%). BlockFi will then return the remaining collateral to a wallet address of your choice.
- Collateral Return Speed: 1-2 Business Days
- Process: Reach out to firstname.lastname@example.org. We will confirm your full payoff amount and send you wire instructions. You will then send a wire to BlockFi for the full payoff amount
- Timeline: Once your wire is processed, typically on the next business day it is sent, we will return your crypto back to the wallet address of your choice
- Note: Your bank may charge you wire fees