Types of Repayment:
Partial Payment: You can repay a portion of your loan at any time. This will reduce the amount of interest you pay on a monthly basis. After a partial payment has been successfully processed, your LTV will be adjusted accordingly and the monthly payment will update to reflect within the following billing cycle.
Partial payments through the liquidation of collateral assets is possible, however, you will be required to liquidate enough collateral to lower the loans’ LTV by at least 10%. Our team of loan analysts can provide you with the exact figures regarding this request.
Full Payoff: You can repay the entire loan balance at any time, and the accrued interest you will be responsible for will not exceed further than the day you are paying the loan in full.
For all Scratch related inquiries you can reach their phone support at (844) 727-2684. Additional contact information can be found HERE.
Methods of Repayment:
BlockFi offers various repayment options which have different collateral return speeds. The methods of repayment are listed below in order from the fastest processing time to the slowest processing time.
1. Collateral Liquidation: Sell a portion of the loan collateral to pay the loan in full (or partially) at the current market price, including trading fees (typically ~1%).
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- Collateral Return Speed: Within (1) business day
- Process: Submit a support ticket HERE requesting a specific loan within your portfolio to be paid in full using the collateral held against it. Our team of loan analysts will reply confirming the loan’s payoff balance, along with a consent form that must be completed prior to execution.
- Timing: Liquidations are processed on a best-effort basis throughout the day. Sales are typically processed in as little as 10 minutes, but can also take up to a few hours if we are experiencing a high volume of requests. Once the sale has been executed, the excess collateral will be returned immediately.
2. Use of Stablecoins: Transfer the amount needed into your BlockFi Wallet. At this time BlockFi only accepts USDC, GUSD, or PAX as a form of payment.
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- Collateral Return Speed: Within (1) business day
- Process: Submit a support ticket HERE requesting to pay a specific loan from your portfolio in full. Once the payoff balance has been confirmed, if needed please transfer the required amount into your BlockFi Wallet. Once your Wallet reflects the proper payment amount, please respond within the open ticket and we will process your request within the business day.
- Timing: Stablecoin payoffs are processed in three batches each day between 11am and 5pm EST. Your collateral will be returned after the corresponding batch of payments has been processed.
3. Wire: Send a wire transfer to BlockFi to pay your loan partially or in full.
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- Collateral Return Speed: Within (2) business days
- Process: Submit a support ticket HERE and request the current payoff balance of a specific loan within your portfolio. After one of our loan servicing analysts provides any necessary information, access your bank’s wiring portal to initiate the wire transfer to BlockFi using the instructions provided. The sender’s bank may charge a wiring fee which the sender is responsible for.
- Timing: Wires are typically processed within the same business day they are sent and received. Once processed your collateral will be returned by the following business day.