Based on how your payment method was initiated, you will receive your collateral in the following timeframes:
Paid by crypto (PAX, USDC, GUSD or with your existing collateral)
- Your collateral will be returned on the same business day.
Paid by Wire Transfer
- Your collateral will be returned in 1-2 business days.
Paid by ACH transfer
- Your collateral will be returned in 7-14 business days from the date you initiate the payment. ACH payments typically take 5-10 business days to clear between banks. Please note that even though ACH payoff on Scratch may be marked as "processed", BlockFi holds crypto for an additional 4 business days to account for ACH failure and bounce-backs.
Once the loan is fully paid off, the collateral will be transferred to your Interest Account (as long as it is eligible in your jurisdiction). From there, you can leave it in your account and earn monthly interest payments, or submit a withdrawal request to transfer the funds to an external wallet. If the Interest Account is not eligible in your jurisdiction, we will confirm an external wallet address with you.