BlockFi offers several options in regards to loans that are approaching maturity. We strongly recommend the use of any of the following options within 15-30 days of your loan's maturity date.
Making a decision prior to the end of your loan term will reduce any friction related to the option that you choose.
Option One: Paying your loan in full 2
BlockFi offers the ability to pay off the remaining balance of your loan on or before the maturity date. We provide several options to pay down the loan including: collateral liquidation, stablecoin payments, wire, or ACH via Scratch.
Domestic client payment options can be found here3.
International client payment options can be found here.
Option Two: Extend/refinance your loan for another year 1,2,3
To provide continued service during times that you may be unable to, or not ready to pay your loan in full by the end of the loan term, BlockFi provides the ability to refinance any existing loans.
The refinance process is fairly simple and does not require much work on the borrower's behalf. During this process, BlockFi will pay off the existing loan(s) and will satisfy the new loan's collateral requirements by applying the same assets that were previously posted as collateral towards the loan(s) being refinanced. Any excess collateral will be returned to your Wallet. Loan refinances and extensions are typically processed within two business days.
To do this, you will be required to submit a new loan application which amounts to the current payoff balance of any loans being refinanced.
If any of your loans are approaching the scheduled end of term, please submit a support ticket HERE to inquire about refinancing your loan(s). Our team of loan servicing analysts are readily available to assist and answer any questions that you may have!
Option Three: Extend/refinance your loan for another year with additional funds (similar to what is known as a “cash-out” refinance) 1,2,3
As per our refinancing policy, clients can refinance loans that draw at least $10,000.00 in new funds. To refinance, we ask clients to submit a new loan application for the exact payoff amount of your loan plus a minimum of $10,000.00 in additional funds. Please ensure there is enough collateral tied to the loan and your BlockFi Wallet before submitting a refinance request.
Please submit a support ticket HERE to inquire about refinancing your loan(s) with additional funds.
1Refinances are subject to a 2% origination fee, if applicable
2 Unpaid interest will be accounted for in the payoff balance provided. Therefore, an additional payment is not necessary if refinancing
3 Scratch serviced loans: Please disable autopay if you plan on refinancing any loan(s) within 7-14 days of its maturity date