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Ify Egede
May 20, 2022
by Ify Egede

Binance Loans Adds New Collaterals

Binance loans
Earlier today, Binance made a tweet informing users of a new addition to Binance Loans. They will be adding BAL and BAND as one collateral asset.

New Collateral Assets on Binance Loans

Binance Loans has continued to add more tokens as collateral for the past few months. They recently announced their plans to BAL and BAND. So, users can borrow from Binance Loans and use BAL and BAND as collateral.

Binance Loans offers a variety of accepted digital currencies and collateral assets. There are also several plans for calculating interest rates. Your loan limitations are dependent on market dynamics and internal risk mitigation.

Binance Loans let consumers borrow up to 65% of their collateral's worth for 180 days. Furthermore, Binance Loans now allows you to deduct a part of your interest by staking. You can carry out all transactions on the site with the loaned assets, including withdrawals. 

Users who want liquidity but don't plan to sell their cryptos will benefit from Binance Loans. Binance Loans accepts a variety of cryptocurrencies for borrowing. Some of which are USDT, BTC, ETH, and BNB.

Binance Loans has different loan teams like 7, 14, 30, 90, and 180 days. You can pay off your loans early. They will calculate your interest depending on the borrowed hours. The team calculates the interest rate on an hourly basis. They calculate the interest hourly, with less than one hour serving as one hour. The period you take out the loan determines your interest rate.

Borrowing on Binance Loans

Before borrowing any asset on Binance Loans, you need to understand LTV. LTV stands for loan to value ratio. It is an Index Price calculation. Varying collateral assets have varied beginning LTVs. Thus, when using them as collaterals, the loan you create has varying values.

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Binance Loans Adds New Collaterals
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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