xLend
Repay, grace period and default
Open in
Repay
Under Your loans, press Repay. You pay the loan, the interest and the service fee in the loan token, and the collateral comes back to your wallet in the same transaction. Unless the loan is in WAN, approve the amount first: the button reads Approve USDT (1 of 2) for a USDT loan, then Repay (2 of 2).
You can repay at any time until the grace period ends. The interest is for the whole term, so repaying early costs the same.
Grace period
The term ends on its due date. For 3 days after that, you can still repay, with late interest: one day of interest for each day or part of a day late. One day of interest is the loan × APR / 365.
Default
Once the grace period is over, the loan can no longer be repaid. The lender takes the collateral with Claim collateral. No service fee is charged.
Loan status
Your loans shows each loan’s status.
| Status | Meaning |
|---|---|
| Open | Your offer waits for a borrower |
| Due in | The loan is active; the time left in the term |
| Late | In the grace period; the time left to repay, with late interest |
| Grace over | Shown to the borrower: the loan can no longer be repaid |
| Claimable | Shown to the lender: you can take the collateral |
| Repaid | Repaid in full; the collateral went back to the borrower |
| Claimed | The lender took the collateral |
| Cancelled | The lender cancelled the offer |