Loan Description
● Loan Source and Guarantee:
The loan is jointly provided by the exchange, users, and third-party credit institutions, with the exchange acting as the guarantor for the loan. During the loan application process, users must provide real-name identity information and undergo a rigorous credit review. The loan amount will be determined based on the recharge amount, credit score, user’s transaction history, and the platform’s credit status.
● Audit and Evaluation:
The exchange conducts real-name recharges for all users and strictly reviews their identity and credit information.
Based on the recharge amount, credit score, and platform trustworthiness, the exchange will evaluate the user’s loan limit.
The loan review time is 1-3 business days, and the approved loan amount and conditions will be communicated to users via email.
The loan period ranges from 7 to 60 business days, and the specific duration will depend on the user’s application.
● Usage and Operation:
The minimum loan period is 7 business days, and the maximum is 60 business days. Users can choose the appropriate loan term according to their situation.
The daily interest rate during the loan period is 0.08% of the loan amount.
Users can engage in investment and trading operations during the loan period. However, any fund transfers, withdrawals, or fund extraction will result in the account entering a protective freeze state until the full loan amount is repaid.
Loan funds may only be used for trading purposes. Any use unrelated to trading may lead to account freezing and a decline in credit score.
● Late Fees and Penalties:
If the loan is not repaid on time, users will incur late fees and penalties as follows:
Late fee is 0.4% of the loan amount per day, calculated daily based on the overdue days and loan amount.
If the loan is overdue for more than 15 business days, the daily late fee will be calculated at twice the loan amount, and the user’s credit score will be affected, which may influence their future borrowing eligibility.
If the loan is overdue for more than 30 business days, the account will enter a severe overdue state, and the user’s account will be frozen, preventing any fund operations.
If the user repeatedly defaults or seriously violates the loan agreement, the exchange has the right to take legal action to recover the debt and may publicly disclose the breach on the platform.
● Loan Repayment Extension:
If a user is unable to repay the loan on time due to special circumstances, they may apply for a loan repayment extension. The process is as follows:
Users must submit a repayment extension request at least 5 business days before the loan due date, providing a reasonable explanation for the delay.
An additional extension fee of 3% per day of the original loan amount will be charged during the extension period.
After the extension, the user’s account will remain in a protective freeze state until the loan principal and extension fees are fully repaid.
The extension period can be a maximum of 15 business days. If the repayment is still not made during the extension period, the user will enter a severe overdue state and may face further fines or account freezing risks.
During the account freeze period, all funds will be frozen.
● Loan Repayment and Settlement:
Users must ensure the full repayment of the loan principal and interest on time. The loan can be repaid via bank transfer, digital currency, or other methods supported by the platform.
After the loan is fully repaid, the user’s account will be unblocked, and normal fund transfer and withdrawal operations can resume.
Any overdue amounts and fees will be automatically deducted from the user’s account until the entire loan is settled.
● Collection Fees:
If the loan is overdue for more than 30 days or 50 days, the loan institution may transfer the debt to a collection agency. The collection agency may charge an additional collection fee, which is usually a certain percentage of the total loan amount, typically ranging from 25% to 40%.
Once the loan enters the collection stage, the borrower will face more legal consequences, including possible lawsuits and court rulings.
● Legal Litigation Statement:
If the loan remains unpaid for an extended period, the loan institution may file a lawsuit against the borrower. This will incur legal costs, including attorney fees, court fees, etc. Court judgments typically require the borrower to pay these additional costs.
● Legal Notice:
Users are responsible for ensuring the authenticity of their information and the legal use of the loan funds.
Any violation of the loan agreement will result in a reduced credit score and may affect the user's future activities on the platform.
To protect personal credit, users should borrow responsibly and avoid unnecessary financial loss and legal consequences due to failure to repay on time.
If users have any questions or require assistance during the loan process, they should contact the exchange’s customer service in a timely manner, and the exchange will provide help and support.