Binance has introduced a new crypto lending product called Lite Loan, enabling eligible users to pledge BTC as collateral and borrow up to 1,000 USDT without selling their Bitcoin. The product targets users with small, short-term funding needs. Unlike existing Binance loan products, Lite Loan carries no liquidation risk during the initial 30-day loan term. Users can extend repayment for up to another 30 days, with an annualized rate of 36% during the overdue period, and liquidation is triggered when the loan-to-value ratio reaches 91%.
Binance has launched a new crypto lending product, Lite Loan, which lets eligible users borrow up to 1,000 USDT by pledging BTC as collateral, without needing to sell their Bitcoin holdings. According to Binance, the product is designed for users with small, short-term capital needs.
Unlike Binance's existing loan offerings, Lite Loan will not trigger liquidation due to BTC price fluctuations during the initial 30-day loan period. If users fail to repay after 30 days, they can extend the term for up to an additional 30 days. During the overdue period, the annualized interest rate is 36%, and liquidation risk is triggered when the loan-to-value ratio reaches 91%. (The Block)
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