Extend your loan

Borrowers have the option to Extend current active loans into new ones without the need of repaying the full principal loan amount, they only need to pay the interest on the current loan and rollover into a new one. New loan terms may differ based on existing terms and collateral price.

Cases for extensions:

• Extend when the LP offer on the collateral is the same, borrowers pay interest on the existing loan & get a new loan

• Extend when the LP offer on the collateral is higher than the existing loan, borrowers will receive extra funds in their wallet after paying the interest on the initial loan

• Extend when the LP offer on the collateral is lower than the existing loan, borrowers will need to pay the interest and the difference between the old principal loan and the new principal offer

The fees for extensions are the same as opening a new loan: loan interest + protocol fee

To Extend a loan borrowers can go to their loan page from the Teller Dashboard.

Teller dashboard

Clicking on Borrowed will open the active loans page - My loans

My loans page

From here borrowers can access their individual loans

Loan summary and Extend option

When using the Extend option a new window opens and borrowers could have multiple options based on the LP offers like:

• extend into a higher or smaller time frame loan (example from 1 day to 30 days loan or from 60 days to a 3 days loan)

• extend into a higher loan amount or into a smaller one (new loan collateral amount can be modified)

Extend window

After contract approvals click on Rollover loan and the new loan with a new ID will be shown in My loans page!