How can I borrow with WeFi?What Do I Need To Apply For A Loan?
Being a borrower with WeFi, you need to connect your wallet, choose what asset you want to borrow and deposit collateral.
When do I have to pay back the loan?
The loan amount is perpetual, that means you can have the loan amount as long as you want, subject to the value of the collateral not falling below the margin amount.
How much can I borrow with WeFi?
Our lending protocol provides upto 5X loans for just X amount as collateral. You can put in $100 and get a $500 loan with WeFi.
Will i get liquidated? What happens when I get liquidated?
You will only get liquidated when your borrowed amount goes below margin.
Do I Still Own My Cryptocurrency Asset During My Loan?
Your purchased crypto is stored with us safely as a collateral, and you receive WeFi Tokens against them.
What Interest Rate and fees Do I Need To Pay?
The interest rates are very competitive. The exact amount is shown in the dashboard when you borrow.
Will WeFi Perform A Credit Check On Me If I Apply For A Loan?
We are firm believers of decentralisation, automation, and financial inclusion espoused by DeFi. We stand by these principles. All you need is a crypto asset. No credit checks. No KYC. No social enforcements.
What Are The Advantages Of Using My Cryptocurrency As Security For My Loan?
With a lucrative loan to value ratio, the borrower gains the strength to invest much higher than the equity with WeFi protocol; thereby fueling their efficiency as a crypto trader or investor.
Do I Share In The Upside or downside If The Price Of My Crypto Goes Up or down?
No, we do not share the upside or downside. The gains and losses from market movements are all yours.
What Happens If The Price Of My Crypto Is Down, Or Up, At The End Of My Loan?
If a user’s borrowing value exceeds their total collateral value due to the value of collateral falling; or due to the increase in borrowed assets value; liquidation will be called upon publicly. This will exchange the user’s assets for borrower’s collateral; at a better price than standard market rates.