You can choose between doing manual interest payments and setting up automatic interest payments.
In case you want to do a manual interest payment follow these instructions.
1. Open the app.
2. Tap on the Celsius logo in the bottom right corner of the screen.
3. Tap on the "Borrow" option.
4. Tap on the "Pay Monthly Interest" button.
5. Here you will be able to choose from a few options:
- Pay with CEL
- Pay with crypto
- Pay with Dollars
6. Choose the option that suits you the most.
That's it! If you want to set up automatic interest payments, follow the instructions below.
1. Open the app.
2. Tap on the Celsius logo in the bottom right corner of the screen.
3. Tap on the "Borrow" option.
4. Tap on "Loan Settings"
5. Once you enter the required verification (2FA or PIN) you will be able to access the settings of your loan.
Now tap on "Interest Payment".
6. Here you can toggle the "Automatic Interest Payment" on.
7. Once the "Automatic Interest Payment" option is turned on you will see the "Change Interest Payment Type" option. Tap on this option.
8. On this page, you can choose to pay interest in CEL, with crypto, or with Dollars.
9. Choose the option that suits you the most.
Please note that if you set up the automatic payments to be in USD you will have to notify our team about this on loans@celsius.network.
10. That's it! You've successfully set your automatic interest payment.
Make sure that you have enough CEL, crypto, or dollars for your monthly interest payments as they will be automatically paid from your wallet's balance.
If you want to apply for a loan but aren't sure how please check out our guide on how to apply for a loan here.
If you have any questions, feel free to contact us at app@celsius.network for any additional information.