You can choose between doing manual interest payments and setting up automatic interest payments. When choosing to set up automatic interest payments, you must 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.
Interest can be paid in CEL, BTC, ETH, USDC, GUSD, TUSD, USDT and MCDAI. If you choose to pay off your loan interest using CEL, you'll receive a discount of up to 30%!
But in whichever way you choose to do it, you just have to remember that our loans work under a balloon structure on principal payments. That means that you pay the loan back as a lump sum in one go at the end of a loan's term, not in monthly payments. What you do pay on a monthly basis is the interest on your loan.
Here are the step by step instructions on how to manually pay the interest or how to set it up automatically.
For a manual interest payment please follow these steps.
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 different options:
- Pay with CEL
- Pay with crypto
- Pay with dollars
6. Choose the option that suits you the most.
And that's it! All done!
To set up automatic interest payments, please 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 turn 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 it.
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.
That's it! You've successfully set your automatic interest payment.
For more information on how to apply for a loan, please check out our guide here or watch the video below.
If you have any further questions, feel free to contact us at loans@celsius.network for any additional information.