Bitget Premier Loans Introduction
Since its inception in 2009, the cryptocurrency market has experienced dramatic ups and downs, much like a roller coaster. With the approval of the Bitcoin ETF by the SEC, Bitget, a world-leading centralized exchange, recognized the shifting market landscape and introduced Premier Loans —a service designed to help key clients and VIPs consolidate and enhance their portfolios. This new feature aligns with the evolving market conditions, giving users the confidence to navigate market fluctuations and seize future opportunities.
Premier Loans and its advantages
Premier Loans is an enhanced version of Crypto Loans, tailored for institutional users and VIP clients seeking customized collateralized lending services. Compared to Crypto Loans, Premier Loans offers higher loan limits, more favorable interest rates, and flexible terms, catering to the unique borrowing needs of these users. Similar to Crypto Loans, Premier Loans allows users to quickly access additional funds while maintaining control over their crypto assets.
Advantages of Premier Loans
Higher loan limits and no early repayment penalty
● Borrow up to $10 million, with no upper limit for those with excellent credit history.
● Flexible terms and no penalty for early repayment.
Customized loans with varied coin and term options
● Supports over 300 coins for borrowing and as collateral.
● Choose from various terms, fully customizable.
Withdrawable funds with secure collateral
● Withdraw borrowed funds and use them for trading, staking, earn products, and more.
● Enjoy personalized service with 24/7 LTV monitoring and alerts.
Competitive rate with no liquidation
● Competitive interest rates.
● No liquidation for late payments.
How to use Premier Loans
1. Submit loan application
Step 1:
Contact your VIP account manager to submit a loan application.
Alternatively, visit the Bitget homepage, select 'Earn' in the navigation bar, and then choose 'Premier Loans '. After entering the Premier Loans page, select 'Quick apply' to access the loan application page.
Step 2:
Select the cryptocurrency you wish to borrow, enter the loan amount, choose the collateral coin and loan term, and provide your contact details along with any additional notes. Use the 'Submit' button to submit the loan application.
Step 3:
After receiving your loan application, a dedicated representative will contact you to confirm the loan details. Once confirmed, we will prepare the loan contract and generate an order ID, which will be sent to you.
Step 4:
After receiving your order ID, return to the Premier Loans page and select 'You have an order ID. Borrow now'. Enter the order ID in the pop-up window and select 'Confirm'.
The loan information associated with the order ID will be automatically populated. After verifying the details, select 'Confirm'. The system will transfer the necessary collateral from your spot account to the collateral account, and the loan will be disbursed.
Important notes during the loan process:
● The order ID is for personal use only and can only be used once. After the loan is initiated, the order ID becomes invalid.
● The loan coin, loan amount, and collateral coin are tied to the order ID and cannot be modified. Ensure all loan details are accurate before initiating the loan.
● Before applying for the loan, make sure your spot account has enough collateral.
● During the loan process, the system will verify your spot account's available balance. If sufficient, the system will transfer the assets to the collateral account and disburse the loan funds to your spot account.
2. View order
Go to the Premier Loans page, use the 'My loans ' button to view your current loan orders, and then use the 'Interest details' button to view the hourly accrued interest.
3. How to repay
Go to the 'Ongoing loans ' page and select the 'Repay' button.
Enter the repayment amount in the menu and use the 'Confirm' button to complete the process. Note that when repaying, interest is paid first, followed by the principal. Any accumulated interest will increase the LTV ratio.
Additionally, Bitget allows users to repay loans partially. After a partial repayment, the LTV ratio and total debt will be recalculated, and the remaining loan will continue to accrue interest.
Supported repayment methods
Normal repayment
1. Repay using the available balance of the borrowed coin in your spot account.
2. Repayment limit: The minimum repayment is 5 USDT, and the maximum is the lesser of your available balance or the total debt.
Repay with collateral
1. Repay the loan by converting the collateral from the order into the borrowed coin.
2. The conversion is performed via the Convert feature by default.
3. Repayment limit: The minimum repayment is 10 USDT, and the maximum is the lesser of the remaining collateral or the total debt.
4. How to adjust the LTV ratio? Go to the 'Ongoing loans ' page and use the 'Adjust LTV Ratio' button. Enter the amount of cryptocurrency you'd like to add under 'Add Collateral', and you will see an estimate of the adjusted LTV. Use the 'Confirm' button to complete the process.
Closing thoughts
Bitget's Premier Loans redefines crypto lending by offering customized support, flexible terms, and competitive rates, helping VIPs and institutional clients seize new opportunities and stay ahead in the ever-evolving digital asset space.
