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Repaying Loans

How should I return the loan?​

The loan amount and interest (Amount due) should be repaid at the end of the loan period, no later than the maturity date, to the bank account or stablecoin (Ethereum) address of the Investor, or through your Firefish Wallet for loans settled via Wallet.

Loans should be repaid in a single transaction. The loan is considered repaid only once the full amount due has been received.

When should I return the loan?​

Your loan should be repaid to the investor by the maturity date. It's advisable to initiate the transfer a few days before the maturity date to ensure timely repayment.

For your convenience, you can download a calendar event from the 'Loan actions' menu.

You will also receive an automated email notification 14, 7 and 2 days before the maturity, and on the day of the loan maturity.

What is the amount I should return to the Investor?​

You should return the 'Amount due'.

Amount due = Loan amount + Interest for the whole loan period.

What if I don't return the full amount due to the Investor?​

Firefish would start a resolution procedure as defined in the Collateral Escrow Rules. Part of your collateral might get liquidated to cover the full amount.

What if I don't return the loan?​

Firefish would start a resolution procedure as defined in the Collateral Escrow Rules. If the outcome of the procedure is deemed a 'default', your collateral will be liquidated to cover the outstanding amount.

What if I return the loan after the maturity?​

Firefish would start a resolution procedure as defined in the Collateral Escrow Rules. If the outcome of the procedure is deemed a 'default', your collateral will be liquidated to cover the outstanding amount.

Can I repay the loan earlier?​

Yes, you can repay any loan earlier.

To do so, please select the 'Early repayment' option in the 'Loan Actions' menu.

We will then seek confirmation from the investor that they are ready to confirm the repayment of your loan. Once they agree, you will get notified and the platform will guide you through the repayment process. For instant loans, the request is approved automatically.

Please note:

  • Early repayment can only be requested while the loan is active. Once the loan has reached maturity, use the regular repayment flow.
  • For marketplace loans, the investor can accept or reject the request. If the request is rejected, no further early repayment request can be made for that loan.
  • There is no early repayment fee, but the full interest for the whole loan period remains due (see below).

How much should I pay back when I close my loan earlier?​

When repaying your loan earlier, you will need to repay the entire amount due for the entire period of the loan.

What if the Investor never confirms they received funds back?​

Firefish would start a resolution procedure as defined in the Collateral Escrow Rules. If the resolution procedure results in us receiving only the confirmation of repayment from you (the borrower), we would consider the loan closed, and your collateral would be returned.

Can I change the bank account from which I return the funds?​

Please, contact us if you need to change the bank details.