Loan Defaults
Users who default on loans will incur a blackout period. For higher amount of missed payments, the time for ban is increased.
A loan is considered defaulted when a repayment is missed. If you notice a default but want to repay it, please click on the "Revive" button as soon as possible, or contact our team on Discord to recover the asset if the revival option is not possible.
The logic for temporary bans on defaults is determined by the total amount of unpaid amounts on loans. With each default, the total unpaid amount is increased, and the time for the ban is increased. Observation for previously defaulted loans is taken into account, so only new amounts of defaults count towards the ban period.
Here is a table for the default amounts and the period of ban:
| Amount of Default | Ban Weeks |
|---|---|
| '< 0.25 ETH | 1 week |
| 0.25 - 0.50 ETH | 2 weeks |
| 0.50 ~ 1.00 ETH | 3 weeks |
| 1.00 ~ 1.50 ETH | 4 weeks |
| 1.50 ~ 2.00 ETH | 5 weeks |
| 2.00 ~ 3.00 ETH | 6 weeks |
| 3.00 ~ 4.00 ETH | 7 weeks |
| 4.00 ~ 5.00 ETH | 8 weeks |
| 5.00 ~ 6.00 ETH | 9 weeks |
| 6.00 ~ 7.00 ETH | 10 weeks |
| 7.00 ~ 8.00 ETH | 11 weeks |
| > 8.00 ETH | 12 weeks |
When you have a temporary ban, it will show in your Account Page as follows:
Updated 7 months ago