👋 Greetings to the Cephei community!
We are just a couple days away from the Closed Beta Test release, as promised we are sharing informative posts with you. Understanding Interest-rate and One-time fee will give you the opportunity to get the most out of using our protocol!
🟡 Interest-rate — This is the annual rate of interest on your loan. Interest-Rate is favorable for short-term loans. Let's look at an illustrative example. You took out a $100 loan at 6% interest rate and you plan to close it in a week. In this case, you will only incur 0.1$ in fees for the entire loan period!
🟡 One-time fee — This is a one-time loan fee. You only pay the One-time fee when you open the loan. Let's look at an example. You want to take out a loan for 2 years, in which case it is more beneficial for you to pay 4% OTF rather than paying 6% Interest-Rate for the same two years.
✨ Cephei — Be flexible in lending
Cephei aims to provide convenient terms for absolutely everyone, as well as flexibility in customizing your loan.
In the next post we will explain how to choose between these 2 options in Cephei Lending Protocol, stay tuned!
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