Fees
Discover how Lender Labs assures it's sustainability and how you can access all aspects of the tool.
Lending fees
In order to have sustainable growth for Lender Labs and it's product(s) we need to collect fees. These fees are used to keep the platform running smoothly as well as paying for the work on new and improved features. To keep this fair to our users we decided to only take fees when the user makes a profit.
Structure
The fee you'll be paying is based on the amount of Lender Labs NFT's you hold in your main wallet. The fee will be based on the interest amount.
| Amount of Lender Labs NFT's held | Fee |
|---|---|
| 0 - 4 turtles | 10% |
| 5 - 10 turtles | 7.5% |
| 11 - 20 turtles | 5% |
| 21 - 35 turtles | 2.5% |
| 36 - 49 turtles | 1% |
| 50+ turtles | No fees |
Detailed rules
- The fee is based on the total interest value.
- When you create an offer we store the fee in an escrow account.
- If you cancel the offer you get the full fee refunded.
- If the offer is taken and the loan defaults, you get the full fee refunded.
- If the loan gets repaid, we keep the fee.
- When we are returning the fee, it will come through in a separate transaction from your cancel offer transaction. Also, you can close the loan from any other platform and we will get it refunded.