Repaying loans on Moonwell is essential for maintaining a healthy financial position and avoiding liquidation. As long as your borrow’s Credit Remaining stays above $0, your loan is safe. If it drop down below this threshold, your collateral may be liquidated to cover the loan. To help you stay in control, here’s a step-by-step guide on how to repay your loan on Moonwell.
What you will find in this article:
What you need:
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Wallet: ensure your wallet is connected.
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Supplied assets: you must have assets supplied and enabled as collateral. If you don’t have done this yet, see my guide on how to supply (lend) assets on Moonwell.
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Borrowed assets: you should have an active loan. Check out on how to borrow assets on Moonwell here.
STEP-BY-STEP: REPAYING YOUR LOAN ON MOONWELL
1)Access the Repayment menu:
- Go to the “Borrow” section from the top menu of the Moonwell interface.
- In the borrow modal, switch to the “Repay” tab using the tabs at the top.
2)Select the asset to repay: use the asset dropdown menu to choose the borrowed asset you want to repay.
3)Enter the repayment amount:
- Input the amount you wish to repay. If you want to fully repay the loan, click the “MAX” button.
- Check how your credit limit will adjust after the repayment in the provided details.
4)Complete the repayment:
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Click “Repay” and then “Confirm Repay”.
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Confirm the transaction in your wallet and wait for the process to complete. Once successful, your desired repayment amount will be deducted from your loan balance.
By following these steps, you can manage your loans effectively on Moonwell, ensuring you avoid unnecessary risks and maintain a healthy borrowing position.
Lynn Brooke
This article serves educational purposes and is not financial advice. We encourage you to do your own research and be responsible for your actions in the financial space.