Repaying your loan on Silo Finance is essential for maintaining control over your borrowed assets and safeguarding your financial health. This guide walks you through the process of repaying your loan on silo Finance, step-by-step.
What you will find in this article:
What you need:
A connected wallet.
Deposited assets with an active loan on Silo Finance. For more information on depositing or borrowing, check out my previous article.
How to repay:
1)Access the dApp: go to app.silo.finance .
2)Connect your wallet: click on the “Connect Wallet” button in the top-right corner and select your preferred wallet provider. Follow the prompts to connect.
3)Select your Silo deployment: use the drop-down menu in the top-right corner to choose the network or market you want to operate on.
4)Go to your position: navigate to the “Dashboard” section to view your open positions.
5)Click on “Repay”: locate the market where you have an outstanding loan and click the “Repay” button to access repayment options.
6)Enter the amount to repay:
7)Check Health Factor changes: review the repayment simulation to see how your Health Factor will change after the repayment. Ensure your Health Factor stays at a safe level to avoid liquidation risks.
8)Repay and confirm: once satisfied with the repayment amount, click on “Repay” and confirm the transaction in your wallet.
Conclusion:
You have successfully repaid your loan on Silo Finance! Properly managing your borrowings ensures a stable financial position. If you are ready to explore other Silo Finance features, like withdrawing assets or borrowing more, check out the previous articles for more details.
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.