Details of OMG crypto collateralized loan explained
For an amount of 100 USD cryptocurrency collateralized loan from Celsius Network, at a rate of 5.21% annual percentage yield (APY) over 12 months, you will need a down payment of NaN OMG collateral up front and be paying interest in USD. This loan has a loan to value rate of 33% and will default unless repayments are fulfilled or your cryptocurrencies' value cannot cover the loan's USD value (In which case your collateral will need to be topped up according to loss of monetary value).
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What is OMG Network loan calculator?
OMG Network loan calculator is a tool to calculate the attributes of your loan product, such as interest per week, monthly repayments, total interest, provider, APY and these product's USD monetary value.
What is compound interest? How does it apply to OMG Network?
Compound interest is interest that’s based on the initial OMG Network principle, together with the accumulated interest of the previous period (daily, weekly, monthly). It’s essentially interest on the principle and the interest earned to date on your OMG Network. Think of it as interest on interest. The more frequently your OMG Network compounds, the more it accumulates.
What is simple interest?
Simple interest is only based on the principle amount and not the interest owned during the period of the deposit or loan.
Compound vs simple interest
If you’re taking a savings account and want to accrue the maximum amount of interest, always try to take a compound interest rate. Try to get one that compounds as frequently as possible.
OMG Network Crypto interest vs fiat interest?
In principle, they work exactly the same. The difference is that the interest is based on the amount of OMG Network cryptocurrency you have instead of the amount of fiat cash you have.
Do I have to pay tax on my OMG Network interest?
Everybody’s circumstances are different, however, in most cases yes. You should seek advice from a professional tax advisor if you’re concerned about the tax ramifications of earning interest on your OMG Network crypto assets.
Are there fees on the interest I earn on OMG Network?
There can be fees to open, use and withdraw from OMG Network crypto savings interest rates accounts. It’s important to do your research before opening an account to make sure you pay as little fees as possible for your OMG Network.
Is there a minimum deposit?
Depending on the provider, there can be a minimum deposit for your OMG Network lending product.
Is there a maximum deposit?
Depending on the provider, there can be a maximum deposit for your OMG Network lending product.
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