Introducing Single-Transaction for Multi-Installment Payments
At Exactly Protocol, our commitment to enhancing user experience drives us to innovate and deliver solutions that constantly address real-world financial needs.
In November, the Debit-to-Credit functionality was launched, which allows users to transform their standard debit cards into credit cards through simple steps within the web app. This option enables users to borrow assets, such as USDC, and select their repayment schedule — up to six months with fixed interest rates.
To bring Exactly Protocol’s users an even more flexible way to manage their borrows, we are introducing the new single-transaction for multi-installments feature, which enables borrowing an asset and repaying it in up to six fixed installments, each with a predetermined interest rate. This approach offers a stark and favorable contrast to the often unpredictable fluctuations of variable yields in DeFi, giving users the predictability they need for better budgeting and financial planning.
The Installments feature is not only a milestone in our web app for DeFi users but also sets the stage for our next big venture — the launch of the Exa App for the end-consumer.
Exactly what you need, now with installments.
The Installments Router is a new contract that allows users to pay a loan in multiple installments with one transaction using the new Interest Rate Model. This new feature is designed as an automated solution that offers flexibility in managing borrows. Users can now tailor their payment plan to align with their financial situation, splitting the total borrowed money into several monthly payments.
Navigating the process is seamless:
- Go to the borrow section and select the asset for borrowing.
- You will have two options: a one-time payment or an installment plan.
- Choose to repay it in a one-time payment or split it into manageable up to six installments, plus a fixed interest rate.
- The protocol will automatically set the payment date, scheduling each installment every 28 days. This means that each installment falls 28 days after the first payment.
- Our intuitive interface offers transparent insights into your payment commitments and is easily compatible with your calendar for added convenience.
Audits
The Installments Router contract underwent audits by ABDK Consulting and Sherlock.
Take a look at this video and explore all the details:
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