If you can't repay
This page covers loans from the MLKY Pool. For a private request, see Asking lenders directly.
Before the grace period ends
You still have all your options at this point. You can repay the full amount and keep the card, or you can extend by paying the interest owed and part of what you borrowed to start a new term.
The app shows when your grace period ends, and any notices about a late loan show up on your portfolio.
After the grace period ends
From this point the card can go to auction at any moment. Even once it's on auction, you can still keep it by repaying the full amount owed at any point until someone buys it, and there's no extra charge for doing that.
It does have to be the full amount, because a partial payment can't stop the sale. And move quickly: a buyer can take the card at any time during the auction.
How the auction works
The price starts at your card's value and falls steadily, usually over 24 hours. It never falls below the price that repays your loan in full, interest included. Whoever accepts the current price first gets the card.
Where the money goes
When the card sells, the price is split in this order:
The buyer's premium
Today this is 5% of the price. It's the buyer's fee to MLKY, and it comes out of the price they pay.
The MLKY sale commission
5% of what's left.
Your lender
They're repaid what you owed, interest included.
You
Everything that's left is yours.
An example
These numbers are made up, just to show how it works.
You owe $1,030 and the card sells for $1,600.
| Sale price | $1,600.00 |
| Buyer's premium (5%) | −$80.00 |
| Sale commission (5% of $1,520) | −$76.00 |
| Your lender is repaid | −$1,030.00 |
| Yours | $414.00 |
Your share shows up on your portfolio in the app, where you collect it. You have 12 months to collect it. After that, MLKY may collect it instead.
If nobody buys
If the auction ends without a buyer, we take the card into our care and your loan is closed. At that point you can't repay to get the card back.
We may sell the card later. If we do, your lender is repaid first, and anything above what you owed is credited to you, the same way as after an auction. There's no set date for that sale.
What MLKY never does
We never sell your card because its price fell, since only a missed deadline leads to a sale. We never give your card to your lender either, because they're repaid in cash from the sale. And we don't charge you anything for the sale beyond the buyer's premium and the sale commission.