Costs and deadlines
Everything on this page is shown in the app before you sign, and for your own loan the app always has the final word.
What you pay
You pay interest, which is set when you take the loan for the term you choose. The app shows it both as a yearly rate and in dollars.
There's also the MLKY fee. Today it's 10% of the interest, and it comes off the USDC you receive. So you get a little less than the amount you borrow, and you repay the full amount.
On top of that, Solana charges a small amount of SOL for each transaction. Opening a loan also sets aside a small SOL deposit for its records, and you get that back after the loan closes.
That's it. There's no late fee and no fee for repaying early. Extending charges the same MLKY fee on the new term and nothing else.
Repaying early costs less
You only pay interest for the days you actually borrowed, with a one-day minimum. If you repay on or after the due date, you pay the full term's interest.
The MLKY fee is worked out on the full term's interest when you borrow, so it isn't refunded if you repay early.
An example
These numbers are made up, just to show how it works. The app shows your real ones.
| You borrow | $1,000.00 |
| Interest for the full 7-day term | $30.00 |
| MLKY fee (10% of the interest) | −$3.00 |
| You receive | $997.00 |
| You repay on day 7 | $1,030.00 |
| You repay on day 3 | $1,012.86 |
| You repay six hours in | $1,004.29 (the one-day minimum) |
The dates that matter
The due date
This is the end of the term you picked. The term starts when the USDC arrives in your wallet.
The grace period
A short extra window after the due date. You can still repay or extend as usual, and the app shows exactly when it ends.
After the grace period
From here the card can go to auction at any moment, so don't count on any extra time. See If you can't repay.