Late Fee Updated

For a long time, our fee for late payments was the higher of 0.15 BTC or 5% of the missed payment for borrowers. This was set when the bitcoin price was much lower and this started to be a high fee, especially for small loans. In order to make life easier for borrowers (and encourage even more borrowers to join the around 90% of borrowers who repay on time) we have changed the late fee to be as follows:

The maximum of 5% of the missed payment and the $15.00 equivalent in Bitcoin.