What is the difference between terminal auction and fast auction?
Created by: Oleg Kiviljov
Modified on: Sun, 16 Feb, 2020 at 6:53 PM
An action held under simplified rules set out in general terms and conditions.
On a terminal auction investors can make bids also at a lower interest rate and the final interest rate on loan may be lower then the maximum interest rate. The terminal auction lasts until the end date set out in the loan application.
Fast auction ends before the end date of the auction at the moment when the last necessary loan bid is submitted to the action for fulfilling the maximum loan amount set out in the loan application. If minimum amount is specified auction ends after the number of days user had configured. If minimum amount is reached, loan is paid out. If minimum amount is not achieved, the application is unsuccessful and reservations will be released to investors, who have made bids. On fast auction interest rate is not coming down and all bids are made at the maximum interest rate the borrower has specified. Fast auction is good when you want financing faster.
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