Bitcoin Forum

Nexo.io has advertised 8% APR when repaying the loan with NEXO Token.

One month ago the deactivated the option to repay with NEXO. Few days later they raised the APR for repaying in other currencies to 24,9% APR

They told in the Telegram Group for weeks now it will be solved the issue. They gave a specific date 2 times which were missed.
Now they don't give any specific date anymore.

Instead they are deleting messages which are pointing out that the issue is not fixed. Calling this behaviour fishy or anything like that leads to a restriction in the chat from the admins.

They still advertise 8% APR but apparently scamming people the difference from 8% to 24,9%

Do not use NEXO.IO

Point 10 in Terms and Conditions:
"Nexo is permitted to revise these Terms at any time as it sees fit, and by using this Website you are expected to review such Terms on a regular basis to ensure you understand all Terms And Conditions governing use of this Website."
At the registration you have definitely given an agreement for that, therefore, all legal is legitimate.

They act under European laws. Just because the write something in their terms it doesn't mean these terms are valid or allowed especially when you are doing business with private customers. But we will see how this platform will do in the future. For now paying the APR with NEXO seems to be enabled again after a month.

I still don't understand how is this legal. Can any business put whatever ToS that they wanted to as long as it benefits them?
I also don't see how these terms could be used to legalize how they change APR without notice here and there. If that's considered as legal, then that is a loophole for business to be used to get more profits from their customers.

No, it is not legal at least not in Europe.

ToS must always be in accordance with the laws of the country where the business resides, you simply can't enforce terms that would harm consumer protection or rights. Anything in those terms that goes against EU laws is simply a no legal binding that would be ignored in any court of law.

I could, for example, create a business and stipulate in the terms and conditions that if you want to return a package you must first make a goat sacrifice and change your religion. Would that be legal? Of course not.

Also:


This goes against an EU directive, it's about limiting rights to legal action and just like the others any judge in the EU will simply throw it in the garbage bin.

(Sorry to contradict you guys, but variable rates are totally legal.
This is what traditional banks do, it's relatively popular in the USA & UK, and a bit in EU
You can take a 30-year credit to buy a house, you pay $700 a month, you think you & your family are safe, and one day you wake up and see that the rate has gone up (and so the monthly payment has doubled). (it's completely crazy if you ask me))



ToS (or whatever if OP signed a contract, or it's written in the website content) mentioned the rate is variable and he agreed to.
You can't borrow money and once you got the cash you complain because you don't agree with the rate <= this, is illegal

I don't deny deleting messages in their TG channel doesn't smell good (considering users behave correctly) but just to point out OP was aware of the system and agreed to