Borrower: advance, fees & true APR
Lender: Classic/Maxi mode yield
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Invoice factoring, on-chain
Huma's PayFi model finances payment flows that already exist — invoices owed, payroll about to clear, card-network settlement float — rather than lending against a crypto position someone could default on by choice. The borrower doesn't owe the advance in the abstract; they owe it against money that is already contractually coming, which is why the protocol prices it with a flat-plus-bps front-loading fee and a per-day late fee rather than a continuous utilization curve like a money-market pool.
That structure means the front-loading fee dominates short-dated deals: a $3,000 fee on a $90,000 advance for 15 days is brutal when annualized, but entirely reasonable for 90 days. The true-APR figure above annualizes the full cost against what you actually received, so you can compare a Huma advance against a bank factoring line or a Wildcat/Maple-style on-chain credit facility on the same basis.
On the Lender side, Classic Mode's ~8% is a stable, protocol-quoted USDC yield independent of any single receivable's performance — closer to a money-market deposit than a DeFi vault share — while Maxi Mode trades that stability away entirely for a pure points play. Lockup tiers only multiply the points track; they do not compress into a bigger USDC number, which is a distinction worth keeping straight before comparing Huma's "yield" to a plain percentage APY elsewhere.
FAQ
What is Huma Finance's PayFi model, and how is it different from a normal DeFi lending pool?
Huma finances real-world receivables and payment flows (invoices, payroll advances, card settlement, cross-border payment float) rather than lending against crypto collateral. A borrower advances a receivable they are owed and gets a cash advance now instead of waiting for the payer to settle; the receivable itself (and the payer's creditworthiness) backs the deal, not an overcollateralized crypto position. That is structurally closer to traditional invoice factoring than to Aave-style pooled lending.
How is the borrower's cost actually calculated?
Per Huma's institutional documentation, the advance you receive is the receivable value times an advance rate in basis points (the docs' own example uses 9000 bps = 90%). On top of that, a front-loading fee applies: frontLoadingFeeFlat (a fixed dollar amount) plus frontLoadingFeeBps (a percentage of the principal) — Huma's own worked example is $2,000 + $100,000 × 100/10,000 = $3,000 on a $100K receivable. If repayment runs late, a late fee stacks on top: Principal × LateFeeInBps × NumberOfDaysLate / 360.
Why does the calculator let me adjust the financing APR instead of showing one fixed Huma rate?
Because Huma's documentation is explicit that individual credit terms — the yield APR and late-fee rate charged to a specific borrower — are set per-deal by Huma's Evaluation Agent, not fixed protocol-wide. The front-loading fee formula and the 360-day late-fee convention are fixed; the actual percentages applied to your specific receivable are not published as one universal number, so this calculator treats financing APR as an adjustable input you should match to your actual term sheet rather than a rate we claim is "the" Huma rate.
How does Lender yield work, and does a lockup change the dollar APY?
Huma 2.0's permissionless pool offers two lender modes: Classic Mode pays a stable APY (around 8% at the time of writing, subject to monthly adjustment based on market conditions) paid in USDC-equivalent regardless of lockup; Maxi Mode pays 0% stable yield and instead earns Huma Feather points at a higher rate, a separate rewards track, not a dollar yield. Lockup tiers (no lockup, 3-month, 6-month) apply a Feather-point reward multiplier (1x/2x/3x base, with a 3x/5x promotional rate at launch) — that multiplier boosts your points accrual, it does not compound the Classic Mode's quoted USDC APY, so this calculator shows the two as separate numbers rather than merging them into one inflated figure.
What is the "true APR" this calculator shows for the borrower side, and why isn't it just the financing APR I entered?
The financing APR you enter only covers the time-based interest component. The front-loading fee is charged regardless of how long the advance is outstanding, so on a short-dated receivable it dominates the real cost — a flat $2,000-plus-bps fee on a 15-day advance is a far higher annualized rate than the same fee on a 90-day advance. The true APR annualizes the full cost (front-loading fee plus financing interest plus any late fee) against the amount you actually received, the same way our Wildcat Protocol and Fixed-Rate Loan Auction calculators annualize total cost rather than quoting the headline rate alone.