What a lovely time when autumn leaves falling, and CoinLoan’s borrowing fees falling as well! If you’re interested in borrowing, you'll definitely enjoy this update. Long story short, borrower’s fees became clearer and lower than ever before.
How It Was Before
Borrowing fees ranged from 1% to 3% of the overall loan principal amount, depending on the loan term. Users paid 1% for loans up to one year, 2% for loans up to two years, and 3% for longer ones.
How It Works Now
Borrowing fees are calculated as 1% of the overall loan principal amount, no matter what duration your loan has. This solution is convenient for two reasons.
First, there’s no need to guess, do arithmetic, cross-check tables, and formulas. Your borrowing fee is always 1%, regardless of the other loan terms.
Second, a borrower pays two, or even three times less for long-term loans. So that's pretty much that.
Other Points to Bear in Mind
- Lending is free on CoinLoan. No platform fees at all!
- Borrowers can cut their 1% fee in half by paying in CoinLoan tokens. Follow the link to learn more about this option.
- Based on the conditions mentioned above, no doubt that CoinLoan’s fees are the lowest on the crypto lending market😎