Borrowing on CoinLoan Explained in Simple Terms

advice Oct 29, 2018

3 Main Things to Know Before Taking a Loan:

  1. You need to have some cryptoasset for securing a loan (BTC, LTC or ETH). Please be informed that you’ll be able to borrow fiat money equivalent to 60% of your collateral market value. It means that depositing crypto worth $1000, you’ll get $600 loan at least (60% of $1000).
  2. You’ll able to get your loan in EUR, USD, GBP, RUB fiat currencies, TUSD, USDC, GUSD, PAX, PAXO stablecoins and BTC, LTC, ETH, XMR cryptocurrencies [upd. 07.20.2019].
  3. To withdraw your money, choose any of the following payment methods: Visa/MasterCard, SEPA, SWIFT, AdvCash, Alfa-Bank.

5 Steps to Getting a Loan:

  1. Register an account.
  2. Verify your identity.
  3. Deposit crypto as collateral.
  4. Find an appropriate application from a lender or create a new one. Note, the higher the interest rate, the faster your application will be accepted by the lender.
  5. Withdraw fiat funds from the platform.

6 Questions You May Have as a Borrower:

  1. When can I repay a loan?
    For short-term loans for a period up to 30 days you’re to repay once at any time. For long-term loans, you’re to repay partly every month.
  2. Can I make full early repayment of the loan?
    Yes, you can prepay the loan at any time without any penalties or commission. Interest charges will be recalculated according to the term the loan had been used.
  3. What will happen if I am not able to repay the loan or forget to do it?
    A few days before the scheduled repayment date, the system will send a Repayment Reminder via Email. If you can’t make the repayment, the system will automatically liquidate a part of the collateral (cryptoasset).
  4. What will happen if the cryptoasset market value falls during the loan use?
    If the collateral market value falls significantly, the borrower can do one of the following:
    - Increase the collateral amount.
    - Repay a loan in advance.
    - Do nothing, and the system will automatically liquidate the collateral if the value will continue going down.
  5. How safe is my cryptoassets which are stored on CoinLoan platform?
    All cryptoassets are stored on cold multi-signature wallets with distributed key storage.
  6. What are the limitations on the terms and amount of the loan?
    The minimum loan amount — 100 USD or another currency, the maximum loan amount is unlimited.
    You can take a loan in a term starting from 7 days to 36 months.

Thanks for reading! Please don’t hesitate to contact us if any questions arise😊

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