3 Main Things to Know Before Taking a Loan
- You need to have some cryptoasset for securing a loan and choose the currency of your loan. If you're wondering which assets can work as collateral or loan currency on CoinLoan, Figure 1 aims to help to figure things out.
- Please be informed that you’ll be able to borrow fiat money equivalent to 70% of your collateral market value. It means that depositing crypto worth $1000, you’ll get $700 loan at least (70% of $1000).
- To withdraw your money, you can choose between SEPA, AdvCash, or Alfa-Bank (for RUB).
5 Steps to Getting a Loan
- Register an account.
- Verify your identity.
- Deposit crypto as collateral.
- Take an Instant Loan OR find an appropriate application from a lender.
- Withdraw fiat funds from the platform.
6 Questions You May Have as a Borrower:
- 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.
- Can I make full early repayment of the loan?
Yes, you can prepay the loan at any time without any penalties or commission.
- 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).
- 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.
- How safe are my cryptoassets which are stored on CoinLoan platform?
We store customers’ assets at qualified custodian BitGo with $100 million insurance from Lloyd’s.
- What are the limitations on the terms and amount of the loan?
The minimum loan amount — an equivalent of 100 USD, 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 😊