In the February report, we promised to update the main lending features. And now we’re ready to fulfill the promise. We’re coming back with news and the news is HUGE! Proudly presenting you a completely new first-of-its-kind lending solution called Advanced Loan Offers. Check it out on the CoinLoan Platform, this is the stuff to try!
So before it was: an investor creates an application with a fixed amount of fiat to borrow on CoinLoan Lending Market. Borrower accepts that application if it’s more or less suitable, or they can create a loan request and wait until one of the investors would agree to lend a required amount. So you accept unfit conditions or wait.
Now it’s all gotten so… convenient. As a lender, you can allow multiple borrowers to share one offer. As a borrower, you can borrow just a part of what the lender is offering. With Advanced Loan Offers, CoinLoan is making history!
How It Works for an Investor
When creating a Loan Offer, choose your Lending Reserve. It states a total amount of all smaller loans to be lent in the desired currency. You can cancel your application before or after borrowers accept it, the rest of the funds will be released immediately.
Now set up your Loan Limit to control the minimum and maximum amount of a single loan that a borrower can receive per application. The next step is to choose Loan Term, it controls the minimum and maximum duration of a single loan that a borrower can receive per application. You can provide a loan for a period of 7 days to 36 months.
The interest rate and allowed cryptocollateral are selected as usual.
How It Works for a Borrower
Now choosing a loan application, you only have to find an appropriate currency and interest rate, other conditions can be customized within boundaries established by the investor.
Accepting a Loan Offer, you can choose the loan amount and the desired loan duration. A short-term loan (7–30 days) must be repaid in a single payment. A long-term loan (2–36 months) must be repaid every month (according to your repayment schedule).
Collateral currency, collateral amount, LTV ratio and service fee type can be chosen as usual.
Benefits for Investors
Major investors don’t have to create dozens of Loan Offers under pressure to meet borrower’s needs. One offer for one fiat currency is enough. You may provide $1,000,000 as a Lending Reserve for loans and establish limits for single loans between $100 and $10,000 for instance. Dozens of borrowers will share the full amount of investment, and your application will be active until all of that money is borrowed.
Benefits for Borrowers
Let’s say you want to borrow $1,837 against your crypto. This number stays in your electricity bill and you don’t want to get a bigger or smaller loan. That’s no longer a problem — find a Loan Offer with an appropriate interest rate and cut off only as much as you need. Done!
Advanced Loan Offers sound awesome, don’t you think? Check them out and let us know what it works for you😊