CoinLoan Update: Monthly Interest for Fixed Account
Our team has kept an eye on social media discussions of the recently introduced Fixed Account. The biggest takeaway so far is that CoinLoaners find it attractive but would also prefer to have interest credited to their available Wallet balance monthly.
We have been hard at work for the past few weeks to make that happen, and we are excited to tell you that the Monthly Interest option is available for the Fixed Accounts you will create from now on.
What Monthly Interest is
As you may know, the default option for our Fixed Account is when your initial deposit and earnings are automatically credited to your Wallet at the end of the period. Now, when you create a Fixed Account, you can enable the Monthly Interest feature.
As a result, you will get your interest every month. Your initial deposit will still be credited to your Wallet at the end of the holding period.
Note: Enabling the Monthly Interest option lowers the Annual Rate.
How it works
Every time your monthly interest is credited to the available Wallet balance, it reduces the scheduled interest and increases the earned interest by its amount.
Note: Earned Interest shows how much has been credited to your Wallet, and Scheduled Interest shows how much will be credited to your Wallet through the remaining payments.
When monthly interest is credited
It is automatically credited to your Wallet every month on the same day and time you created your Fixed Account. For instance, your monthly interest for a Fixed Account set up on January 10 at 17:00 will be credited on February 10 at around 17:00 and so on till the end of the period.
Where to check your next payment date and amount
Tap the Details button next to the desired account on the web app or press the account card in the mobile app to see both the Next Monthly Payment and Next Payment Date fields.
Try the feature yourself and share your experience with us on social media! If you have any questions, please contact our support team at firstname.lastname@example.org. We are there for you 24/7 and will be happy to assist.