CoinLoan Updates: Partial Repayment in mobile, 50% fee discount, & more
This summer, we have delivered a few important features: Address Book in the mobile app, daily limit info, and long-awaited BSC network support for stablecoins. Now, we have some more exciting updates to share with you.
Partial Repayment in mobile
We introduced the Partial Repayment feature on the web platform at the beginning of the year. From now on, this option is available in the mobile app.
How it works
When repaying a loan partially, first, the remaining interest is repaid. If the repaying amount exceeds it, the residual amount is used to repay the remaining principal.
To make things easier, we’ve added a Remaining Interest section to the Partial Repayment form. With the section, you know how much is left to pay if you don’t repay your monthly interest in full.
Note: You can repay partially in your loan currency only.
You can make a partial loan repayment in the mobile app by going to the Loans module, picking the desired active loan, and tapping the Repay the Loan button. On the Repayment screen, choose the Partial Repayment option.
Web platform updates
50% fee discount when paying in CLT
When applying for a loan, you can choose how to pay the Origination Fee: in loan currency or in CLT. The CLT option is more beneficial, as it offers a 50% fee discount.
We’ve had the paying in CLT option for a while, but with the updated interface made the wording more clear. Now, you can see the two options on the web platform in the loan currency at its current rate. This way, you can compare and choose what fits you best.
How discount is calculated
The Origination Fee is fixed; it is 1% of your loan amount. If you use the CLT option, your payment amount is reduced by half and converted into CLT at its current rate.
Loans & Instant Loan improvements
We are constantly working on upgrading your borrowing experience. This time, we further improved the Instant Loan form and success screens for all loan actions.
Share your experience with our new features in the web or mobile app! We’d be excited to hear from you on our social media: Twitter, Reddit, Instagram, and Telegram. If you have any additional questions, please contact our support team at firstname.lastname@example.org — we will be happy to assist. Stay tuned for the upcoming updates!