The borrower is charged with the borrowing fee simultaneously when accepting the offer and issuing a loan. Borrowing fee currency can be chosen while creating a loan request, by selecting “Service Fee Type”.
The CoinLoan platform provides two options for paying borrowing fees:
Borrowing fees range from 1% to 3% of the overall loan principal amount, depending on the loan term and are as follows:
|1 - 360 days||1%|
|361 - 720 days||2%|
|721 - 1080 days||3%|
Paying in CLT tokens, you get a 50% discount. The discount deducts from the amount of commission in the currency of the loan (the calculation is based on the market value of CLT).
How is the discount calculated?
1. Borrowing fees estimates in the currency of your loan (1 - 3% of the overall loan principal amount, depending on the loan term).
2. This amount is reduced by half.
3. The resulting amount is converted into CLT (according to its current market value).
If CLT token has been selected as a Service Fee for a loan and borrower’s CLT wallet balance is not enough for paying the service fee, CoinLoan platform will automatically deduct the equivalent amount in loan currency from the loan principal.