CoinLoan is a cryptocurrency platform allowing users to borrow, swap and grow their assets. You can't apply for a line of credit from CoinLoan but taking out a loan is possible so long as you meet the conditions.
You can borrow on CoinLoan if you have a collateral asset to secure the loan. The allowable amount you can borrow is up to 70% of the asset value. All borrowers must also complete a KYC verification process that only takes a couple of minutes.
Below are the detailed steps for taking out a loan from CoinLoan:
1. Log in to the platform and deposit your collateral asset and go to Instant Loans.
2. Select the loan term, the collateral amount, LTV and the amount you want to borrow. The interest depends on the asset, and it's fixed. Click Get Loan Now when you're ready.
3. Go to Loans and withdraw your money from your Wallet.
4. Follow the repayment schedule to avoid penalties.
3. You can only withdraw the collateral asset after you have paid the loan.
You will be charged a 1% borrower fee, which will be deducted from the total loan amount. However, withdrawing the loan is free through SEPA.
You will need to repay the loan every month and according to your schedule. To view your schedule, go to Loans, Loan Details and Repayment Schedule. Below are the steps for repaying the loan:
1. Log in to your account and go to Loans.
2. Click Repay and select regular repayment or full early repayment.
3. Select the repayment method and confirm your payment.
CoinLoan sends out notifications to borrowers for their upcoming repayments. Make sure to check your email to avoid missing a payment deadline.
You are also allowed to repay the loan early without incurring any penalties. Borrowers can also liquidate their collateral to either make a regular payment or fully repay the loan.
If the market value of your collateral asset goes up, you can either do nothing or withdraw the excess collateral. When it significantly drops, they will mark your loan with a "liquidation risk" label, and you'll be notified about it. Follow the instructions on the email on how to go about it.
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