When you apply for a loan from SpectroCoin, there are no credit checks, and no waiting required. You don't even need any references. SpectroCoin makes this possible by requiring clients to secure their loans with cryptocurrency collateral. This collateral needs to be a little higher than the loan amount because crypto fluctuates in value. If the value of your crypto collateral drops below the amount required to secure your loan, you have to cancel the loan if you can't or won't add more collateral. If you have a SpectroCoin loan and need to cancel it, keep reading to learn how.
Every SpectroCoin loan receives an LTV, or Loan-To-Value, score. This score depends on the cryptocurrencies involved and reflects the volatility inherent to that particular cryptocoin. An LTV score determines how much collateral you need to pay for a particular loan. It is equal to the loan's value plus a margin that acts as padding for value fluctuations. As long as your collateral crypto does not drop below the threshold set by your LTV score, everything's fine. If your collateral's value falls below this threshold, SpectroCoin will liquidate some of your collateral to bring the LTV score back to an appropriate level. To keep this from happening, you must cancel your loan if more collateral is not an option.
SpectroCoin does not require paying an early repayment fee, so the easiest and fastest way to cancel your SpectroCoin loan is simply to repay it. You will get your collateral back when you do. Follow these instructions to repay your loan:
Please note that only verified users can use Euros to repay their loans. All other users must use cryptocurrency.
You can also cancel the loan by contacting customer service. A representative can help you repay what you can and use part of your collateral for the rest. However, SpectroCoin is very willing to work with clients with financial difficulties. It may be willing to help you restructure your loan so that you don't need to cancel it and you aren't in any danger of having all your collateral liquidated. You can reach a representative by phone, chat, or email.
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