1. Sign Up/Log In
If you don’t have a CoinLoan account, please sign up here.
If you’re already registered with CoinLoan, please log in here.
2. Deposit Funds into Your Account
To start lending, you need to deposit funds into your CoinLoan wallet.
Crypto and stablecoins can be deposited as any cryptocurrency. Press the Deposit button and specify the amount of currency you’d like to deposit. This action will send coins from your private wallet to your CoinLoan wallet.
Fiat currencies can be transferred in a variety of ways, including:
- Visa/MasterCard (available for Euro);
- SEPA (available for Euro and Eurozone citizens);
- Neo-banks, such as TransferWise (available for Euro);
- SWIFT (available worldwide);
- AdvCash (available for all currencies; not available in the US).
Update 07.31.2019: Since TransferWise suspended its support to crypto-related companies, we recommend using similar services, such as Xendpay and WorldRemit.
From here, please find your desired currency in the My Wallet tab, press the Deposit button, and choose one of the available payment methods.
3. Start Lending
You can choose from two options to start lending, including:
- Going through existing requests from borrowers and finding an appropriate proposal;
- Creating your own loan offer for borrowers to accept.
3.1. How to accept an existing application:
First, select the Lending Market tab, and then, select the Loan Requests section. Here, you can find all existing applications from borrowers.
Click the View Details button next to the chosen proposal. Then, press the Accept and Lend button. This action will accept the proposal, and your CoinLoan account balance will be charged for the loan amount specified in the proposal.
3.2. How to create a new application:
Open the Lending Market tab under Loan Offers. Click the yellow Lend button and fill out the form that appears below.
When you create a new loan offer, you can choose from the following loan options:
- Lending reserve (the total amount of all smaller loans to be lent in the desired currency);
- Loan limit (controls the minimum and maximum amount of a single loan that a borrower can receive per application);
- Loan term (7 days - 3 years);
- Interest rate (Annual);
- Allowed cryptocollateral (the full list of available currencies can be found here).
After the Loan Offer is created, we’ll send you a confirmation email. From then on, other platform users will be able to accept your application at any time. Borrowers will share the full amount of investment, and your application will be active until all your loan’s funds are borrowed.
4. Check Your Loan’s Progress
To follow loan progress, move to the My Loans section. All the information about the loan and repayment schedule will be available in the View Details section.
5. Withdraw Funds
You can cancel your application any time, and the rest of the funds will be released immediately. When the loan is repaid, you are free to withdraw your funds or issue a new loan.
To withdraw fiat funds, find the Withdraw button next to the chosen currency in the My Wallet tab.
Please note that you can withdraw crypto and stablecoins as any cryptocurrency, sending them from your CoinLoan wallet to your private wallet.
Fiat funds can be transferred in a variety of ways; you can choose one of the available payment methods in the My Wallet tab. Please see your options above (listed in Section #3 of the Lending Guide).