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 Cryptoassets to Your Account
To start borrowing, you need to deposit crypto to use as collateral.
Press the Deposit button next to the chosen currency, specify the desired amount, and send to your CoinLoan wallet.
3. Start Borrowing
You can choose from two options to start borrowing, including:
- Going through existing offers from lenders and finding an appropriate proposal;
- Creating your own loan request for lenders to accept.
3.1. How to accept an existing application:
First, select the Lending Market tab, and then, select the Loan Offers section. Here, you can find all existing applications from investors.
Click the View Details button next to the chosen proposal. Adjust the conditions and press Accept and Borrow. This action will accept the loan, and your CoinLoan account balance will be charged for the collateral amount and replenished with the amount specified in the loan.
3.2. How to create a new application:
Select the Lending Market tab on the Loan Requests page. Click the green Borrow button and fill out the form that appears below.
When you create a new loan request, you can choose from the following loan options:
- Collateral currency and collateral amount;
- Loan currency and loan amount ($100 and up);
- Loan term (7 days - 3 years);
- Annual interest rate;
- Loan-to-value ratio (LTV), ranging from 5% to 70%.
After the Loan Request is created, we’ll send you a confirmation email. From then on, other CoinLoan platform users will be able to accept your request at any time. Before your request is accepted, you can find your application in the My Loans section, and you can cancel your request here.
4. Check Your Loan Request’s Progress
To follow the loan request’s progress, visit the My Loans section. As soon as a lender accepts your application, the loan request’s status will change from “Pending” to “Active.” All the information about the loan and repayment schedule will be available in the View Details section.
We’ll send you payment reminders to remind you about the upcoming payments that are due according to your agreed-upon repayment schedule. If your payment is not received by the due date, CoinLoan will liquidate a part of the paid collateral.
5. Withdraw Funds
After the loan becomes active, borrowed funds are immediately deposited into your CoinLoan wallet. From here, stablecoins and cryptocurrencies can be withdrawn from your CoinLoan wallet into your private wallet within a few clicks.
Fiat funds can be transferred in a variety of ways. You can choose one of the available payment methods in the My Wallet tab, including:
- 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 USA).
Update 07.31.2019: Since TransferWise suspended its support to crypto-related companies, we recommend using similar services, such as Xendpay and WorldRemit.
When the loan is repaid, you can withdraw your cryptocollateral or issue a new loan request.