Crypto Apex


CoinLoan Review

What is CoinLoan, how to set up, and best features?

The blockchain revolution paved the way for Cryptocurrencies, which took the world by storm. These mesmeric assets keep bringing drastic innovations, making your life easy and interesting.

One such example is CoinLoan. If you are on the lookout for quick loans, easy repayment, flexible options, and more, this is for you.

This article covers what Crypto loans is, how to set up CoinLoan, how to use CoinLoan, the best features of CoinLoan, and more.

What is CoinLoan?

CoinLoan is one of the safest Crypto loan platforms for borrowers and lenders. If a user wants to borrow funds, they can use their fiat holdings or Cryptocurrency as collateral. It is a peer-to-peer lending platform that lets you borrow up to 70% of your Cryptocurrency or fiat-to-loan value.

CoinLoan is suitable for those with bad credit ratings as there are no credit checks and you simply must have the collateral to get the loan. CoinLoan lets you borrow loans on both short-term and long-term basis, ranging from seven days to three years. Similar to the case of any other loan, you need to pay interest to the lender.

CoinLoan also lets its platform users lend Cryptocurrency and fiat currencies including stablecoins for which it offers an interest of over 10% a year. Thus, it provides a great means to earn passive income.

How to use CoinLoan?

CoinLoan offers various services including-

Crypto-backed Loans

You may follow the below steps to use CoinLoan effectively:
– To use CoinLoan to borrow a loan, you get started by depositing collateral.
– You can use the Cryptocurrencies like Bitcoin or Ethereum, which the platform supports.
– Next, enter the loan amount, the asset that you are borrowing, the loan period, and the loan-to- value (LTV) ratio.

The minimum loan period is 1 month and you can select up to 36 months. LTV ratios include 20%, 35%, 50% and 70%. With lower loan-to-value, you need lesser collateral, though your interest will be higher.

However, CoinLoan loans are highly affordable even with interest and loan origination fees.

Buy and Sell Cryptos

CoinLoan helps you earn passive income and allows moving the Cryptocurrency easily through a feature known as CoinLoan Trade. CoinLoan Trade helps trading in Crypto-to-fiat and Crypto-to-Crypto options.

Deposit fiat, stablecoins, or Cryptos into your Crypto wallet. Now, you can purchase any of the supported assets on CoinLoan.

The platform supports various payment methods:

– SEPA (for Euro and Eurozone)
– Visa and Mastercard
– Advcash

As soon as you enter your trading pair, CoinLoan shows the exchange rate and the number of assets you are buying. Even if you wish to withdraw, you don’t need to pay the withdrawal fees. It’s faster to take loans and buy Cryptocurrency on this platform than on an exchange.

Mobile App

CoinLoan offers a free app for Android and iOS. It provides the same features as the web version and you can trade Cryptos, take loans or monitor your interest account.

Having an app is really a nice-to-have feature as it makes the process of monitoring your account easier and quicker.

How to set up an account with CoinLoan?

To open an account with CoinLoan, sign up to the platform using your email address and password. Once you verify the same, you can complete the KYC details and start using the tool.

KYC requirements need you to enter your name, address, and phone number. In addition, CoinLoan requires you to upload your government ID like a passport or driving license, and a selfie.

The process gets over in just a few minutes.  Key Features of CoinLoan Some of the major features of CoinLoan include:

– The main feature of CoinLoan is that it offers a Crypto lending platform wherein you can borrow funds using your Crypto holdings. People who need short-term loans can use their Cryptocurrency to get the required amount. The loans are worth 70% LTV and provide an excellent way for you to tap into the potential of Cryptos.
– CoinLoan lets you exchange your coins with other Crypto coins without the involvement of an exchange. Thus, investors don’t need to plan in advance and can limit their fees and go ahead with their investing.
– Besides Bitcoin lending and Crypto loans, the platform offers you a built-in exchange to trade other types of assets, which is a significant advantage.
– CoinLoan offers you an interest account, which you can use to earn interest on a monthly basis.  In addition, funds cannot be withdrawn until borrowers have paid their loan.
– CoinLoan has CLT, its native Crypto token. Investors can seek higher interest rates based on the CLT token staked. There’s no minimum staking time needed to get bonus rates.

Crypto loans by CoinLoan

CoinLoan offers different types of loans – Crypto-to-fiat loans, fiat-to-Crypto loans, and Crypto-to-Crypto loans. These loans come with unique features like a flexible repayment schedule, no lock-ins, and no credit history checks. The platform lets users borrow Crypto-backed loans and receive interest on assets.

Best features of the Crypto Loans

– The users can withdraw their funds at any time, as funds are never locked up.
– It is required to have at least 1 day as a deposit period.
– Interest paid must be in the same currency in which deposited by the user.
– The interest is deposited daily at 14:00 UTC and the compound interest is credited to the user account on the first day of every month.
– CoinLoan uses the deposited funds to fund the collateralized loans to pay the interest.

What is a CoinLoan interest account?

An interesting aspect of the CoinLoan platform is that it lets users earn interest when they deposit funds in the CoinLoan interest account. Compared to traditional banks, the interest account offers many advantages. It provides a fixed interest of up to 12.3% APY for deposits made in GBP and other stablecoins.

The CoinLoan platform lets users withdraw their assets at any time without any penalties. Besides, users are offered daily interest rates and it is a flexible tool to grow your savings.

How does money work on the CoinLoan interest account?

When you deposit money to the interest account, the platform technically borrows funds and pays you the compound interest.

Once the funds are deposited into the account, it starts generating profit. A part of the money is used to fund collateralized loans on the platform. Interest accrues daily and is deposited directly into your interest account on the first day of each month. There are no lockups. You can withdraw anytime without any fines.

What is CoinLoan Borrow?

CoinLoan borrow is a set of borrowing options that are available with CoinLoan. It offers various customized tools that have Crypto-backed loans for fiat and Cryptocurrency. The loan period is set to 30 days to 3 years and also lets the borrowers repay earlier, without any extra costs. The remaining loan amount needs to be repaid in the asset used as collateral.

Besides, the interest rates depend on the final loan-to-value rate. Users providing higher collateral earn higher rates. In addition, users can increase the collateral terms after getting the loan. Thus, it provides a hassle-free option for users to cover the lending interest.

What are the fees involved with CoinLoan’s services?

The fees on the CoinLoan platform include the below-mentioned:

– CoinLoan doesn’t charge fees if the user deposits Cryptocurrencies. If the users make use of Visa or Mastercard, CoinLoan charges a fee of 2 EUR plus 4.2%.
– No fee is charged if a user withdraws in fiat or Cryptocurrency.- A liquidation fee of 7% is charged on the liquidated loan collateral.
– The platform charges a borrowing fee of 1% on the principal amount, and if the user pays the fees using CLT tokens, he/she gets a 50% discount on the borrowing fee.

Which countries are eligible to use CoinLoan services?

CoinLoan operates in more than 150 countries worldwide including the US, the UK, and some major European countries. Don’t use CoinLoan if you are residing in countries on the US or EU sanctions list.

These the following Countries are not allowed to use CoinLoan services – North Korea, Sudan, Egypt, Iran, Iraq, Romania, China, Turkey, Colombia, Nicaragua, Angola, Algeria, Russia, Nigeria, Saudi Arabia, Pakistan, and Kazakhstan.

Final thoughts

CoinLoan brings you a plethora of benefits with its services like Crypto loans, CoinLoan Borrow, CoinLoan interest accounts, and more. Get easier and quicker loans with your crypto holdings with no credit history checks.

This article must have acquainted you with what is CoinLoan, how to set up CoinLoan, the best features of CoinLoan, and how to use CoinLoan.

Enjoy interest as a lender. Repay your borrowed loans flexibly, with no extra costs. And reap many more benefits!

CryptoApex recommends CoinLoan.

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