To choose the borrowing fee option, you need to select the Origination Fee Type in the Instant Loan application form.
The CoinLoan platform provides two options for paying borrowing fees:
CoinLoan Tokens (CLT) – 50% discount.
Borrowing fees are calculated as 1% of the overall loan principal amount.
CoinLoan Token (CLT)
Paying in CLT, you get a 50% discount. The discount is deducted from the loan currency fees amount (the calculation is based on the CLT market value).
Borrowing fees are estimated in your loan's currency (1% of the overall loan principal amount).
This amount is reduced by half.
The resulting amount is converted into CLT (according to its current market value).
If CLT has been selected as an origination fee for a loan and your CLT wallet balance is not enough to pay the fee, the platform will automatically deduct the equivalent amount in loan currency from the loan principal.
Deposits in digital currencies are free.
Deposits in fiat currencies are free.
We take over withdrawal fees, except for assets based on the Ethereum blockchain. Every user is entitled to one free withdrawal of ETH or one type of ERC-20 token, including CLT, per month. Every subsequent withdrawal entails a fee in the withdrawal currency depending on the asset — check the table below for details. Other crypto and fiat currencies are not affected — withdrawals are free.
The liquidation fee is equal to 7% of the liquidated loan collateral.