A short-term loan (7 - 30 days) must be repaid with a single payment.
A long-term loan (2 - 36 months) must be repaid every month (according to a repayment schedule). The repayment schedule is available in My Loans > Loan Details > Repayment Schedule.
- Open My Loans (Borrowing tab).
- Click on the Repayment button.
- Look through Repayment Confirmation and click on Confirm Repayment button.
We will send you notifications about the upcoming repayments in accordance with the repayment schedule. So check your email in order not to miss a deadline.
If the user wasn’t able to pay, the system will try to make an automatic payment. To make it possible, you should have enough money in the loan currency on your CoinLoan account. If there aren’t enough funds, the system will liquidate a part of the collateral needed to make a payment.
The repayment should be made in the fiat currency, stablecoin or cryptocurrency in which the loan was taken. To add the needed currency to your account, deposit it in My Wallet.
If you want to make payment in another currency, please check our internal Crypto Exchange. You can deposit fiat, crypto or stablecoins you have and make a quick exchange to your loan currency with no need to leave the platform.
For instance, you’ve borrowed in euros. The payment deadline is coming, but you have no euros yet. Instead of them, you deposit your Litecoins (for instance) and exchange them to euros in one click.
You can make an early repayment without any fees or penalties.
To make an early repayment, go to My Loans > Loan Details > Repayment Schedule. Click on Repay Early if you want to make full repayment. To learn more on how early repayment works, please follow the link.