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 is possible with any other assets you have in My Wallet, not only your loan currency. It is also possible to liquidate your collateral by request to repay a loan in full or to make a regular payment. For instance, if you can see that your collateral coin is crashing, you request liquidation and repay your loan before the coin loses its liquidity.
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.