To create a Loan Offer, please complete the following steps:
- Open the Lending Market tab and tap the Lend button, located in the top right corner.
- Fill in the form to set up terms of your Loan Offer.
Let us take a closer look at the Loan Terms you need to customize when creating a Loan Offer.
This amount stands for the total reserve of funds within this Loan Offer. Please note that there can be several loans issued under one loan offer.
Please enter the reserve amount of your Loan Offer in the field specified. After that, choose the currency of the Lending Reserve from the drop-down list of available options.
You can cancel your Loan Offer anytime, and unutilized funds will immediately return to your CoinLoan account with no penalties. However, the funds engaged in active loan offers cannot be returned prior to full repayment of the loan.
Loan Limit states the minimum and maximum amount of a single loan to be issued within this particular Loan Offer. The total number of possible loans depends on the maximum threshold of the limit and Reserve Amount of the Loan Offer.
This term states the minimum and maximum term for each loan, that can be issued within one Loan Offer. You can provide loans for terms from 7 days up to 3 years.
Long-term loans (from 2 months and more) have a monthly repayment schedule, while short-term loans (up to 30 days) are repaid with one payment.
This is an annual interest rate for your loans within this Loan Offer. Please have in mind that the lower the interest rate, the more interesting it is for borrowers.
CoinLoan allows you to choose between two repayment options:
Principal + Interest Payment Formula
This formula means that the total amount of Loan Principal (loan amount) and interest (fee charged for borrowing) is divided into equal monthly payments.
The composition of interest and repayment changes slightly with each repayment, as the share of interest, decreases month by month and the share of loan principal moves up.
Interest-Only Payment Formula
Choosing an Interest-Only, you will make regular payments, which will include only interest (fee charged for borrowing), not the principal (loan amount).
Hence, the repayments are quite low at the beginning so that an Interest-Only loan allows reducing monthly payments during the term of the loan. On the final monthly payment, the entire principal eventually comes due together with the remaining part of interest.
Click each of the options one by one and see how the loan terms change in the Loan Summary.
Allowed Crypto Collateral
A list of allowed cryptocurrencies that can be used as collateral for loans issued within your Loan Offer.
You can choose at least one allowed cryptocurrency. Please note that selecting all the cryptocurrencies on the list will help issue loans faster.
Once you have finished filling out the application form, please take a look at the Summary, located on the right side of your screen. There you can see an overview of the Loan parameters along with Your Estimated Revenue, calculated including the Repayment method you chose.
Your Estimated Revenue
Your estimated revenue is calculated based on the total Reserve Amount, maximum Loan Term, and Interest Rate.
A total amount may vary, as loans can have different terms (depending on the conditions of the Loan Offer).
Finish making your application form by clicking Create Loan Offer.
You can find the records of all the loans you have lent and borrowed on the platform by opening the My Loans section on the left sidebar of your account.
What Is Next?
After the Loan Offer is created, it will become publically available in Lending Market > Loan Offers until another platform user accepts it. As soon as your loan is borrowed, you get a notification. The loan details you can find in My Loans.
In case if your loan has been ignored for too long, uncompetitive conditions may be the reason. To understand the market situation and choose the advantageous interest rate and loan term, please visit the Recent Loans tab.