CoinLoan was established in 2017, and it is a well-known P2P lending platform headquartered in Estonia. This platform offers users high loan-to-value rates while offering the best-fixed interest rate for those who would like to earn passive online income. According to our CoinLoan review, CoinLoan ICO was launched in early 2017 to raise funds for its development. This platform allows the users to borrow funds for the short-term as well as for the long term. The duration of the loans varies from 30 days to 3 years. Based on the loan duration, the users should pay interest for their borrowed funds just like they do with any loan provider.
|Listed Cryptocurrencies||BTC, ETH, BCH, LTC, XMR, and several more|
|Supported Fiat Currencies||EUR, USD, RUB, GBP|
|Trading Fees||Depends on Currency|
|Withdrawal Limit||No max limit|
|APY||Max 12.3% APY|
|Customer Support||Mail, Help Centre, & Phone Support|
What Is CoinLoan?
CoinLoan is one of the popular crypto lending platforms that cater to both borrowers and lenders. If the user is looking to borrow funds, this platform functions similarly to any loan provider. The investor has to use their fiat holdings or cryptocurrency as collateral. Additionally, if they use CoinLoan tokens (CLT), they can acquire higher returns. The user can borrow up to 70% of their fiat or cryptocurrencies as loan-to-value. Using the CoinLoan platform, the users can buy, swap, and sell assets. This platform supports share transfers through SEPA, SWIFT, MasterCard, Visa, AdvCash, and wire transfers.
According to our CoinLoan reviews, CoinLoan provides users a passive income. CoinLoan platform allows the users to lend their cryptocurrency and fiat currencies that also include stablecoins looking to borrow. In return for lending the assets, this platform provides a high-interest rate of 10% per year.
CoinLoan Review – Platform Interface
How CoinLoan Works?
Under the Estonian Financial Authority license, CoinLoan has a good reputation, and it covers its funds through Lloyd’s $200 million insurance. Further, the client assets are protected on the platform as the deposits for loan collateral and are kept under BitGo custody, while InCore Bank AG safeguards its fiat deposits. CoinLoan provides key financial services like fiat and crypto loans, interest on deposits, and crypto exchange. Through the crypto exchange, it offers instant swaps among more than 140 crypto pairs. It allows the users to buy and sell crypto for fiat. CoinLoan operates in more than 150 countries worldwide, including the UK, the US, and some major European countries.
According to our CoinLoan review, CoinLoan supports more than 15 digital currencies for instant loans or crypto exchange. Moreover, the users can withdraw and deposit their currencies through some of the common payment options offered to access the platform’s functionality. The user should undergo a KYC process that can be completed within a few minutes. Users should sign up on the CoinLoan platform, and they should either deposit cryptocurrency or a fiat currency to their interest accounts. Through this account, every month, they will earn interest payments. This money is utilized by CoinLoan to offer loans to borrowers. The borrowers use their cryptocurrency holdings for securing a loan. When the loan is paid back, the borrower receives their previously pledged cryptocurrency.
Is CoinLoan Regulated?
If you are a borrower or a lender, a deep understanding of the exchange and its services should be analyzed; the user should have a firm understanding of how safe their money is handled by CoinLoan. According to our CoinLoan reviews, CoinLoan is regulated and licensed by several authorities, including FATCA FFI registration, FinCEN MSB registration, MTR financial institution License, and MTR Virtual Currency wallet currency license.
Features of CoinLoan
Here are the few important features of CoinLoan:-
- One of the major services offered by CoinLoan is crypto lending platforms money to people. People who need funds can offer cryptocurrency in exchange for a short-term loan. The loans are worth around 70% LTV (Loan-to-value), and it offers a great way to provide access to the people to harness the power of their cryptocurrency.
- The next important feature is it offers a CoinLoan interest account. Using the interest account, the investors can deposit the savings to earn interest monthly. CoinLoan pays investors a certain amount as interest; they can also earn money by offering loan requests where the user can use it. Further, funds cannot be withdrawn till the borrowers have paid off the loan.
- CoinLoan permits the users to exchange their coins with other coins without needing the user to visit an exchange when planning to change their coins; this implies that they can limit the fees and proceed with investing their currency.
- Aside from Bitcoin lending or crypto loaning on the platform, CoinLoan also provides a built-in exchange for the users to trade on their various supported assets, which is the most prominent feature of this platform.
- According to reviews, CoinLoan has its native token CLT. Using CLT, the user can have access to the higher interest rates based on how much they have staked. Further, there is no minimum staking time required to get bonus rates.
CoinLoan Reviews – Features
CoinLoan Review: Pros and Cons
|Offers an easy to use platform.||Does not offer options for loan or borrower selection.|
|Provides fiat to crypto loans to borrowers.||As cryptocurrencies are affected by volatility, it can affect the loan.|
|Flexible terms are offered.||The interest earned will be lower if the user does not use the CLT coin.|
|Does not charge fees for deposits/withdrawals.||Actual returns can be lower.|
|This platform offers both fiat and crypto lending.|
|Loans are offered with crypto collateral.|
|Does not charge fees for lending.|
Crypto Loans Offered by CoinLoan
CoinLoan offers different types of loans, and a few of them are crypto-to-fiat loans, fiat-to-crypto loans, crypto-to-crypto loans. These loans are offered with several unique features like a flexible repayment schedule, no lock-ins, and no credit history checks. The users can buy, sell or swap assets on this platform.
CoinLoan Reversed Loans
CoinLoan offers reversed loans, one of the unique features that cannot be found on any other platform. The loans that are offered in cryptocurrencies are secured by fiat or stable coins. In the lending market, the users can borrow BTC against USDT or with any other assets. CoinLoan is the only exchange that allows lenders and borrowers to use their assets and digital currencies to work.
Requesting a Loan at CoinLoan
To know how to request a loan at CoinLoan read the below points:-
- The lender initially deposits their fiat currencies or their stablecoins; on the other hand, the borrower deposits their crypto assets if they want to secure a loan.
- When the lender matches a borrower, a smart contract is drawn, and it is ensured that the borrower pays at the right time or might risk their collateral.
- When the borrower pays off the loan, the lender gets the principal and the interest; the crypto assets are sent back to the borrower.
- CoinLoan does not ask for any credit checks, as the collateral is available in the form of cryptocurrency. This is more than enough for the borrower to risk losing their cryptocurrency.
- Further, the loan period starts from 30 days to 3 years, and the user can have the provision to repay the loan early without getting penalized.
CoinLoan Interest Account
CoinLoan permits the users to earn a compound interest when they deposit funds in their CoinLoan interest account. The interest account is one of the most important options available on its platform, which offers more advantageous features. It offers fixed interest rates of up to 12.3% APY for the deposits done in GBP and with other stable coins. Interest account is one of the most advantageous features offered to the users compared with traditional banking methods.
Simply put, the user can withdraw their assets anytime without fines. The users are offered daily interest rates, and it offers a flexible tool that is safe for growing the savings while the user has full access to their funds.
CoinLoan Review – Earn Smarter with CoinLoan
Loan Features at CoinLoan
Here are the few features offered by CoinLoan:-
- The user funds are never locked, and they can withdraw the funds whenever they want.
- One day is the minimum deposit period.
- Interest should be paid in the same currency that is deposited by the user.
- Daily, the interest is deposited at 14:00 UTC, and the compound interest is credited to the user account on the first day of every month.
- The funds deposited by the user are used for funding collateralized loans that help CoinLoan to pay the interest.
- CoinLoan borrow is a name given to a set of borrowing options that are available with CoinLoan. This offers highly customizable tools that have crypto-backed loans for both fiat and digital currencies.
- CoinLoan is a secured loan and legit platform; it does not ask the users for credit history, and if they offer a collateral asset as a guarantee for the repayment of the loan, it is enough to secure the loan.
- The loan period is set between 30 days to 3 years, and the borrower can commit to an early repayment period without covering the costs. They should pay the rest of the loan using their asset of that choice or with the asset used as collateral.
- Regarding the interest rates, the final level is based on the loan-to-value (LTV) rate. If the user provides higher collateral, they get better terms. Also, the user can increase the terms of the collateral amount after receiving a loan. In this way, the user can cover the lending interest without hassles.
CoinLoan Reviews – Borrow with CoinLoan
Several lists of services are offered by CoinLoan on its advanced crypto trading platform. It provides instant swipe with more than 140 pairs, crypto-to-fiat payouts, and fiat-to-crypto purchases. CoinLoan crypto exchange is easy to use, and it offers an intuitive interface, competitive fees for its users, etc. Further, CoinLoan supports several fiat payment options that also include bank cards. It offers several options for everyone for both withdrawal and deposits, irrespective of the country of residence.
- If the user deposits cryptocurrencies, CoinLoan does not charge any fees. Also, their deposits are free except if they use Visa or MasterCard, CoinLoan fees are 2 EUR plus 4.2% is charged.
- If the user withdraws in fiat and cryptocurrencies, CoinLoan does not charge any fee.
- CoinLoan charges a liquidation fee of 7% on the liquidated loan collateral.
- It charges a borrowing fee of 1% on the principal amount, and if the user pays the fees using the CLT tokens, the user gets 50% as a discount on the borrowing fee. Further, the remaining amount is converted to CLT as per the market value. For more information click here.
CoinLoan Token Details
According to the CoinLoan review, it provides an intuitive and user-friendly platform for its users. The native token of CoinLoan is CLT and its current rank according to CoinMarketCap is #612 as of today. Using a CLT token, the user can take or repay their loan amount in their preferred currency of choice. Yet using the native CoinLoan token CLT has many benefits because it provides the best interest rates.
If the user stores the CLT token, it adds an extra 2% to the annual interest rate, and for repaying the loans using CLT, it reduces the borrowing fees to 50%. CoinLoan tokens provide an extra layer of convenience for the platform and allows users to save on borrowing fees and earn more interest.
CoinLoan Supported Assets and Rates
CoinLoan supports more than 10 cryptos, here is a list of some assets supported by CoinLoan with their corresponding rates for each asset:-
|Bitcoin (BTC)||7.2% APY|
|Pound Sterling (GBP)||12.3% APY|
|Tether (USDT)||12.3% APY|
|USD Coin (USDC)||12.3% APY|
|Paxos Standard (PAX)||12.3% APY|
CoinLoan Review – CoinLoan Supported Assets with its Rates
Let’s dive into how the CoinLoan users can benefit from its app:-
- The users can apply for the loan on the go.
- They can manage their loans conveniently.
- Also, they can make their repayments within a few clicks.
CoinLoan Reviews – CoinLoan App
The majority of the funds of CoinLoan are stored in cold-multi signature wallets. CoinLoan does not store the private keys in network-connected devices; the withdrawals are manually processed, which in turn can cause a minor delay. In this way, it improves the security of the user’s funds. The platform’s transactions are signed offline on the offline devices carried out by several people. CoinLoan operation complies with CCSS (cryptocurrency security standard), and their assets are stored with BitGo, and the insurance is secured with Lloyds in tune with $100 million.
CoinLoan Customer Support
As per our reviews, CoinLoan provides round-the-clock customer service, and the users can get answers through live customer support if they have any inquiries. The customer service team is highly dedicated and knowledgeable, and the user can send an email to [email protected] if they have any queries. The team responds quickly, and they also have an interactive telegram community where the user can connect with this platform for the latest happenings. Further, the users can also connect with CoinLoan through Twitter.
CoinLoan Review: Conclusion
To conclude, CoinLoan is a reliable crypto borrowing platform, and users can earn interest for their crypto assets. This platform is officially regulated and licensed and provides excellent features like the highest level of security, great customer service for its users. CoinLoan is growing exponentially in the crypto market by offering several excellent features like 24×7 live support, an intuitive user interface, and a state-of-the-art mobile app that helps users to manage their digital assets on the go. Further, CoinLoan stands out by offering interest to its investors on its crypto assets, a new feature not offered by any other platform in the cryptocurrency space.
Is CoinLoan Safe and Legit Platform?
CoinLoan is a Safe and legit crypto lending platform that is regulated and licensed under Estonia financial authority. Moreover, it has insurance of $100 million from Lloyds, and its assets are stored in BitGo.
Where is CoinLoan Based?
CoinLoan is based in Europe, and it is regulated by a Financial institution licensed under Estonia Financial Authority, operating globally. It takes care of the AML and KYC process and ensures that it complies with European and international regulations.
What Kind of Loans Does CoinLoan Offer?
According to our reviews, CoinLoan provides crypto-to-crypto, fiat-to-crypto, and crypto-to-crypto loans.
Is it Mandatory to Complete KYC Verification for Performing any Transaction in CoinLoan?
CoinLoan is a regulated platform, and users must complete the KYC verification process to perform transactions. It takes a few minutes to complete the KYC process.
Does CoinLoan Perform any Credit History Checks for Loan Approval?
CoinLoan does not perform any credit history checks for approving loans; instead, it approves the loans instantly based on the collateral. Hence no paperwork or credit history checks are needed.