CoinLoan has halted its operations and commenced bankruptcy procedures. On June 6, 2023, the company made an announcement stating that it was forced to shut down due to “unfavorable market conditions.”
Contents
- 1 Best CoinLoan Alternatives
- 2 How to Sign Up for CoinLoan Account
- 3 How CoinLoan Works
- 4 CoinLoan Features
- 5 CoinLoan Interest Rates
- 6 Types of Loans offered by CoinLoan
- 7 Does CoinLoan Have Credit Checks
- 8 CoinLoan Pros and Cons
- 9 CoinLoan Fees
- 10 CoinLoan Supported Crypto and Fiat Currencies
- 11 CoinLoan Supported Countries
- 12 CoinLoan Customer Support
- 13 Is CoinLoan Safe? Is CoinLoan a Scam?
- 14 CoinLoan Alternatives
- 15 Final Word on CoinLoan Crypto-Backed Lending
Best CoinLoan Alternatives
Below are some of CoinLoan alternatives:
What is CoinLoan? CoinLoan was a platform that offered crypto-backed loans and crypto interest accounts. It is also a cryptocurrency exchange and crypto wallet.
CoinLoan Review Key Takeaways
- CoinLoan helps you grow your crypto by earning daily interest without paying deposit or withdrawal fees.
- You are allowed to apply for a loan that is backed by cryptocurrency or fiat.
- To get a CoinLoan, you don’t need a good credit score because no credit check is required.
How to Sign Up for CoinLoan Account
To sign up for CoinLoan account:
- Visit their website CoinLoan.io and click Sign Up at the right top corner
- Enter your email address and then set a strong password
- A verification code will be sent to your email
- Use the verification code to verify your CoinLoan account
How CoinLoan Works
CoinLoan is a crypto exchange that also offers crypto loans and interest on deposits. Through the platform, users can buy and sell crypto for fiat. CoinLoan offers instant swaps for more than 140 crypto pairs. CoinLoan supports more than 15 crypto assets.
To get a loan from CoinLoan, you need first to sign up for an account. Once you have signed up for an account, you need to deposit crypto or fiat currency into your interest account. You will be earning an interest every month through this account.
When borrowing a loan, you will need to deposit crypto assets as collateral for the loan. You will then need to select the repayment period and interest rates. At the end of the crypto loan duration, you will pay the principal and interest altogether. If the borrower is not able to repay the loan, CoinLoan will keep the collateral. Loans get instant approval if you meet the requirements and you don’t require any paperwork or credit checks.
Previously, CoinLoan was a p2p crypto lending platform, but it has since stopped being a p2p lending platform although it still appears in many crypto peer to peer lending platform reviews.
CoinLoan Features
CoinLoan has the following features:
- CoinLoan Interest Account: CoinLoan interest account allows CoinLoan customers to earn interest from their deposits. Interest rates are calculated daily based on your assets. There are no monthly fees, transfer fees while you can withdraw your money any time you need it. You can deposit fiat currency or crypto into the CoinLoan interest account.
- CoinLoan App: You can download the CoinLoan app that is available for Android and iOS users. You can use the app to manage your funds and borrow loans. You can also use the app to make your loan repayment.
- CoinLoan Reversed Loans. You can get a crypto loan from CoinLoan that is backed by stablecoins or fiat. For instance, you can borrow BTC against USDT. So far, CoinLoan is the only platform that is offering reversed loans; crypto-to-fiat, crypto to crypto and fiat to crypto.
CoinLoan Interest Rates
CoinLoan offers the following annual percentage yield (APY) for the following cryptos.
| Crypto Assets | CoinLoan Rates |
|---|---|
| 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 |
Types of Loans offered by CoinLoan
CoinLoan offers different types of loans. They include:
- Crypto-to-crypto
- Fiat-to-crypto
- Crypto-to-fiat
Does CoinLoan Have Credit Checks
CoinLoan does not have any credit checks. Instead, it accepts crypto as collateral for loans. Loans on CoinLoan are accepted instantly and no paperwork or credit checks are required.
CoinLoan Pros and Cons
CoinLoan Pros
- Fixed interest rates
- Very secure and easy to use
- Supports multiple crypto and fiat currencies
- It is available worldwide
- It supports fiat transfers
CoinLoan Cons
- Lacks transparency
- Little information about the owners
CoinLoan Fees
CoinLoan charges the following fees:
- No deposit fees for cryptos unless customers use Visa or MasterCard
- 2 EUR and a 4.2% fee for Visa and MasterCard deposits
- No withdrawal fees for fiat and crypto withdrawals
- Borrowing fee: 1% of the principal amount
- Liquidation fee of 7%
- You get a 50% deposit when you use CoinLoan Tokens
CoinLoan Supported Crypto and Fiat Currencies
CoinLoan supports the following crypto assets.
- Paxos Standard (PAX)
- True USD (TUSD)
- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BUSD)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Monero (XMR)
- Ripple (XRP)
- Bitcoin Cash (BCH)
CoinLoan supports the following fiat currencies: USD, EUR, GBP and RUB.
CoinLoan Supported Countries
CoinLoan is supported in more than 150 countries. Only in a few countries where CoinLoan is not supported due to restrictions.
CoinLoan Customer Support
CoinLoan has excellent customer support available 24/7. You can contact them through live customer support or via email to support@coinloan.io. They respond to customers’ queries very fast. There is also a Telegram community where users can connect and interact. You can also connect with CoinLoan through Twitter.
Is CoinLoan Safe? Is CoinLoan a Scam?
Many people want to know if CoinLoan is legit. CoinLoan is a safe and secure crypto-backed lending platform. It is regulated by the Estonian Financial Supervision Authority and FinCEN in the US. CoinLoan stores fund separately in a cold multi-signature wallet, hence securing your funds. Besides, CoinLoan has $100 million insurance from Lloyds and the crypto assets are stored in BitGo.
CoinLoan Alternatives
You can use the following services as an alternative to CoinLoan.
Final Word on CoinLoan Crypto-Backed Lending
CoinLoan is an excellent crypto lending platform and users can earn interest from their deposits. The platform is safe and secured and licensed by the necessary bodies. You can use CoinLoan to borrow and swap digital assets. Besides, CoinLoan supports multiple digital assets and fiat currencies.
