Topic: 🔥[ANN][ICO] CoinLoan — Lending Platform with CryptoAssets as Collateral🔥 - page 18. (Read 9943 times)

Unfortunately, we do not have a Spanish translation yet.

I've heard about CoinLoan from my friends.

Could you please provide us the link for Spanish translation ?

I've read your whitepaper and it looks promising.
Looking forward to invest some of my money to your project.

Thanks

CoinLoan will allow borrowing and providing loans in fiat currency (USD, EUR, etc), with fast and convenient deposit/withdrawal methods.

ICO will be launched in 14 days after Pre-ICO.
You can use the referral program for receiving a bonus in the amount of 5% from token sales made via the referral link.

Lending platform is good but one thing there

How would you compete with existing platform like EThlend when they already have their product launch?

Don't get me wrong, it is good to have competition within categories in an industry, but if one can invest in an ICO with existing product, why do they want to invest in another ICO with just an idea?

When does the main ICO start and will there be any bounties for promoting it?

Thank you for your confidence! We will do our best.

Interesting concept, with this kind of project it should be able to help peoples or groups if they wish to build any new business, and it will help them grow.

I invested because I like the way funds are being raised compared to SALT.  Don't let me down CLT!  Time to market is the most important so 16 hour work days are the only way.  You can do it!

For any new visitors checking out CoinLoan, check out this Medium article . It makes review of both CoinLoan and SALT from an investor's perspective.  

We are glad to inform that today we have published the first White Paper version on our website (www.coinloan.io). Now you may check out all details of the project.

Added FAQ on the website: https://coinloan.io/faq/

I believe its more a platform that facilitates peer-to-peer lending of fiat not crypto-currency where people can borrow or lend money to each other

For eliminating risks for our investors and the whole project due to future state regulation we decided to replace "token-share" model by "token-service" model. Thus, tokens will be used in the platform for paying fees related to applications for provision and reception of loans. The fee amount will be calculated in CLT and will depend on the amount and term of the loan.

As our project has little in common with conventional P2P lending platforms, we decided to transfer the positioning of the project to "a platform for loans secured on crypto assets."

Also, we have extended the opportunities of the borrower to provide maximum preservation of the crypto asset. In case of the increase of the market value of the secured asset (collateral) the borrower has a multiple choice of actions: 1 - to withdraw the excessive amount of the collateral, 2 - to increase the loan amount. If the collateral market value falls, the borrower has a multiple choice of actions: 1 - to increase the amount of collateral with the help of an additional crypto asset, 2 - make an advance payment on the loan, 3 - to do nothing and system will begin to liquidate the collateral (crypto asset) automatically in increments.


Let`s take the following case as an example (the interest rate is given for convenient calculation, the actual value will be much lower):
Let`s assume that you have 10 BTC of current market value which comprises 4000 USD. You wish to receive a loan for one year at 10% per annum which consists of 12 scheduled monthly payments (also an opportunity of receiving a loan with one-time repayment).
You may get a loan up to 70% of the market value of your crypto asset, i.e., 28000 USD. In this example, the collateral balance comprises 10 BTC with the exchange rate which comprises 4000 USD. As a result, the loan shall have a percentage ratio between the loan and the cost comprising 70%. In other words, the loan shall be hedged by 42.8%.
The loan repayment will be made in equal-sized payments within 12 months and the monthly payment will comprise 2461.64 USD (among which 2228.31 USD will be spent for repaying the principal debt and 233.33 - for accumulated interest). After making the first payment, the principal remainder shall be reduced to 25771.69 USD, and the percentage ratio between the loan amount and collateral cost will be reduced to 64.4%.

Further, in this example we`ll consider the reduction of BTC market value to 2800 USD which results in the ratio (92%)  between the amount of the loan remainder (25771.69 USD) and 10 BTC used as a collateral.
We will inform the borrower about the necessity of replenishing the collateral amount by 3.94 BTC or make an advance payment in the amount of 6171.69 USD.
Any variant will result in the 70% ratio between the loan amount and collateral cost.

If the borrower is not able to replenish the personal account and reduce the percentage ratio between the loan amount and the collateral cost, the platform will initiate partial liquidation of the collateral for repaying the part of the loan and reaching the 70% ratio. Particularly, in our example selling of 7.34 BTC for 20552 USD required for reducing the loan amount will be initiated. After the selling, the loan remainder will comprise 5219,69 USD and will be backed by 2.66 BTC at a price 2800 USD (total cost - 7448 USD) and will be equal to the 70% ratio between the loan amount and collateral cost. This procedure will be repeated if the market value of the collateral (BTC) falls to 2100 USD.

We will accept various ways of notification of the borrower about the reduction of the percentage ratio between the loan amount and collateral cost, including notification via E-mail, SMS and via PUSH-notifications from the mobile app.

Thank you for your remarks. We have revised the legal nuances and decided that we can launch with "Credit Intermediary License" which can be obtained within two months. Currently, we are revising the technical aspects to make an adequate calculation of time for developing the minimal functionality for starting. According to the results of preliminary estimations, all the job requires not more than six months.
In this roadmap, we have stated the maximum term including obtaining of additional licenses. Today we plan to update the roadmap.

This is cool, borrowing money in a form of a coin. nice.

well with this unique idea some copycat will follow and it will be a competition just like what happen to most ico right now, regarding to this project
the waiting time is longer than expected so it will be a question in mind if what will happen after the ico stage finished and its a risk but if succeed
the plan was to make a service which is new to crypto. so good luck

Here are some key features which distinguish us from other projects:
1. We will provide loans in fiat currency, and the borrower will be able to withdraw them to a card or a bank account at the touch of a button pledging cryptocurrency or tokens as collateral.
2. We are the only entity in the market which guarantees the lender full repayment of funds with the rate of interest. Thus, the lender does not bear any risks and does not need to perform assessment of solvency and reliability of the borrower.
3. We were the first in the industry to develop the system of transparent audit of project profit. As all token holders will receive dividends in the amount of 30% of the profit gained from completed loans. The technical details of implementation of the accountancy and audit will be described in White Paper.
4. Our company will be fully licensed for official activity.

A crypto currency loan? it look like there is more and more like this.