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Creating your loan

Ross
Ross
  • Updated

THIS FUNCTIONALITY IS CURRENTLY ONLY AVAILABLE FOR ISLE OF MAN BASED USERS.

 

You can start the process for taking out a loan from the Loans page which can be reached by selecting Loans in the sidebar of your CoinCorner account.

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From the Loans page you will see some information regarding the loans we offer, with a loan calculator which can be used to create a loan against your existing BTC balance in your account.

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Enter the GBP loan amount you are after in the Amount box and the Collateral box will automatically populate with the BTC amount that you must put up as collateral for a loan of that value. 

Using the dropdowns provided you can then choose the repayment term and select the date each month that the payment is debited from your CoinCorner account.

More detailed information on the loan, including the interest rate and margin and liquidation calls, can be found on the right hand side of the page and hovering over the gg.PNG icon will provide a brief description of what each of these mean. 

 

Upon clicking Create a popup will appear that lets you enter a name for the loan to help you keep track of what it is for, especially if you decide to create multiple.

The terms of the loan will be displayed to you again as well as copy of your loan contract for you to download, read and keep for your records. The BTC price for your loan updates every 15 seconds on the previous page and will be locked in when you get to this point and the contract is provided.

If you are happy to proceed with the loan then tick the box provided and click Create.

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Once created you will be able to view all open loans in the My Loans section of the Loans page. The All Loans area will show all the loans on your account.

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If you have multiple open loans then you can click between them to view the status of each, and the name of a loan can be changed by clicking the '...'. You can toggle the Show past loans box to show or hide loans that have been paid off. Some of the important information on each loan will be show in this area, with a blue progress bar at the bottom that fills up as you progress with paying off the loan.

 

The Loan Details area shows important information regarding the loan you are viewing, and the meaning of each heading can be found below:

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  • Start Date - the date you created this loan
  • Next Payment Amount - the amount that will be automatically taken from your account in the next repayment
  • Next Payment Date - the date that the next automatic repayment will be taken from your account
  • Payments Remaining - how many months worth of repayments remain before the loan is paid off
  • Loaned Amount - the initial amount loaned when the loan was created
  • Early Settlement - the repayment required to complete an early settlement of your loan. This amount includes the origination fee.
  • Term Length - the length of the repayment term you selected when creating the loan

The Loan History area shows a history of transactions related to this loan. This area will show the creation of the loan, all automated and manual loan repayments and any top-ups or liquidations of the BTC held as collateral.

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Have any questions? Get in touch!

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