The borrower is charged with the borrowing fee simultaneously when accepting the application and issuing a loan. Borrowing fee currency can be chosen while creating an application, by selecting “Service Fee Type”.
CoinLoan platform provides two options for paying borrowing fees:
The borrowing fee is 1 CLT for borrowing 10,000.00 USD for one month.
For other fiat currencies, the conversion is based on the effective USD exchange rate.
Borrowing fee calculation formula:
Fee = Loan Principal Amount / (10,000.00 USD * Loan Term)
|10,000 USD||15 days||0.5 CLT|
|10,000 USD||30 days||1 CLT|
|100,000 USD||15 days||5 CLT|
|100,000 USD||30 days||10 CLT|
|100,000 USD||90 days||30 CLT|
|500,000 USD||270 days||450 CLT|
Borrowing fees range is between 1 - 3% of the overall loan principal amount, depending on the loan term and are as follows:
|1 - 360 days||1%|
|361 - 720 days||2%|
|721 - 1080 days||3%|
If CLT token has been selected as a Service Fee for a loan and borrower’s CLT wallet balance value is not enough for paying the service fee, CoinLoan platform will automatically deduct the equivalent amount in fiat currency from the loan principal.