Dear CoinW users:
CoinW launches BitLoan on July 31, 2020. It supports USDT and CNYT, loan period varying to 7-day/15-day/30-day/60-day. The 7-day loan interest is as low as 0.03%, annualized rate 10.8%.
BitLoan is an fast loan service that uses crypto currency as collateral launched by CoinW. The borrowed funds are quickly issued, can be used in any scenario to use in time, and can be repaid early. BitLoan provides acceptable interest rates. Assets that are supported to loan include BTC, ETH, EOS, HC, QTUM, ETC, ADA, XRP, BCH.
The above currencies will be launched as scheduled. The actual mortgage currency is specifically set.
For example: collateral rate for BTC is 70%, you pledge $100,000 currently worth BTC as collateral, you will get 70,000 straight away.
Click here: https://coinw.to/bitloan/paid
Borrowing rules:
- How is interest calculated?
Interest is calculated on the day borrower and lender are matched, and then the interest is calculated at 00:00 (UTC +8) of each natural day. If the loan is less than a day, the interest is calculated as a day.
If you want to repay in advance, you only need to repay all accrued interests.
- What happens if I make a late repayment?
0.1% of the initial loan amount will be charged as overdue fee and be charged daily. If the repayment is not made within 7 days or collateral value is not enough for a full repayment, the loan will be forced into liquidation. Forced liquidation does not affect other assets that are not pledged as collateral.
- What is manual liquidation?
During the borrowing, borrowers can choose to manually liquidate. When receiving the request, we will liquidate your collateral and repay the borrowing amount and accrued interests. Rest amount will be refunded to your account.
- What is the forced liquidation warning?
When the pledged asset price drops rapidly, and your risk ratio (pledged asset value/borrowing asset value) drops to 120%, you will get warning through app notification or SMS. Consider add more pledge after receiving the warning. When the risk ratio drops below 110%, your pledge will be forcibly liquidated.
- What is risk ratio?
Risk Ratio equals collateral market value /(borrowing asset value + accrued interests), please note that the account might be forced liquidation due to price fluctuations of the mortgaged assets.
- What is liquidation fee?
After liquidate the position, 3% of the remaining amount after the repayment (principal, interest and liquidated damages) will be charged as the liquidation fee.
Thanks for your support!
CoinW Team
July 31, 2020
Risk Reminder: Digital asset is a high risk investment. It is recommended that users review the relevant information carefully before decide whether to participate. CoinW bear no responsibility for any behavior you make.
CoinW website：https://www.coinw.to
Click to join us：https://coinw.zendesk.com/hc/en-us/articles/360049645293