Coinloan review shows that Coinloan is the first is the first P2P lending platform for cryptoassets backed loans.

CoinLoan is a lending platform that lets you borrow money secured by crypto-assets. The basic idea behind CoinLoan is that you temporarily relinquish control of your digital assets, then receive fiat currencies in return. The list of accepted fiat currencies at launch will include USD, EUR, GBP, CNY, JPY, RUB, CHF, PLN, and CZK. You deposit the cryptocurrency into the CoinLoan platform. Then, you get a loan at once at up to 70% of the market value of your cryptocurrency funds.

CoinLoan is regulated by the Financial Conduct Authority (FCA) in Estonia.

Key facts about Coinloan

Estimated annual returns: Up to 12%
Launched: 2016
Autoinvest: No
Loan security: Backed by crypto assets
Provision fund: No
Buyback guarantees: No
Registered investors: 1000 in May 2019
Minimal investment: $1000
Time to become invested: Instantly
Time needed managing: Low
Regulation: Regulated by the Estonian Financial Supervision Authority
Country of operation: Estonia
Defaulted loans: N/A
Borrowers verification: By the platform
Accepted currencies: USD, EUR, GBP, CNY, JPY, RUB, CHF, PLN, and CZK, ETH, BTC and etc
Accepts investors from: Europe

Coinloan Review: Pros and Cons

PROS

– User-friendly and intuitive dashboard for investors
– Investment policy can be tailored to purchase whole loans based on pre-defined criteria or invest into fractional loans across the market
– International business architecture
– Fast ID verification and time to become money invested (in my example one day)
– Possibility to invest in crypto and fiat currencies
– Regulated in Estonia
– Loans with collateral

CONS

– No info about defaulted loans
– Low amount of loan offers


Competitors:

Mintos, Nexo, Zos, HODLFinance

Coinloan review: What I have experienced so far

Firstly, some words about opening account at Coinloan. For me it was easy process, all I needed was to click Sing up button. And that’s it. Later you have to upload your ID card copy to Coinloan dashboard and wait for confirmation.

Add funds to Coinalona account also is enough easy and platform has a wide selection of alternatives to do that: you can choose to make a deposit several crypto coins as well as fiat currencies. With crypto deposits it’s almost instant.

CoinLoan was established in Q4 2016, with development taking place throughout 2017. By Q2 2018, the company completed the development of the platform core and officially launched the platform. CoinLoan is developing a unique lending platform where you can borrow or lend money secured by crypto-assets. Basically, a borrower offers a certain amount of crypto-assets (including BTC, LTC, and ETH) as collateral. Then, they receive a fiat currency loan valued at up to 70% of the value of those digital assets.
Through this system, fiat currency holders can earn ROI (by charging an interest rate to borrowers), while borrowers can access fiat currency without needing to relinquish their digital assets. Talking about my experience at Coinlaon: as an investor you cannot find really attractive returns. Most of the returns varies from 6% to 12%. Most of the P2P platforms in Baltic States offer higher interest rates, so it will be hard to compete with other players. And you have to take into consideration that crypto market is highly volatile and might crash instantly.

ll in all, CoinLoan already has experience in p2p lending and crypto industry. The platform is licensed in Estonia. That gives extra security for investors compared to other players in the market. Let’s see how the platform evolve in the future (especially if the crypto market will continue to be in the bear market)