How can I repay my loan?
The full duration of your loan is 24 months, and you will receive a monthly bill for a minimum payment The minimum payment is 1/24 of the issued loan amount and interest for the current billing cycle You have two options how to repay your loan – you can make monthly payments according to the invoices sent to your e-mail address, pay larger amount the indicated in the invoice to decrease interest expenses or repay the full amount before the due date whenever it is convenient for you. You are obliged to make monthly payments on time. Otherwise penalty fees may be applied.
How to make a monthly payment?
CryptoLoan only accepts payments in SEK. You can easily make your monthly payments by the bank transfer choosing Bankgiro or Swish payments. All payment details are available in your CryptoLoan user profile.
How will I receive my invoices?
Monthly invoices will be sent to your registered e-mail address 10 days before the due date. If you will miss an invoice, we will send reminder a couple days before due date. The amount of scheduled payment as well as remaining loan amount will always be displayed in your user profile.
Can I refund the loan before due date?
Yes, you can refund the full amount of your loan whenever it is convenient for you.
Should I still pay even if I have not received an invoice?
Yes, you still have to make payments on time even if you have not received an invoice. We will make sure that you receive your bill 10 days prior the due date, but if you are missing any invoice, please contact CryptoLoan via e-mail at email@example.com or phone: 0757575023.
What will happen if I fail to repay the loan?
If the borrower does not pay the bill until the set due date, penalty fees will be calculated. In the case when the borrower delays several payments and the total amount of borrower’s outstanding liabilities reaches 90% loan-to-value (LTV) threshold, according to the Loan Agreement, CryptoLoan is entitled to sell the collateral. If outstanding liabilities reaches 65% LTV threshold we will notify the borrower in his user profile, via e-mail and text message and the borrower will be able to make necessary payments. If the outstanding liabilities reaches 90% LTV threshold, CryptoLoan will sell the collateral. The main purpose of selling the collateral is to cover borrower’s outstanding liabilities. If the selling price of the collateral is higher than the full amount of existing liabilities, the difference will be transferred to the borrower’s bank account. CryptoLoan will inform the borrower about selling the collateral and settling liabilities in his/her user profile and via e-mail.
What is the due date for my first payment?
The due date of the first payment is calculated 30 days from the loan issue date. This day of the month will become the settlement day for the all continuous invoices as well the whole loan agreement.
Can I change the payment date?
Yes, you are allowed to change the payment date once within the loan term if there are no delayed payments within the existing loan agreement. Changing the payment date is free of charge.