CoinLoan Review – Crypto Loans, Lending & Exchange

Disclaimer: None of this is financial advice. It is educational and marketing content. Interest rates and other loan terms might not be accurate. Do your own research before borrowing.

CoinLoan offers borrowing of fiat and crypto, interest on crypto and stablecoin deposits, and an exchange. They also have their own token that you can utilize to boost the interest rates you can earn with them.

Note though that CoinLoan is quite a bit less popular than that of its competitors, YouHodler and Celsius, which I have already reviewed.

Table of contents:

Borrowing with LoanLoan

The minimum loan amount for stablecoins at CoinLoan is rather high at $1,000. Their minimums for other cryptos are high as well. 0.01 for Bitcoin, 0.5 for Ethereum, and various other minimum amounts for other cryptos.

If you want to borrow less, look for the crypto-backed Euro option. For this, the minimum is €100. Perfect for my use case of just testing them out.

The borrowing interest rates are not the best. They range between 4.5% – 7.5% for cryptos like Bitcoin and Ethereum and 4.95% – 14.95% for stablecoins and fiat.

For my loan, I needed to pay a €1 origination fee. This is 1% of my loan amount. If I were to borrow €1,000, this fee would have been €10.

What interest rate I get depends on what LTV (Loan to Value) ratio I go with. The more loan collateral I deposit and lock-in, the lower the interest rate will be.

As my loan is really just a short-term small loan to test them out, I decided to go with a 1-month duration and 70% LTV for my €100 loan.

The Verification Process

The KYC process for CoinLoan is pretty straightforward. The one thing that is a bit unique is that you need a webcam or a phone to submit a selfie where you move your head around so they get a good photo of you from all angles.

Throughout the verification process, you can switch from your PC to your mobile phone easily by scanning a QR code. This makes it easy to use your phone camera to capture the required ID proof.

The verification process was really quick. It was just like a 5-minute wait after submitting my info and ID documents.

Depositing Collateral

As I just wanted to borrow €100 with a 70% LTV, I deposited just a bit more than my collateral requirement.

To deposit Ethereum into my CoinLoan wallet, I had to enable 2-factor authentication. They use the Google Authenticator app.

After waiting two hours after transferring from MetaMask, the transaction is still not available in my CoinLoan wallet. This is a lot slower than the minimal waiting time when using YouHodler to borrow instead.

Luckily, the deposit was visible in my CoinLoan wallet just minutes after writing the above. So in total, I had to wait about 2 hours from sending with MetaMask till it was available in the CoinLoan wallet.

Instant Loan – Kind of

After the quick verification process and the slightly long depositing process were both finished, I went ahead and applied for the loan.

I got the loan as soon as I applied for it. That was really pleasing.

A few datails of my loan:

  • Loan Amount: 100 EUR
  • Interest: 1 EUR
  • Payoff Amount: 101 EUR
  • Interest Rate: 11.95%
  • Loan Term: 1 month
  • Origination Date: Jun 12, 2021

The total amount I had to pay to borrow €100 was just a €1 interest fee + 1€ origination fee + the Ethereum gas fee. Simply amazing! Just having to pay a ~2% to borrow €100 for a month.

This is something I think you would not find in the legacy borrowing and lending world.

Withdrawing from CoinLoan

Withdrawing EUR from CoinLoan seems easy enough. And there are no fees apparantly.

However, I don’t want to be paid in legacy currencies, I want to exchange the EUR for a cryptocurrency. Luckily, there is an exchange feature on CoinLoan.

I tried to exchange my EUR into ETH, but apparantly the minimum amount of ETH to exchange into was 0.06. I only had enough EUR for ~0.046 ETH so that was not an option.

Then I went ahead and tried with a stablecoin, hoping for better luck. And yay, exchanging into TUSD worked like a charm.

I got 117.81 TUSD for my €99. According to the exchange rate on Google search, €99 is worth $120,02. Unfortunately, I don’t think CoinLoan offers the best exchange rates.

After exchanging my EUR into a stablecoin I wanted to withdraw that money into my MetaMask wallet. That worked like a charm without any fees!

Interest-Earning Accounts

To earn interest on my Ethereum with CoinLoan, I had to deposit at least 0.2 Ethereum. 0.2 Ethereum is worth just over $465 at the time of writing this. The minimum for Bitcoin is 0.005 and the minimum for the stablecoin True USD is 100.

The CoinLoan Token

CoinLoan has its own token. You can find it listed on CoinMarketCap.

When you own at least 125 CoinLoan tokens, you get promotional annual interest for all assets in the Interest Account. The more coins you have, the higher your rates. If you hold 2,500 CLT, you will be eligible to earn 12.3% on USDT and 7.2% on BTC. That’s +2% to our basic offer.

CoinLoan help center

At the time of writing this, 125 CoinLoan tokens is worth about $1,400.


I keep getting signed out of the CoinLoan website after just a minute or so. That is a bit annoying but something they probably will fix soon, unless it is a security feature and not a bug.

There are pretty high minimums for borrowing, earning interest, and exchanging at CoinLoan. This could be a pretty big drawback to a lot of people.

Overall the borrowing with CoinLoan was easy and really cheap. I give them a 3.5/5 total score.