- What is C2C loan?
The C2C lending service of 58COIN is a special area that provides digital assets for pledged lending, providing safe, efficient and convenient demand matching services and custody services for digital asset holders with capital needs and capital holders with investment needs.
- What are the requirements for users to participate in C2C lending transactions?
- How to calculate interest in C2C loans?
It is up to the publisher to choose between 0.01% and 0.1% daily interest.
Interest = amount of money * loan period * daily interest
- After the borrowing requirement is submitted, how long does it usually take for the asset to be released?
The borrower can publish their own borrowing advertising or choose the lender's advertising to take orders. The specific release time depends on the operation of the lender.
- How is the interest charged in case of early repayment? Are there any default fees?
In the event of early repayment, the lender is still required to pay interest for the full period. The platform will not charge any default fees.
- What fees will the platform charge for C2C lending?
The principal and interest paid by the borrower are obtained by the lender. The platform may charge a certain percentage of the pledged asset custody fee for the borrower later, but the custody fee is currently 0, that is, the platform does not charge any fees.
- How to calculate the repayment date?
Suppose you close an order with a period of 3 days on January 1st, then the interest-bearing days are January 2nd, January 3rd, and January 4th, and the repayment date is January 5th. At this time, you are required to perform the repayment before 24 o'clock on January 5th, otherwise it will be considered overdue and a penalty interest will be charged.
- What happens if I forget to repay? Is there a reminder on the platform?
If you do not repay the required amount on the agreed repayment date, you will enter the overdue period. If there is no repayment within the overdue period, the platform will force closing of the position, and your pledged assets will be transferred to the lender.
The platform will send notifications to your mobile phone and email on the repayment date and overdue date.
- After the loan expires, does the platform support renewal?
Currently, the platform does not support the renewal function, but it is already in the plan.
- How to calculate the overdue interest?
During the overdue period, a 0.5% penalty interest is charged daily.
Overdue interest = payment amount * overdue period * 0.5%
- Is there a limit to the amount of borrowing and lending in C2C loans?
Cash limit is tentatively set at 100-500000CNY, and USDT limit is tentatively set at 20~100000USDT.
- Under what circumstances do I need to cover up the positions?
If the value of the borrower's pledge currency falls and a warning line is triggered (the pledge rate is 80%), the system will send you a margin call.
- What is the risk control mechanism of C2C loan?
The risk control mechanism strictly monitors the behavior of users. Those who violate the terms and rules, 58COIN platform has the right to restrict publishing of C2C loan ads and restrict the placing of orders. In severe cases, it will also freeze the funds. Some basic requirements are as follows:
1) Users are required to pass advanced verification in order to participate in the C2C loan transactions, otherwise transactions are not allowed.
2) The borrower is required to pledge digital assets, and the pledge rate is 70%, otherwise transactions are not allowed.
3) If the borrower still repays the loan after two overdue days, the system will perform a forced settlement.
4) If during the loan period, the market value of the borrower’s pledged assets falls and triggers a liquidation line (the pledge rate is 90%), the system will force a liquidation.\ 14.
- How to calculate the pledge rate?
The pledge rate requirement depends on the 58COIN background setting.
During the loan period due to fluctuations of the pledge rate that may occur and pose changes in the market value of pledged assets, the calculation is as follows:
Pledge rate = borrowed amount / market value of pledge currency * 100%
- As a borrower, what happens with the mortgaged digital assets after being liquidated?
If the borrower’s order was forcibly closed due to overdue and pledged asset value decline, your pledged asset will be directly assigned to the lender.
- As the lender, after the borrower’s order is liquidated, will the platform give me principal and interest in CNY or digital assets?
Digital assets. The platform will not compensate the lender after the liquidation, the only compensation channel is the borrower's pledged assets in the order.
- Are there any restrictions on the use of borrowed funds?
Must not be used in illegal ways. Other than that, there are not too many restrictions.
- In case of the problem with C2C lending transaction, how to solve?
You can submit a complaint appeal or contact the platform customer service staff.