Taking and Repaying Loan
- How can I take a loan?
Taking a loan is easy. Just follow a few simple steps HERE.
- How much can I borrow?
Loan conditions are subject to change, thus you should always check your loan conditions in the crypto loans portal. At the time of writing this article, the minimum loan amount is $50, while the maximum loan amount is $25,000. Generally, we are working hard to ensure that anyone is able to grasp the benefits of crypto-backed loans — from a single mom to a job-creating business.
- In what currency is the loan issued?
Currently, the loan can be issued in US Dollars and Euros. More currencies will be added over time.
- How long can the loan duration be?
Loan conditions are available to clients at their loan portal that can be accessed HERE.
- What happens if the value of my collateral falls?
If the value of the crypto asset goes down, you will receive an email from HODL Finance informing you that you must increase the amount of crypto you have given as collateral. Failing to do so will result in a portion of your collateral being liquidated to restore an LTV ratio of 50% or less, as agreed in your contract. The loan terms are subject to change and should always be reviewed when making the contract.
- How long does it take to receive my loan?
It depends on the chosen payment method. If you choose a transfer to your bank account option, keep in mind that an international bank transfer can take up to 7 business days, an EU payment — up to 1 business day.
- What happens if I don’t pay back after the loan period?
No worries. If you do not pay back after the loan period, your loan will be extended automatically. A small monthly fee of 3% of the loan amount will be added to your account. If you cannot repay your loan, please contact HODL Finance customer service. We are flexible and seek a proper solution with every client.
- Can I extend the duration of my loan?
Yes, you can request for the duration of your loan to be extended. A small monthly extension fee of 3% of your loan amount will be applied.
- Is there an additional fee for early repayment?
No. There is no additional fee for early repayment.
- Do you perform credit checks?
No. Your cryptocurrency serves merely as collateral – a guarantee of return of a loan.
- What digital assets are accepted as collateral?
The most popular cryptocurrencies BTC and ETH are accepted at the moment. More assets types will be added. Check our crypto loans portal or our newsroom for the latest addition of new fiat and cryptocurrencies.
- What happens to my crypto-assets that have been taken as collateral?
Collateral is securely stored for the loan duration in a cold wallet. Once the loan is repaid, the collateral is returned to a borrower.
- I sent my coins to the wrong address, what should I do?
The client is personally responsible for any coins sent to the wrong address.
- What is a HODL Credit Card?
The HODL Credit Card is coming soon. We are currently working with several card issuers and will announce it later. It will be free of charge. You will be able to receive your loan via the HODL Credit Card instead of via bank transfer.
KYC Process and 2FA
- What is KYC?
The Know Your Customer, or KYC, is a process used to verify your identity. KYC is a necessary step you must complete to receive a loan. Passing KYC is easy, you can find user’s guide HERE.
- Why was my KYC rejected?
This can occur for several reasons: if your document is unsuitable, if the quality of the photo you made of yourself or of your document is poor, if you uploaded a photo rather than taking it during the KYC process, or if the photo on your document does not match the photo you took of yourself. If you fail the KYC process, you will receive an email with the specific reasons why. We will advise you on what to change in order to pass it.
- What is 2FA?
Two-Factor Authentication, or 2FA, is an extra layer of security requiring not only a password and username but also something that only a user has on them, most often – a phone. Check out our guide on how to set up 2FA HERE.
- Why do I have to provide identification?
As a responsible company, we follow the Anti Money Laundering Law (AML), anti-terrorist financing and other regulations set by the European Central Bank and other market regulators. Identification is part of this important but speedy process.
- How is my personal information protected?
The KYC service is provided to HODL Finance from a trusted third-party service provider.We also use a number of IT solutions to ensure the security of your data. We comply with the laws and high standards of security when dealing with the personal information of customers, including the newly adopted European rules of General Data Protection Regulation (GDPR).
- When will my documents be approved?
Your documents should be approved the same day unless you have issues completing the KYC procedure. Our staff is on hand to help resolve any issues you encounter with this. Contact us at hello[@]hodlfinance.io or in the live help chat box at the loans portal for assistance.
Who are we?
- What is HODL Finance?
HODL Finance is the European crypto-backed loan company.
- Who are the founders of HODL Finance?
HODL Finance was established by the shareholders of commercially successful European P2P lending platform Savy. It was founded in 2014 and currently operates in 33 European countries. They function as two separate and independent companies. However, they share common know-how of the highly regulated financial services industry according to the highest EU standards.