How to Create and Post a Loan Application on CoinLend.ph

Don't sell your precious Bitcoins! You can now get cash and keep on HODLing.

by Admin | February 10, 2019 | Share to:


As we all know, Bitcoin is proven as one of the most profitable investment instrument out there. Selling your Bitcoins today will most probably result in losing investment return on rate appreciation in the future. Good news for all Filipino Bitcoiners out there! If in need of cash, you may now be able to hold on to or HODL your precious Bitcoins and use them as collateral to get some cash loan with CoinLend.ph.


In this article, we will guide you on how to create and post a loan application on CoinLend.ph. We did provide an easy step by step guide with clear images to make it very easy for you (especially beginners) to follow and understand each process. Without more fuss, let's start.


STEP 1 - Go to "Apply for Loan"

On the page titled Apply for Loan under Finance and Loans category is where the borrower must go to create a loan application. When the borrower applies for loan, he/she will have the full option to set his/her own terms.


STEP 2 - Set your own terms

When creating loan applications, the Borrower sets the parameters depending on his/her choice (amount, interest rate, period, etc.). Prior to this, we recommend evaluating the parameters of other applications already posted on CoinLend.ph - lenders choose the most profitable applications for themselves.

Note: Setting terms is quite crucial for the success of the application. We recommend evaluating the parameters of other applications already posted on CoinLend.ph because lenders choose the most attractive and profitable applications for themselves.



Here are the parameters while setting the terms:

  • How much do you want to borrow? – Here, the borrower must enter the amount in PHP, the minimum is 5,000.00 and a maximum of 100,000.00.
  • For what period you need the loan? – Borrower must enter the number of days. The minimum loan period is 14 days. Coinlend.ph uses a 365 days per cycle where all days arecalendar days.
  • What is the Annual Interest you are ready to pay? – Borrower must enter the amount of Annual interest rate. Minimum value is 1% and maximum is 10,000%. We recommend a rate of 15% to 20%. Higher interest rate just means higher probability to receive a loanquickly.
  • Discounted Collateral Value – The amount of the collateral in BTC depends on the discount rate. The higher the discount rate is, the lower the risk of margin call will be because of sharp depreciation in the value of BTC. Thus, the higher the rate, the more attractive the application is to the lender. A borrower can modify the discount rate of each loan application by themselves. The discount rate can be varied from 1% to 99%. Modifying the discount rate affects the risk of MarginCall.

While setting the parameters of your loan application above, the system of Coinlend.ph will automatically calculate necessary BTC collateral for the loan.

STEP 3 - Choose Money Transfer Options

Next step is the money transfer options. Borrower must choose the method by which the Lender will transfer money to him/her. Please note, that regardless of selected money transfer option, third parties can charge commission for transfer of money. Commission must be covered by the party sending money. Check cost of transfer before sending money. It is also important that borrower fills up the required forms with legit/valid details.



The currently available options are:

  • BDO Bank Transfer
  • Metrobank Transfer
  • Cebuana Lhuillier Pera Padala (₱ 50,000.00 LIMIT of Loan Amount)
  • LBC Pera Padala (₱ 50,000.00 LIMIT of Loan Amount)
  • Globe GCash Transfer (₱ 30,000.00 LIMIT of Loan Amount)

STEP 4 - Generate Keys

Next step is the Generation of Keys. Borrower must click the button ‘Generate’ to start generating keys. Any keys used, he/she will need to manually store it safely as they will be needed later to redeem his/her BTC collateral.



Note: Coinlend.ph uses javascript to generate addresses and keys within your browser, this means we never receive your Private keys. We only save your Public key, which is used for setting-up multisig-address, to which the borrower transfers collateral BTC after loan application is accepted by a Creditor. We repeat, Private keys are not saved by us. In case the borrower loses his/her Private key, we cannot provide it to them as we do not keep it! So before clicking the ‘Submit’ button, the borrower must save their keys.


STEP 5 - Settle Transaction Fee

After clicking the ‘Submit’ button, the borrower will now be redirected to the page ‘Pay Transaction Fee’ where he/she needs to settle the required transaction fee to be able to publish the loan application. The transaction fee allows to increase the level of the responsibility of borrowers and lenders. The transaction fee is collected by us Coinlend.ph every time you place or accept a loan application.



Transaction fee for borrowing loans - is 150.00 PHP. Transaction fee for accepting loans - is 175.00 PHP. Transaction fee is necessary to avoid accepting loan applications by lender without actual intent to grant them. It also excludes placing false loan applications byborrowers.



Coinlend.ph utilizes a third-party payment service - CoinPayments.net whereas the user can pay either with Paypal, Credit Cards or with various cryptocurrencies. It is very important that during the payment process, the user must stay on the Payment Page until the transaction is ‘PAID’. If paid successfully, the user then MUST click the link ‘Go back to Seller’s Page’ or the button ‘Return to Merchant’ for us to successfully and automatically process the payment.

After settling the required transaction fee, the loan application will automatically be posted to the page ‘Loan Opportunities’ and its status will now be ‘Waiting for approval’. How quickly your application will be accepted by a Lender depends only on attractiveness of loan terms specified by the borrower. The borrower is only allowed to edit the loan application if it is still not accepted.



Note: All loan applications posted will be automatically removed from the waiting for approval list after 30 days, if the Lender doesn’t accept it. The borrower’s transaction fee will not be refunded.

What to expect next? The borrower will now just wait until a lender accepts his/her loan application.


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