Taking out an Easy Loan with AltCoinTrader is as easy as providing collateral, borrowing up to 50% of the collateral in xZAR and repaying your xZAR when you are ready to reclaim your collateral.
You can take a Easy Loan by following the below steps:
- Log onto your www.altcointrader.co.za account with your username or email address and your password.
- In the top menu, click on the "Easy Loans" button.
- You will be taken to a webpage such as the one below and will be able to select the type of collateral you would like to use.
- You will click the "take a loan" button on the collateral you would like to use.
- You will then type in the amount of your selected crypto that you would like to use as collateral,accept the terms and conditions and click deposit. Please note that you will only be allowed to borrow up to 50% of your collateral and that there is a minimum loan amount of R1000.
- Once you have clicked deposit a pop up will appear asking you to confirm that you would like to deposit collateral. We will select the "ok" option.
- A pop up will appear stating "Success, collateral successfully deposited".
- Your screen will now look the same as the below image. Here you will be able to see how much collateral you have deposited, the available amount to loan and the amount of your available loan amount that you have used.
- You will the select the amount you would like to loan by either using the slider, clicking max (only if you would like to take the maximum loan amount) or by typing the amount of xZAR you would like to loan in the xZAR box.
- Once you have entered the amount you would like to borrow you will click the borrow button. A pop up will appear confirming that you would like to take a loan. It will state the loan amount and the variable interest amount. You will click the "ok" button to confirm your loan.
- A pop up will appear stating "Success, loan taken successfully" and the xZAR amount will show on your account.
Tips and tricks when taking out an Easy Loan
- All interest rates are subject to change.
- Loans can only be repayed using xZAR.
- Liquidation can occur when your collateral value drops below the liquidation price and we are forced to sell your collateral to repay and close your loan.
- All loans are in xZAR.