Am I
restricted
on where the funds come from (ie. exchange, wallet, ledger, etc.)?
There are no restrictions. All exchanges, wallets, and offline (cold)
storage
will
work.
If my
crypto is
staked, can I use it as collateral?
No, borrowers cannot use staked crypto as collateral. They have to
un-stake
it first.
Who
pays the
gas fees for sending the collateral?
The borrower will pay the gas fees for sending the transaction. Gas
fees will
depend
on the blockchain being used and its network congestion. Typical gas fees are around
$2-$10.
Can I
add more
collateral to the loan if crypto prices drop?
Borrowers are able to add collateral at any time to drop their LTV.
Borrowers
will
also receive a warning email in case they are getting close to the liquidation
threshold.
How
long will
it take for a dealership to receive the funds from the loan?
DeFi loans funds will be deposited within a few minutes once the
borrower
deposits
the collateral.
How
long will
it take to process a loan?
As a borrower, requesting a loan on the CIon platform is really
simple. It
can take
about 15-45 minutes to process a loan from start to finish with your sales or finance
representative.
Can I
make a
partial down payment with fiat/crypto and finance the rest in cryptocurrency?
The borrower can make partial down payments either with fiat currency
or with
crypto,
and finance the remaining amount. Terms will be determined by the car dealership.
WHERE CAN I SEE MY MONTHLY PAYMENT?
For Defi, there is no such thing as a monthly payment, it works like a line of credit, where the
borrower can decide when to repay the loan at any given time. For CeFi loans you can see the monthly
payment amount before submitting the loan :
