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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Ledn's pay off

Finanso.Multilogin™

Repayment of loan

With Ledn, the customer does not need to make repayments while the loan is active. Instead, the customer is paying back his loan in a lump sum when the 12-month term is up. Also the company gives the opportunity to its customers to pay off their loans early and without penalty.

While not having to make monthly interest payments helps the customers’ budget in the short term, they will pay more in total interest if they wait until the end of the loan to pay it off. The workaround is to pay off the loan early.

Conditions of loan extension

The customers of the company have the option to extend the loan when the original 12-month term ends up.

Early payoff

At Ledn a borrower has an opportunity to pay his digital asset loan off at any point in time. Extra payments will not be charged a penalty or any additional fees.

FAQ

How do I make a payment on Ledn?

There is no specific information about the payments procedure on Ledn’s web-site. Normally the majority of the lenders offer three payment options for their customers: the automatic withdrawal of the customer’s funds from his bank account, the automatic or regular payments through the loan platform of the lender or making payments via direct bank transfer from the bank account of the customer.

What happens if you don't pay back Ledn?

When it comes to reimbursement for the BTC-backed loans, the problem issues may arise if the price of BTC, given in pledge, significantly drops in value. Such a situation triggers a margin call on the customer’s loan. This means Ledn will request that the customer deposits more collateral into his wallet or pays down some of the principal to get his LTV back to 50%

While loans are funded at 50% LTV, Ledn considers anything under 70% a healthy LTV. If the customers LTV hits 70%, Ledn asks him to deposit additional Bitcoin to bring his LTV back to 50%.

If the customer fails to take action before his LTV reaches 80%, Ledn automatically liquidates part or all of their Bitcoin assets to protect Ledn’s financial interests.

Can you pay Ledn early?

It is possible to pay early at Ledn Inc. loan platform – the borrower can do it at any point in time. Extra payments will not be charged a penalty or any additional fees.

Can Ledn sue you?

Only in case of a long-standing default on payments expressed by the borrower,  the company has no choice but to bring a case before the court or pass the case over to bill collectors. In any event, the company is making all efforts possible to carry out mediation procedures with all its customers, having difficulties with timely repayments in order to resolve all the issues before starting legal proceedings

Calculate loan payments in Ledn

Ledn calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
500 $
1000000 $
Loan term
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Specify the loan term for the calculation

days
months
30
360

What to pay attention to when applying for a loan from Ledn

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Ledn from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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