© GetHuman Inc.

What Happens If I Don't Pay Back My Loan from Coinbase?

Christian Allen is the editor / author responsible for this content.
Jul 12, 2022

Coinbase is one of the most common places where people buy and sell cryptocurrencies. The platform also allows users to borrow from a line of credit backed by US dollars. Borrowing from Coinbase is a way to get extra cash to buy more cryptocurrency when the prices are low. You can also withdraw money from your Coinbase account and use it for other purposes. However, one of the most common questions from Coinbase users is: What happens if I don't pay back my loan? Read on to find out.

What Happens if I Don't Pay My Coinbase Loan?

The answer to this question depends on the account you take from. If you borrow from the Coinbase line of credit, a late payment will result in the sale of your BTC collateral. The amount of BTC depends on the amount you owe and the BTC current market value. Any funds raised from the sale will go towards repaying the missed payment. If you don't have enough BTC to cover the entire loan, you will still be responsible for repaying the total amount plus any interest and fees accrued. You can contact customer service to learn more about the terms of your loan.

If you have taken a fixed-term loan from Coinbase, it will sell enough of your BTC collateral to cover the missed payment plus a 2% fee. The funds raised will go towards repaying the missed payment. If you don't have enough BTC to cover the entire loan, you will still be responsible for repaying the full amount plus any interest and fees accrued.

When Are Loan Payments Due?

When you borrow from Coinbase, you need to pay your monthly loan interest. Coinbase recommends making payments between the 1st and 15th of every month to avoid late payments, which may result in the sale of BTC collateral. You will receive a billing statement at the start of every month, and your first payment is due 30 days after your loan approval for fixed-term loans.

How Do I Pay my Coinbase Loan?

The easiest way to make a payment is through the Coinbase app. You can also log in to your account and make a payment from there.

To make a payment:

  1. Login to your Coinbase account

  2. Click on the "Borrow" tab

  3. Click on the "Make a Payment" button

  4. Enter the amount you want to pay

  5. Click on the "Submit" button

Your payment is processed and applied to your loan balance. If you pay via a bank account, you may want to pay a few days early to ensure that your payment arrives on time. Additionally, you can use any cash in your Coinbase account to make an immediate payment.

Can I Pay My Loan Early?

Yes, you can pay your Coinbase loan early without any penalties. Coinbase encourages users to pay their loans off as soon as possible to avoid accruing interest. It doesn't charge a penalty for early repayment. You can call Coinbase customer service to make an early repayment or log in to your account and make a payment from there.

Further questions?

Ask a followup or related question and we will try to provide an answer in seconds.
Christian has been writing about long hold times and customer service call center experiences since 2010. He's been featured in Bloomberg, the Wall Street Journal and the Boston Globe.

Solutions to similar problems

How Do I Cancel My Loan from Coinbase?How Do I Get a Loan from Coinbase?Can I Get a Loan from Coinbase Without Collateral?How Do I Apply for a Long Term Loan from Coinbase?What Do I Do If My Coinbase Account Is Hacked?What Do I Do If My Coinbase Account Is Disabled?What Do I Do If There's a Problem on My Coinbase Account?How Do I Close My Line of Credit from Coinbase?Can I Borrow Money for Crypto from Coinbase?How Do I Apply for a Line of Credit from Coinbase?How Do I Recover My Coinbase Account?How Do I Get My Coinbase Account Verified?How Do I Find My Coinbase Wallet Address?How Do I Reset My Password on Coinbase?How Do I Lend Crypto on Coinbase?How Do I Change the Country on My Coinbase Account?How Do I Increase My Daily Spending Limit on Coinbase?What are the fees for buying/selling cryptocurrency on Coinbase?More Coinbase Questions...

Why does GetHuman Write How-to Guides for Coinbase Problems?

GetHuman has been working for over 10 years on sourcing information about big organizations like Comcast in order to help customers resolve customer service issues faster. We started with contact information and fastest ways to reach a human at big companies. Particularly ones with slow or complicated IVR or phone menu systems. Or companies that have self-serve help forums instead of a customer service department. From there, we realized that consumers still needed more detailed help solving the most common problems, so we expanded to this set of guides, which grows every day. And if you spot any issues with our What do I do if my Xfinity TV or internet is out? guide, please let us know by sending us feedback. We want to be as helpful as possible. If you appreciated this guide, please share it with your favorite people. Our free information and tools is powered by you, the customer. The more people that use it, the better it gets.

Coinbase

Best Phone Number for Coinbase More questions and solutions
Asked 3 years ago
Updated 3 years ago
Viewed 2,277,753 times
What if I don't pay a loan owed to Coinbase
What does Coinbase do if I don't pay my loan?

Paying Your Telecom Too Much?

After helping consumers for 10 years, we realized that you need an impartial, live person you can talk to about comparing the various TV, cable, Internet and phone plans in your area- somebody who can compare the best deals across telecom providers. So we created a free concierge service you can call at the phone number below.

Call Anytime: 888-379-2546Our concierge is unaffiliated and therefore able to compare deals across many companies
Was this page helpful?YesNeeds work
Sharing is what powers GetHuman's free customer service contact information and tools. You can help!