As a loyal KoinWorks user, of course, you already know KOIN.
But, for those of you who have just heard about KoinWorks or have never heard of KOIN, you might often wonder what KOIN is?
Definition of KOIN
KOIN is a fund on the KoinWorks platform that is given to Lenders through certain promotions or programs.
Lenders can use KOIN to fund loans and get a portion of the interest on the payments they earn.
It’s just that this KOIN is only valid once every time it is used to fund.
The principal of the KOIN will be forfeited, but the interest generated will be fully yours as the Lender.
How to Get KOIN
KOIN can be obtained by both potential users and active users from various KoinWorks promos. Users can get KOIN from the KoinWorks Referral Program by inviting colleagues or using the peer referral code when registering for a KoinWorks account.
In addition, users can also get KOIN by using the KoinWorks Promo Code when registering.
There are many ways that can be used to get KOIN. Please follow KoinWorks social media accounts and blogs to get the latest information about various programs to get KOIN.
How to Use KOIN
Using KOIN is the same as using cash balances at KoinWorks in general.
It’s just that, Lenders must immediately allocate the KOIN before the expiration period (30 days after the KOIN is received).
In particular, if the Lender has a KOIN when making funding, KOIN will always be allocated/deducted first because of the valid expiration period.
An example scheme is like this:
- Funding amount : IDR 1,000,000
- Cash Balance : IDR 10,000,000
- KOIN : IDR 200,000
Therefore, from the total funding nominal of Rp1,000,000, the KOIN of 200,000 will be prioritized and deducted first plus Rp.800,000 which will be deducted from the nominal cash balance.
So, the composition of your funding is like this:
Total Funding = KOIN + Cash Balance => IDR 1,000,000 = 200,000 COINS + IDR 800,000
After funding, the final value of the Lender’s Cash Balance will be IDR 10,000,000 – IDR 800,000 = IDR 9,200,000 and can be seen in the account of each Lender.
This is done because KOIN has an expiration period so that the allocation will always be prioritized in every funding activity.
If the Lender does not have a KOIN, then the Cash Balance will be deducted every time he makes funding.
The allocated KOIN will generate returns in the form of principal and interest, where the principal from KOIN will be withdrawn by KoinWorks and the interest will be fully owned by the Lender.
Please note: The explanations above are only available for KoinP2P.
Well.. those are some explanations that you can know about KOIN and how it works on the KoinWorks platform.