Timeframe for Loans (Coinbase Borrow feature)

My concern is about the Borrow feature on Coinbase. Mostly, the information available suggests there are no time limits for the loan, if interest payments are made, the principal loan can be paid off “whenever ready,” but kind of as a tangential remark within one of the articles/FAQ pages about the Borrow feature, it says that there is a 12 month timeframe. The information available is very unclear about what this entails.

I am interested in making a loan that lasts for longer than 12 months. It is pretty much universal that lending platforms allow for options to extend/roll over or refinance a loan so that the length of the loan can be extended. Is there an option to do this as pretty much every established lending platform allows clients to do, or is there an option to make a loan with more than a 12 month timeframe?

If not, what does Coinbase do to a client’s loan if the client is not ready to fully pay off the loan principal yet? Do they just liquidate the collateral in that event?

If this is not a possibility for some reason, I will probably have to go to other lending platforms that actually provide more flexibility when it comes to options to extend or refinance a loan. I would also be wary of Coinbase in general, knowing that they are taking advantage of retail investors by not even giving them the extension/refinancing options that pretty much all established lending services provide.

Note: Don’t get all worked up Coinbase fans out there (if that is a thing, lol). I am not trying to trash Coinbase, I am just trying to get some clarity. I tried to email Coinbase Support and all I got was a generic, clearly pre-written message about margin calls and about how to make interest payments. So yeah. Thanks in advance people of Reddit.

What do you think?

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