Investing in cryptocurrencies such as Bitcoin has numerous benefits. In addition to saving to earn interest, you can borrow Bitcoin while using your savings as collateral. But do you know how and where to get instant crypto-backed loans?
This article will cover popular platforms that you should try today to borrow Bitcoin. They have affordable lending rates, and many people consider loans from these platforms to be better than loans from traditional banks because credit scores are not considered to get a Bitcoin loan.
General Procedure to Borrow Bitcoin
No matter which platform you use to borrow Bitcoin, the procedure is almost the same. They require you to first invest by saving or depositing Bitcoin or any other acceptable coin. To do this, you need an account with the platform.
All reputable platforms are very secure and guarantee their clients investment security and transparency. With your savings in the account, the platform allows you to borrow Bitcoin instantly and enjoy a loan-to-value (LTV) ratio of up to 90%.
So, to get a Bitcoin loan instantly all that is required is for you to have a Bitcoin balance in your account as well as a YouHodler or similar account. The Bitcoin balance will be used as collateral to get the loan. That said, let’s dive right into the popular platforms to get a Bitcoin loan instantly.
Where to Borrow Bitcoin Instantly
BlockFi
This is among the top platforms to get a BTC loan instantly. All you need to borrow Bitcoin is to open an account and save cryptocurrencies to be used as collateral. As an additional benefit, your saved investment will start earning interest immediately. The loan duration is 12 months, which is fair for many investors. BlockFi is definitely a secure platform, and there is nothing to worry about after saving your coins.
YouHodler
Most people know YouHodler as a crypto savings platform, but investors also know it as a place where they can get a Bitcoin loan instantly at affordable rates. The LTV ratio is 90%, and the approval process takes a very short time. Ultimately, this is the convenience anyone would be looking for when seeking crypto-backed loans. So, apart from Bitcoin, you can use other accepted coins as collateral. With high-level security in place, investors are assured of asset security. Finally, the lender has a large user base, which provides assurance that you are in a safe place. So, try YouHodler today to borrow Bitcoin.
Celsius Network
Would you like to borrow Bitcoin on a platform that charges no fees? Try the Celsius Network to start saving BTC and use your investment as collateral to borrow loans. The platform is growing at a high rate because of how convenient it is to get a Bitcoin loan. They give you up to 12 months to repay at affordable rates. Just like YouHodler and other reputable platforms, asset security is their top priority.
Nexo
The platform is popular among crypto investors who want to secure professional digital finance management services. Whether you are looking to earn interest or borrow BTC loans, Nexo has got you covered. Apart from Bitcoins, it also accepts other cryptos as collateral. This platform approves loans within a short time, which has helped it to gain popularity among the numerous users who want Bitcoin loans instantly.
CoinLoan
When you want to borrow Bitcoin for a short time, CoinLoan is the best option. They provide an LTV ratio of 70% and give borrowers between 7 days to 36 months to repay. The best part is that they do not charge any fee. This makes CoinLoan user-friendly even to those with small crypto investments. To borrow Bitcoin, start by opening an account with the platform and depositing your collateral in any acceptable digital coin.
Binance
This platform grew from a mere exchange broker to a platform with crypto-backed loans and even its own digital coin, BNB. It is as secure as many other reputable platforms, and the terms for getting crypto-backed loans are very friendly. If you want to grow with Binance and enjoy all its benefits, the time to get an account is now.
BTCPOP
This platform is recognized as the quickest way to earn Bitcoin. The members loan out their Bitcoins to other members. All the assets that you require are obtained through easy-to-follow steps when using the platform. There are a lot of advantages that come with using BTCPOP. For example, a user can withdraw Bitcoin when they want, and there are also no limits to what you can deposit. Additionally, the platform allows borrowers to use various crypto as collateral to get a Bitcoin loan.
Salt
Salt offers high security to its users even when they are earning passive income. They give Bitcoin loans instantly. All the processes used are made safer by an exclusive crime insurance protection so that the users do not have to worry about a thing. There is no limit to the amount of Bitcoin you can use as collateral. They also do not ask for a prepayment fee. The duration is the only thing that is limited; the only option is 12 months.
Nebeus
This platform was launched in 2014, and since then, it has continued to grow. Its expansion has led to it offering more services to clients such as Bitcoin loans instantly as well as other crypto loans. The interest rate is high, and before you know it, you will have earned more Bitcoins than expected. Also, security should not be a problem for you because the platform makes sure that all is secure. It is one of the top platforms to get a Bitcoin loan that you should check out.
Benefits of Borrowing with Bitcoin Loans
There are so many advantages that come with borrowing Bitcoins. No wonder, it is becoming a booming opportunity for investors. According to experts, this model is going to surpass traditional bank loans in coming years because of the many benefits associated with it. Here are some of these.
- Speed – Borrowing Bitcoins cannot be compared to borrowing money from a traditional bank, which may take days to issue your loan. Loaning Bitcoin is faster. It might even take only a few hours to approve your loan especially if there is no complication involving your collateral. Just like other cryptocurrency transactions, sending the loaned coins into your wallet also takes a short time.
- Lower fees – When you borrow Bitcoin, you pay fewer fees compared to loans from traditional banks. If you are into cryptocurrencies, you probably know some platforms have zero or low fees for some exchange services. The loans also have a lower interest rate that is affordable to borrowers. As the competition for crypto loans get stiffer, the fees attached to them might even get lower.
- Safety – Technology has made it easier for crypto-lending platforms to have the best security features. Customers should not worry about anything when they borrow Bitcoin. Most of the platforms boast bank-level security features. They use numerous secure servers and cloud technologies to distribute digital assets, which reduces the risk of loss. Newer security technologies are also being developed, and these platforms are among the first to adopt these.
Conclusion
If you have read this far, you would probably like to borrow Bitcoin or any other crypto. Follow the tips and insights that we have shared to have an easy time. To loan BTC successfully, the platforms must have a large user base to achieve the liquidity they need. You can benefit from crypto-backed loans from these excellent lenders.
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