Understanding the Coin Loan in Layman’s Term
June 15, 2019 | Uncategorized | No Comments
To make taking a loan easy, there are some things you need to know. First, if you are planning to start a business or invest on something you must determine the right type of loan for you by vertaile lainoja. Not only they offer loans that you can get in just few clicks, they can also do the task of comparing different types of loans and identifying the most suitable type for you. Moreover, the amount that you are capable to pay off can also be easily computed using their loan calculator.
In the present times, there is another way of borrowing money, and that is through bitcoin loan. Basically, it works like a regular loan where you will borrow money and pay it back with interest. There is an easy way to get money through bitcoin loan and that is through the peer to peer lending platform.
To help you get through, listed below are the three important things to know before taking a loan.
- You must have some cryptoasset for securing a loan (BTC, LTC or ETH). You also need to be informed that you’ll be able to lend fiat money equivalent to 60% of your collateral market value. It means that depositing crypto worth $1000, you’ll get $600 loan at least (60% of $1000).
- Youu can get your loan in EUR, USD, TUSD, USDC, GUSD, GBP and RUB.
- To withdraw your money, choose any of the following payment methods: SEPA, SWIFT, AdvCash.
You can get a loan by following the steps below:
- Open an account by registering at your trusted site
- Your identification must be verified
- Deposit crypto as collateral
- Once you identify your lender, ask him/her for an appropriate application.
- Withdraw funds from the platform.
Since there are a lot of lending platforms out their and tons of lending site scams, it is important to research first on the platform and make necessary actions to confirm that it is legit. Here are some best Bitcoin lending sites
- BlockFi– this platform was developed in 2017 and has quickly risen to prominence in the Bitcoin loan industry because of its quality service.
- CoinLoan– this offers a peer-to-peer lending platform that enables long-term holders to quickly receive a high-LTV loan while providing those with excess fiat a healthy return.
- Nexo- this is younger compared to the previous platforms. However, it has already earned quite the reputation in its short time, owing to its great services and operating processes.