Crypto Loan Without Collateral

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  • 3 The money can be funded same day
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get crypto loan without collateral

Customers are accustomed to bank loans. Microfinance organizations are also in incredible demand, increasing the loan amount by 292-365% per annum. Classic loans involve lengthy processing, checks, fines and penalties. In case of delay, the credit history deteriorates and a person loses access to borrowed funds for a long time.

Today you can refuse expensive banking services. Since a crypto loan without collateral can be obtained in a few minutes. The borrower will be provided with a low interest rate, as well as convenient digital services. The funds taken will not only help you solve your problems, but also allow you to earn extra money. In the current article, we will take a closer look at cryptocurrency lending.

Crypto Lending history

Unsecured crypto loans began to be actively implemented in 2020. This happened at the height of the pandemic, when the global economy began to stall. Interest rates began to float, the population began to refuse classic loans. People began to look for other ways that would allow them to receive funds without unnecessary delay.

Many had immobilized coins on their crypto wallets. Enthusiasts adhere to the "HODL" (long-term holding) strategy, but the funds do not work for their owner. Borrowers got easy access to finance by pledging their coins. Also, another category of people gained access to cryptocurrencies - those who do not have coins at all. In this case, a loan in cryptocurrency without deposit is sought. In this case, the exchange or other platform issues a small amount of crypto to the trusted user. Interest is also charged on the loan, the borrower is given a certain period to repay the loan. There is one essential requirement for the user - he must pass KYC verification.

What documents are required?

Lenders carefully screen their clients before lending. They are interested in many parameters, but the verification will be very fast. You will need not only a verified account, but also the following documents:

  • personal data - surname and name, date of birth, place of registration and contact details;
  • identity card - a citizen's passport or driver's license, often a selfie with a document is required;
  • confirmation of address - you will need a bank receipt with an address, utility bills or the Internet, the main thing is that your home address is clearly visible on the payment document;
  • social networks - sometimes the identity is checked additionally, many companies have long armed themselves with smart algorithms that study a person's behavior according to his virtual profile;
  • electronic wallets or cards - for financial transactions, you will need a certain virtual wallet or bank card;
  • confirmation of income - often platforms require account statements that prove the user's solvency.

The full list of documents depends on the requirements of the lender. In practice, you will encounter a simple registration on the site. The system will ask you to upload documents and certificates in the form of photos or scans. This usually takes several minutes. If you have previously used the functionality of any crypto exchange, then there will definitely not be any problems.

Step-by-step application for a no collateral crypto loan

A virtual loan secured by cryptocurrency is issued according to the following algorithm:

  1. Comparison of conditions and sites. Find a lender who takes the coin in your account as collateral. Examine interest rates, commissions and fees. This will help you find the best deal for you.
  2.  Account registration. In most cases, you will need to create a new account, fill in basic information about yourself, and upload the required documents.
  3. Complete identity verification. Confirm your mobile phone and email address.
  4. Transfer your coins to a secure third party wallet. After the loan is repaid, access to the coins will be restored.
  5. Submit a loan application. You will need to fill out a short form and wait for the system to respond.
  6. Do not forget about the last step - the loan must be repaid in a timely manner.

Advantages of unsecured crypto loans

Almost anyone can take a loan in cryptocurrency. Crypto loans with no deposit have many advantages:

  • a loan for cryptocurrency has really favorable rates, we are talking about 6-8.5% per annum;
  • an urgent need for money is satisfied, this is especially true if the market is in a bearish trend;
  • increase in the amount on the exchange account - you avoid margin trading and do not arrange a sale of assets;
  • crypto loans are not taxed - in most countries, virtual loans are not regulated by law;
  • you can forget about the credit history in the classical sense - the lender is only interested in the number of coins in your account, as well as a completed and verified profile;
  • international level - the recipients of loans are not tied to specific geographical points, you can get coins anywhere and continue exchange trading;
  • regular customers receive benefits - the more loans, the lower the interest rate;
  • delivery is instant, no waiting.
  • you can also take a loan in cryptocurrency online for those who have a bad credit history in banks.
  • many do not agree with bank interest exceeding the mark of 20% per annum. Therefore, decentralized finance can be a real salvation.
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