Crypto lending, crypto loans, or bitcoin loans—call what you wish—has become another world in the crypto industry, providing financial solutions to crypto users without selling their held coins.
For crypto lending, the liquidity of coins matters, and you cannot take a loan from any coin as collateral.
Most of the crypto lending platforms prefer BTC, ETH, and stablecoins, so if you have various coins, you have to exchange them, but before exchanging, make sure that the crypto lending platform that you want to use supports your coins or not.
So here we have brought you the 10 best crypto lending platforms, which you can compare according to your preferences. So with no delay, let’s start.
But the question is, why should you take a crypto loan instead of selling my stored coin? Obviously, you don’t want to sell it, and there can be many reasons, one of which is “profit.”
For example, you have invested $1000 worth of BTC and are waiting for the price to rise so you can get some profit. When the price increases suddenly, you need some money to pay my college or tuition fee or house rent, so here, you can lend my BTC to get money with some interest fees. And the most important thing is that your crypto profit will still be increasing, and you will get back my BTC at a recent market price.
Crypto Lending: 10 Websites to Get a Crypto Loan.
A very popular crypto lending platform in the crypto world. On Nexo, you can borrow cash or stablecoins from the 5.9% API (Annual Percentage Interest) without selling your crypto.
Payment approval is automatic, and there is no need for credit checks. Just deposit supported assets and take loans instantly.
On Nexo, there are over 40 fiat currencies available to borrow and 13 cryptos available for a collateral deposit. Fiat currencies are AED, ARS, and AUD, and the supported collateral coins are BTC, ETH, XRP, and more. See the full list in the below image.
And the most interesting things are that it will charge you interest only on the amount you actually withdraw, as well as zero fees and flexible repayments, which means you will pay less if the coin price goes up but also have to pay more if the coin price goes down.
Get an instant loan up to 8% API loan using crypto.com lending features. There are a total of 7 coins listed for collateral deposits, such as CRO, BTC, ETH, XRP, LTC, XLM, and EOS, and 4 coins to borrow in PAX, TUSD, and USDC/USDT. Unlike others, it does not charge late fees or deadlines.
The thing we don’t like about crypto lending on crypto.com is the amount gap, which means you receive only 50% of the deposit collateral amount. And also, API goes up by about 12% of your collateral deposit if it is less than $1000.
If you want to lend your crypto with the lowest interest fee, then this is for you. You can take a loan starting at $1000 with a 1% API, but it can be below about 0.7% API if you pay your interest in Celsius coin (CEL). On Celsius, there are about 27 coins listed for collateral deposits and stablecoins for credit.
Where other platforms allow you to only choose loan duration, on Celsius, you can choose LTV (loan to value) and loan duration as well. The LTV feature could be great if you have more collateral deposits but want a smaller crypto loan.
In case you want a loan in USD or direct credit in your bank account (only for USD), the Celsius Network has got you, but in order to apply for a USD loan, you have to download the Celsius App on your Apple or Android mobile. You can read here step-by-step how to apply for a loan in USD. but make sure your Celsius is available in your country.
If crypto lending platforms are gaining popularity, then how could Binance stay behind? Binance provides the best reliable crypto loan on BTC, BCH, XRP, ETH, EOS, and LTC collateral deposits, but loanable assets are USDT and BUSD.
On it, there are a total of 4 crypto lending periods available, which are 7, 14, 30, and 90 days long, with a 0.0500% and 0.0520% daily interest rate, and if you go through the borrow amount, the minimum is 100 and the maximum is 70000 USDT.
Binance has many features, like an exchange and trading, so if, after getting a loan, you don’t expend it, you can trade and grow your money.
Another short-term crypto lending platform that allows 70% LTV on collateral. The minimum loan period starts at 7 days and ends at a maximum of 2 years with a 10% interest rate.
A total of 15 coins are listed, including USD, EUR, GBP, and RUB for a credit loan, and 7 cryptos are listed for collateral deposits. If you don’t have any crypto collateral, then you use Visa or MasterCard to deposit the collateral amount.
But currently, you can only deposit euros via Visa or MasterCard, and withdrawals via Visa or MasterCard are also unavailable on the platform.
A fast and secure crypto lending and staking platform for a high-credit loan with limited collateral deposit options.
On BlockFi, BTC, ETH, and LTC are listed as collateral, and the minimum loan amount is $5000 with a minimum 4.5% interest rate. The LTV ratio is 20%, 35%, and 50% for BTC and ETH, but for LTC, 35% and 50% LTV ratios are available with a 12-month initial loan duration.
Another crypto lending platform for high loan amounts with a short-term duration of 3 to 12 months. The starting lending amount is $5000, and the starting LTV ranges from 30% to 70% with a 5.95% interest rate.
A total of 12 coins, including stable coins, are available for a collateral deposit. Once the collateral amount has been posted, your loan proceeds will be sent via ACH or wire transfer to your bank account. Depending on your bank’s internal processes, settlement of the loan proceeds may take up to 7 days.
You can also take a loan in stablecoins (USDC, TUSD, and PAX). Stablecoin payments can be sent the same day.
A blockchain-based P2P platform with no intermediaries is a crypto lending platform with BTC and ETH collateral availability and USDT loan credit.
The minimum loan amount is 50 USDT for a 1, 3, 6, or 12-month loan duration with an 8% to 12% annual interest rate.
On LendaBit, only stablecoins are available for loans, and if you want to withdraw a loan from a bank account, you will have to sell your loan coins on the other platforms.
If you want a USD or EUR loan, then YouHodler is here for you. Use your crypto as collateral to get instant cash loans or crypto loans in EUR, USD, GBP, CHF, USDT, or Bitcoin (BTC).
YouHodler has the highest loan-to-value ratio (90%), with minimum loan amounts starting at just $100. YouHodler accepts the top 20 coins as collateral. Instant credit card and bank withdrawals are included.
Another crypto lending competitor in the lending field is HoldFinance, a European crypto-backed loan company.
At the time, its minimum loan amount was $50, while the maximum loan amount was $25,000 with 1.33% interest per month.
For the collateral deposit, it accepts BTC, ETH, and XRP, while credit loans are available in USD and EUR for a 2 to 12-month duration period and on a 50% LTV ratio.
The loan amount can be withdrawn through a bank account, but keep in mind that an international bank transfer can take up to 7 business days, and an EU payment can take up to 1 business day.
Crypto lending emerges as a transformative force in finance, offering exciting opportunities. However, it’s crucial to stay informed and exercise due diligence.
So which one do you prefer? You should go for a short-term and high LTV ratio because almost every crypto lending platform has the same interest rate. If you think there is a better one or are using it other than mentioning it, we will like to list your choice.