Cryptocurrency

Published on June 13th, 2021 | by Bibhuranjan

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Best Bitcoin Loan Sites

Wishing to get pushed in the crypto world with no Bitcoin yet? Searching for some help to gain initial Bitcoins! So, in this article, I brought you the best platforms that are offering Bitcoins on some reasonable and affordable payback cases along with fewer interests. Let’s explore such platforms and open an account. The word “Loan” might have sacred you with lots of paperwork and tension, so in this article, you just need to know simple use of smartphones as it is cheap, easy, and speeding.

  1. Binance: This platform drives your benefit with large options of cryptos with an annual rate of 8.90% with no deposit limit. You have the flexibility to pay back interest, amount, and loan duration is in between 7 to 90 days.
  2. BlockFi: This platform starts with an easy approach of an annual rate of interest of 8.6%.If your assets go on an increasing phase, you can earn Bitcoins based on compound interest along with around 12 months duration.
  3. YouHodler: This platform is preferable for those needing less rate along with short duration. This FinTech giant offers variances of stablecoin loans by providing term duration of 30 to 60 days along with 3% interest rates. The only disadvantage is that small amounts of loans cannot be, thus, making the overall interest high.
  4. CoinLoan: This is generally preferred for trading by crypto and crowdfunding. You might have thought some steps could be taken wrongly while lending out loans! So such scenarios are handled as per the policy offered to lenders that they can withdraw their side. This can affect the person owing to them and can cause great losses.
  5. Hodlnaut: This gives high rates on Bitcoins and Ethereum as per the records: 6.2 % on BTC, 6.7% on ETH, while the USDC rate is 8.3%, and so on. According to the experts, they found it as merit by the feature of lock-in duration or any minimum deposition at risk to get out before leading any loan.
  6. Celsius Network: Celsius Network provides you ample options to select coins for loans. Let’s look at its features on different currencies with interest rate of 3.55% on BTC, USDC on 8.3%, and many cryptocurrencies more, which I believe cannot be compiled in this article. By holding tokens, they provide you loan exchanges.
  7. Compound Finance: This is an effective feature that grabs more attention on this site because you can make instant withdrawals. What makes Compound Finance is special is that it’s an open-source platform that not only offers loans on Bitcoin but also builds tools, products, and services, developed around Decentralized Finance.

With blockchain as its backbone, Bitcoin loan platforms are emerging and evolving rapidly over the past years, making them an efficient alternative to centralized loan system. Transparency, decentralized, and immutability are some of the benefits you get while applying for loans in the blockchain. With that said, it’s always advisable to check the market conditions, especially on the cryptocurrency you are getting loans on. This article, its publishing site, or its author does not endorse Bitcoin loans, cryptocurrency, and blockchain. Every information contained on the site is based on public resources and knowledge of the author and should not influence your financial decisions. Catch you in the next one!


Cover Photo by Eftakher Alam on Unsplash

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About the Author

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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