Crypto lending platforms – Recent development shows that crypto adoption in Nigeria and Africa is on the uphill and can only get better, the surpposed introduction of the CBDC from all ramifications will not in any way affect further crypto adoption in the coming days.
Given this, some crypto exchanges have device a means to help the teaming users with crypto loans as a way of improving lives, promoting financial prosperity, and deepening financial inclusion.
They understand the need for short-term funding and personal loan, what about the fact that not everyone gets access to bank loans with outrageous rates, crypto loan lending platforms have simply transformed lives, this is brought about by crypto adoption.
If you are an active participant in cryptocurrency trading and want to secure a soft loan to meet your financial challenges, here are 6 crypto lending platforms that’ll serve your purpose.
Koinwa is a crypto exchange in Nigeria that has relatively carved its name in the sands of time, has demonstrated a great track record in facilitating Bitcoin transactions and gift cards.
Koinwa has succeeded in creating an open financial system in Nigeria and Africa at large through facilitating swift and cheap Bitcoin transactions.
In the light of this, Koinwa has included a crypto loan facility into its list of services.
Who can access the Koinwa crypto loan?
- Market women
- Financially underserved persons
- Widows, etc.
To access the Koinwa loan kindly visit the platform and sign up, start using the platform and access your loan with ease. Loan repayment is usually after 3 months from the date of disbursement at the rate of 10%.
The lowest you can access is N5,000 with the highest threshold of N500,000.
BlockFi is one of the best service providers in the cryptocurrency market. It provides a market-leading and competitive rate.
BlockFi crypto-backed loan allows users to access money, your crypto, however, will be used as collateral. You can access about 50% of such assets in USD.
The crypto loan can be used in paying off credit card debt or buying a home. It has been on record that businesses reach out to BlockFi for payroll financing, business expansion, etc.
The BlockFi crypto loan has a tenor of 12 months, with a 4.5% starting interest rate. The minimum loan amount and origination fee may apply.
#3. The YouHodler
YouHodler crypto loan is one of the most versatile crypto lending platforms when it comes to variety in collateral since it can be backed by about 20 coins as collateral.
You can apply for a loan either in Bitcoin or fiat currency, your loan amount is usually received in USD, EURO, Stablecoins, and Bitcoin.
It has a maximum tenor of 180 days, though 30 and 60 days are inclusive.
Here’s a platform that provides financial services by allowing individual users to lend their cryptocurrencies to margin traders for an interest.
At Nexo you can borrow cash or stablecoins, recently the Nexo card has been introduced which is meant to give users instant access to the credit they can spend/use without even selling any of their coins.
#6. Celsius Network
Celsius is one of the leading crypto lending platforms, it lends you funds at a ridiculous rate as low as 1% APR. Considered the lowest industry rate without an origination fee, with easy refinancing options and no credit checks.