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About SALT Lending

SALT Lending is a financial services provider that offers asset-backed lending solutions to the cryptocurrency marketplace.

SALT Lending Headquarter Location

707 17th Street Suite 4200

Denver, Colorado, 80202,

United States

Latest SALT Lending News

12 Best Bitcoin Lending Sites to Earn Interest in 2021

Jan 30, 2021

Entrepreneur, product owner, SEO specialist, cryptocurrency enthusiast. I talk about my experience. Cryptocurrency is turning out to be one of man’s most revolutionary developments. There are hundreds of them available today, chief of which is Bitcoin. More and more people are purchasing Bitcoin today. However, purchasing Bitcoin alone is not enough to earn significant interest. Your Bitcoin just sits there. Many people know this and start trading to earn profits from their bags of Bitcoin. People also delve into other means of making profits, like lending Bitcoin for interest. This field is one that is fast gaining traction in the world of cryptocurrency. Bitcoin lending involves one party lending BTC to another party at an agreed interest rate. The party that lends is called the lender, creditor, or investor. The party that borrows is the borrower. While that sounds simple enough, you still need to know how to go about it. Finding someone to lend your Bitcoin to isn’t exactly a walk in the park. You may have to look for days or even weeks before getting connected to someone to do business with. And even after you find someone to lend to, you still have to construct a safe and secure deal. This is where crypto lending sites come into play. Crypto lending sites handle all the technicalities and intricacies of the crypto loans. This greatly reduces the risk of getting scammed and offering an easy way to earn. There are several crypto lending sites today, making it challenging for users to choose a suitable one to use. This article will address this, outlining 12 of the best Bitcoin lending sites you can use in 2021. We have created this list using several different factors and our experience from years of lending and borrowing Bitcoin. You will learn about these companies and their pros and cons, which will guide you in making the right decision for yourself. Disclaimer. All links to companies below contain a referral code. By clicking on the link, the author of the article will receive a reward, in addition, you will also receive a welcome bonus. Enjoy! What Are Crypto and Bitcoin Loans? Crypto and Bitcoin loans are just like regular bank loans. They usually involve at least two parties. One party is borrowing while the other is lending. The borrower takes the loan with the agreement to pay back at an agreed-upon rate. There may or may not be collateral. The currency in a crypto loan is cryptocurrency. If the cryptocurrency being loaned is BTC, the loan is called a bitcoin loan. Borrowers in a crypto loan receive a credit line, which may be in fiat or stable coin. Borrowers have to pay back with interest at the time agreed with the lender. The lenders in a Bitcoin loan deposit an amount of Bitcoin they are willing to loan out. When the loan matures, the lender collects back their Bitcoin with the agreed interest. Interest in BTC Loans There are two types of interest in BTC loans – simple and compound interest. The key difference between the two is compound interest is added periodically to the deposit. The frequency of adding this interest varies from platform to platform. It may be daily, weekly, monthly, or even quarterly. Compound interest will see lenders earn better returns on their initial deposit. Lending platforms with compound interest usually have an APY value. APY stands for Annual Percentage Yield. This figure is the rate of return a lender will earn in a year if the interest is compounded. You can calculate APY using this formula. We don’t want to bore you with APY calculations but know that platforms with high APY values will offer more return to lenders. Risks of BTC Loans Cryptocurrencies, including BTC, are usually very volatile. This volatility is usually more prominent when the BTC has to be converted to fiat currency. Let’s consider it practically. Imagine someone borrows BTC at an exchange rate of 1BTC to $30,000 and the exchange rate is 1BTC to $40,000 at the time of loan repayment. A borrower that converted BTC to fiat currency when borrowing will have to pay more to settle their debt. Although this volatility also means borrowers may gain if the exchange rate drops. One cannot tell what the exchange rate will be for sure at the time of repayment and may lose a lot of funds. The same principle applies to lenders that convert BTC to fiat currency before lending. Another risk is the safety of assets and collateral on the platforms. The top platforms are usually very secure, but users may fall into scammers’ hands when using substandard platforms. This risk is even more amplified when both parties are in different regions of the world. Bitcoin Lending Sites Finding someone to loan to or borrow from isn’t easy. This is why many lenders and borrowers use lending sites. These sites serve as intermediaries to connect the lenders and borrowers. Note that the borrowers can be institutions, miners, or other individuals. Lending sites choose the interest rate of the Bitcoin loan. They also structure the deal and choose the duration of the loan. There are usually different interest rates for borrowers and lenders. The interest rate for the borrowers is usually kept low enough to encourage people to borrow. Lenders also lend at a fixed rate which may be set by the lending platforms. In peer-to-peer platforms, lenders are free to dictate the terms of the loan. There are many lending sites today. Different companies have different policies and mode of operation. Borrowers and lenders typically find companies they can trust with their Bitcoin assets. Users also look out for companies that will profit them the most. How to Lend Bitcoin The first step to lending Bitcoin is finding a lending site to use, which you can get from this article. After finding a suitable one, you need to open an account with the lending site. Opening an account with the lending platforms is usually free and generally take less than 10 minutes. You then choose your cryptocurrency, Bitcoin in this case, and deposit the amount you are willing to loan. Most lending platforms will seek to verify the identity of the lender. They usually ask for a driver’s license, passport, National ID, or other government-issued documents. Most lending sites require some form of identification. But there are still a few companies that do not need you to identify yourself before taking a loan. Aside from being rare, lending and borrowing are usually harder in companies like this. Their rates are also hugely inflated. After verification of identity, the lending site will show you the terms of the agreement. The typical loan duration is one year, although some lending sites may allow longer or shorter durations. If you are comfortable with the terms put forward, you can confirm the loan. Everything, from opening an account to lending BTC takes around thirty minutes. Some other cryptocurrencies may take more time to finalize, though. I recommend watching a video from CoinTelegraph about it Difference Between Traditional Banking and P2P Lending Traditional banking is different from peer-to-peer lending. In the former, borrowers request loans from a bank. In peer-to-peer lending, on the other hand, borrowers request loans on online lending platforms. Investors fund both traditional and banking and peer-to-peer lending. However, investors in traditional banking deposit money in a bank to earn interest. The investors don’t necessarily deposit money to lend to other parties. It’s more of a bank safeguarding their funds. In peer-to-peer lending, investors lend money directly to other borrowers to earn interest. Therefore, lending in banks is an agreement between the bank and the borrower. But lending in P2P platforms is an agreement between the borrower and the lender. The P2P platform only serves as a medium or intermediary to connect the borrowers and lenders. Traditional banking is different from peer-to-peer lending. In the former, borrowers request loans from a bank. In peer-to-peer lending, on the other hand, borrowers request loans on online lending platforms. Investors fund both traditional and banking and peer-to-peer lending. However, investors in traditional banking deposit money in a bank to earn interest. The investors don’t necessarily deposit money to lend to other parties. It’s more of a bank safeguarding their funds. In peer-to-peer lending, investors lend money directly to other borrowers to earn interest. Therefore, lending in banks is an agreement between the bank and the borrower. But lending in P2P platforms is an agreement between the borrower and the lender. The P2P platform only serves as a medium or intermediary to connect the borrowers and lenders. 12 Best Bitcoin Lending Platforms in 2021 Lending Bitcoins and earning interest from a Bitcoin lending platform is easy but finding the right one to use may be quite challenging. This makes sense, considering the massive number of platforms available today. However, all platforms are not the same. To fully maximize profits and secure your funds, you need to know the best platforms to use. Choosing one to work with is important. There are many factors to consider. Some of them are the interest rate, loan duration, deposit limit, collateral, user fees, reputation, ease of use, customer service, and user reviews. Considering all of these factors can be a bother for non-professionals and casuals. This is why we have created a list of the best platforms you can use in 2021. We created this list by carefully analyzing these platforms and also based on our experience with them. They are: BlockFi - Best Lending Platform 1. BlockFi – Best Lending Platform BlockFi has the best interest rate and is the best lending platform in 2021. They were founded by Flori Marquez and Zac Prince in 2017. BlockFi is one of the fastest-growing Bitcoin lending platforms, having already raised more than $50 million from various firms. Aside from Bitcoin, BlockFi also deals with other cryptocurrencies. Features They offer a deposit account with compound interest, a feature no other lending site has. The implication of this is your interest every month will keep compounding to your original deposit and this leads to more earnings. BlockFi allows users to lend and earn interest in multiple cryptocurrencies, including BTC, ETH, GUSD, USDC, and LTC. The duration of a loan on this platform is a year. Lenders can withdraw anytime. The first withdrawal in a month is free, but subsequent withdrawals will see a 0.0025 BTC charge. Aside from the charge on withdrawals, other charges come with using BlockFi. There is no deposit limit on this platform, with users free to deposit as much or little as they want. The interest rate on Bitcoin lending is 6% for loans under 5 BTC, and 3.2% for loans above 5 BTC. For borrowers, the interest rate is 4.5%. This rate encourages borrowers to borrow from the platform, which, in turn, benefits lenders. The interest rate for other cryptocurrencies is 5.25% for ETH; 5.0% for LTC; 8.6% for USDC, PAX, GUSD; and 7% for USDT. BlockFi has the best interest rate for Bitcoin among lending platforms. You will earn your interest in the currency you deposit. BlockFi is highly secure. A third party, known as Gemini , stores cryptocurrency for BlockFi. The significance of this is higher security of assets, as Gemini is tested and trusted in the crypto world. Pros Verdict BlockFi is the best lending site today, for both borrowers and lenders. Their deposit account with compound interest is unmatched in the industry. BlockFi has great interest rates and is highly secure. They have no deposit limit, which is a very welcome feature. However, their varying interest rate and withdrawal fees need to improve. 2. YouHodler – Best Lending Platform For Short-Term Loans YouHodler is a swiss-based company and is a member of the Crypto Valley Association . Founded in 2017, they are one of the best Bitcoin lending sites today. The speed at which YouHodler processes its transactions and account creation is testament to how much they value customer satisfaction. Features YouHodler offers variable and extendable loan durations. Your Bitcoin loans can be between 30 and 180 days, making it prime for people looking to loan crypto short-term. Lenders can withdraw anytime they want. YouHodler has a deposit limit of $100. This platform has no added or hidden fees of usage. They offer multiple cryptocurrencies, including BTC, USDC, ETH, USDT, and PAX. YouHodler has a savings account that allows users to save cryptocurrency at good interest rates. Users earn compound weekly interest. The lending interest rate for BTC is 4.8%; 12% for PAX, USDC, USDT; and 4.5% for ETH. YouHodler has a demo funds feature. This allows users to experiment with cryptocurrencies and find a suitable cryptocurrency. Users can then decide if lending or borrowing in that currency will profit them. Pros Verdict YouHodler is perfect for short-term loans, offering loans for as little as 30 days. They have good lending interest rates across multiple cryptocurrencies. This platform is safe to use with a low minimum deposit. Their customer support is great. They offer quick transactions and other excellent features, like demo funds. Their major downside is their unavailability in the US, and taking long-term loans on this platform may be a bit disadvantageous. 3. Lendabit – Most Secure Lending Platform This lending site is one of the safest in the industry. Lendabit was founded in 2019. Aside from high security, the structures of their loans are also very simple. They offer peer-to-peer loans and are perfect for borrowers and lenders. Lendabit is a partner with BitGo, a very reputable and trusted cryptocurrency company. Features Lendabit has a minimum deposit of 0.0025 BTC and a maximum deposit of 535 BTC. This deposit limit is well above average in the industry. You have to pay certain charges on withdrawal and other loan processing fees. The interest rate of Lendabit is usually between 5 to 15%. Also, new users enjoy a no-interest rate for 45 days after joining. Users can take loans for as long as three years. Lendabit is perhaps the safest in the Bitcoin lending industry. This safety is largely due to their cutting-edge technology and their partnership with BitGo, an industry-trusted custodian of cryptocurrency. Their collaboration with BitGo also makes transactions very transparent. Lendabit is perfect for USDT loans, with a 12% lending interest rate. Although the platform will pay in USDT, you are free to exchange for fiat. This platform has a wide variety of loans. Lenders can choose to loan to a loan pool, choose an investor’s loan, or state their preferred terms. Pros Cons Verdict Lendabit is one of the most secure lending sites today. They specialize in USDT loans, although this can be easily exchanged for fiat. There are several loan types available for users, with loan durations of up to three years. While this site is certainly among the top, their young age means they have low liquidity. There also aren’t a lot of online reviews on them. Users in search of very reputable Bitcoin sites may have to look at other options. 4. BTCpop – Most Secure Lending Platform BTCpop is one of the first peer-to-peer Bitcoin lending platforms. Founded in 2014 in the UK, BTCpop is available in more than sixty countries today. This platform is one of the best Bitcoin lending sites for borrowers and lenders, with a wide range of loan options. BTCpop grants a reasonable amount of control to users, allowing them to set loan terms and amounts. Features There is no deposit limit on BTCpop, implying users can deposit as much or little as they wish. Users have to pay certain fees for loans, ranging from 1-2%. BTCpop allows users to discuss the loan in detail. Users can discuss the terms of the loan, the risks involved, and other intricacies. This is possible through the platform’s chat system. BTCpop itself has little say over how the loan deal will be, giving a lot of control to the platform users. This platform guarantees the safety and security of assets by tracking users’ online reputation. This tracking system eliminates several fraudulent transactions. But this also means users have to wait for a while after opening their account before they can be allowed to take or give Bitcoin loans. The interest rate for BTCpop is based on the type of loan. Users usually have a reasonable degree over the rate of the loan. The company itself, however, offers different APRs for different types of loans. The most important factor here is the type of collateral. It ranges from 10-45% from high to low-collateral loans. Loans with no collateral have an APR of 50% or more. This platform is very safe, storing cryptocurrency assets in cold wallets. Pros Cons You have to spend quite a bit of time on the platform to qualify for loans with good interest rates There are relatively high platform charges Verdict BTCpop allows users to set the terms of the loans and other aspects of the deal. This platform also gives loans based on online reputation. This can be good and bad. It is good because it limits fraudulent transactions. But this also means users have to build up their reputation score before getting good loans. If you want to take or give an instant loan, BTCpop is not a great choice. Xcoins is a peer-to-peer Bitcoin lending platform. They allow users to lend and borrow Bitcoin using a PayPal account, making them the only platform to offer such services. Xcoins was created in 2018 by Sergey Nikitin. Lenders receive monthly interest through PayPal at different rates. Users set the rate of loans on Xcoins. Features The deposit limit on Xcoins is $20, which is very low compared to other lending platforms. Lenders set the rate of the loans, and borrowers decide if they want them or not. To get a loan, a borrower can request and state the rate they can afford. Xcoins then matches the borrower’s request with lenders willing to lend at that rate. While lenders are free to withdraw any time they want, borrowers don’t have the same luxury and have to pay in full. This platform is very secure. Xcoins only allows Bitcoin loans. There are charges on the platform for borrowers when taking loans and during payment. If there are other bank charges, the borrowers also have to pay them. Aside from a PayPal account, borrowers can also use credit cards; a feature most lending sites frown at. Pros Very secure, with a great encryption system Available in more than 160 countries Cons Verdict Xcoins is a great P2P lending site, allowing users to set the terms of the loan. This platform is also very secure. It is the only platform that allows Bitcoin lending through a PayPal account. This makes it very advantageous for users who prefer using PayPal for their transactions. However, Xcoins has relatively high platform fees. You also cannot lend other cryptocurrencies aside from BTC on Xcoins. Celsius Network was created in 2018 by Alex Mashinsky, who also invented Voice over IP (VoIP). Its rise has been astronomical ever since its creation, having over 50,000 members. Forbes projects Celsius Network as one with very high potential and its stock rose by 600% in just seven months in 2020. Features Loan duration is 6 or 12 months. Lenders can withdraw all of their money whenever they want. There is no deposit limit on Celsius Network, with users free to deposit any amount. Celsius Network accepts more than 20 cryptocurrencies. Some of these currencies are BTC, ETH, LTC, USDT, PAX, GUSD, and XLM. You can also hold CEL, Celsius Token, for even more interest on your assets. The initial interest rate for BTC is 4.95%. However, you can get as much as a 10% interest rate, depending on your loan-to-value (LTV) ratio. This rate also applies to many of the other cryptocurrencies it offers. Celsius Network pays interest weekly. There are no platform charges. No transaction on Celsius Network attracts a fee. Pros Cons The app is unavailable on the desktop. Users have to use their mobile devices to access it. Verdict Celsius Network is perfect for users seeking quick loans. There are no fees at all on Celsius Network. This platform also accepts a wide variety of cryptocurrencies, making it perfect for large traders and institutions. However, it is unavailable on the desktop. CoinLoan is a European peer-to-peer lending company founded in 2017. This solution is one of the first P2P companies for cryptocurrency loans. CoinLoan is one of the safest in the industry today. They provide maximum security of the lender’s cryptocurrency assets and the borrower’s collateral. You'll get a 25% reward if apply with my link. Features There are no charges on CoinLoan. Lenders can withdraw, register, process payments, and carry out transactions without additional fees. Users can take and give loans for up to three years. Lenders have the right to withdraw money whenever they want. While the deposit limit of CoinLoan depends on the cryptocurrency value, in most cases, the lowest deposit possible is $100. CoinLoan accepts multiple cryptocurrencies, including BTC, ETH, LTC, XMR, USDT, and USDC. CoinLoan offers excellent APR for their cryptocurrencies. The rate for Bitcoin is 6.6%, 5.34 for Litecoin, and 5.13% for Ethereum. They offer several services on their platform. This makes them suitable for different types of loans and crypto transactions. Users can set the rate of the loan deal. The way this works is lenders set a suitable rate at which they are willing to lend crypto. Buyers can then choose to buy at this rate if it favors them. Pros Verdict CoinLoan is one of the best P2P lending platforms. Lenders and borrowers are free to agree on the terms and rate of the loan. One major drawback, though, is the platform’s low liquidity, which doesn’t favor borrowers. This platform generally is better for lenders. Crypto.Com is a crypto lending platform that also allows users to trade cryptocurrency. This platform takes multiple cryptocurrencies and is available in several countries globally. Some of these countries are the United States, Canada, UK, and Singapore. Users can get instant loans on Crypto.Com with great weekly interests. Features This platform accepts multiple cryptocurrencies, including BRTC, ETH, LTC, XLM, EOS, CRO, USDT, and USDC. You can get an interest rate of up to 12% for all its cryptocurrencies. The determinant factor on the exact rate is the value of your CRO stake. With a 50,000 or more CRO stake, you can earn up to 12%. Less than 50,000 CRO stake will attract an interest rate of 8%. These rates are some of the best in the industry. You can get any credit limit you want at Crypto.Com, and the credit is paid straight into your wallet. Borrowers also don’t need credit checks to take loans. There is no deadline on loan repayment, which will encourage more borrowers to borrow, and consequently benefit the lenders. Crypto.Com pays interest every week. You get your interest in the currency you deposited. Users that deposit BTC gets their interests weekly in BTC. This platform is unavailable on desktops, with users having to download the app on their mobile devices. Pros Cons Verdict Crypto.Com is a good BTC lending site, with high-interest rates. But it can do much more than just lending, as users can buy, sell, and trade on the platform. This feature is always an advantage. The site is also secure. But one major downside about the interest rate is you have to stake more to be entitled to higher rates. You also cannot use the app on your desktops. These drawbacks make them unsuitable for people looking to deposit limited amounts of crypto. It also affects people highly dependent on their computers. If you do not fall into any of these two categories, Crypto.Com is a really good option. Hodlnaut is a bitcoin lending platform developed by Simon Lee and Juntao Zhu. This platform targets Hodlers. The developers of Hodlnaut were seeking to create a way for Hodlers to earn safely and easily on their cryptocurrency assets. They are partners with BitGo, which confers top security on assets. Features There is no deposit limit or lock-in period on this platform. No added deposit fees. Hodlnaut supports five cryptocurrencies, and they are BTC, DAI, USDC, ETH, and USDT. The interest rate of Hodlnaut is 6.2% on BTC; 6.75 on ETH; 8.3% on USDC, DAI, and USDT. Hodlnaut pays out interests weekly into user’s wallets. There is also a compounding effect on the interests, further improving earnings. Lenders can withdraw and deposit into their accounts anytime. Hodlnaut’s partnership with BitGo makes it more credible and increases the level of trust in the platform. Your cryptocurrency assets are secure on this platform. The app is mobile friendly and contains a special calculator that lets you set the loan deal’s terms before you make any deposit. Pros Verdict Hodlnaut is a great way for Hodlers to earn on their bags of cryptocurrency. This platform supports only five cryptocurrencies, although they are very popular ones. Hodlnaut and BitGo are partners, meaning there is high security of assets. The limited number of cryptocurrencies makes it less than ideal for big traders and institutions. SALT, an acronym for Secured Automated Lending Technology, was developed by Shaw Owen in 2016. This platform is quite different from other platforms in that users rely on SALT tokens for transactions. SALT is a next-gen lending platform. This platform associates with the tagline , ‘hold your assets, spend your cash.’ You don’t require collateral to use SALT Lending. Features There are no origination or prepayment fees on SALT Lending. Loan duration on this platform ranges from 3 to 12 months. However, payments have to be done monthly. SALT Lending supports multiple cryptocurrencies, including BTC, ETH, LTC, DASH, and TUSD. These cryptocurrencies can also be combined as collateral for loans. There is no deposit limit on SALT Lending. The interest rate varies, but it starts at 5.95% and can be up to 12.95%. SALT Lending has good security measures – multi-signature and cold storage. While there is no deposit limit, there is a loan limit. Loans start at $5000, implying that borrowers cannot borrow less than this. There is also a maximum limit of $25 million. Pros Cons Verdict SALT Lending is a next-gen platform that uses SALT tokens for its transactions. This platform has good security measures and fair interest rates. Borrowers can also combine cryptocurrency for their collateral stake. However, SALT Lending has a $5000 loan limit, making it unsuitable for low-budget borrowers. The repayment rates for some loans on this platform are also very high, discouraging borrowers. Nexo was created in 2017, making it one of the most experienced crypto lending sites today. This platform is powered by a FinTech group and allows Hodlers to get fiat loans while retaining their cryptocurrency assets. BitGo is a partner of Nexo, which means highly secure funds. Features Users can earn daily interest on their cryptocurrency assets and traditional currencies, like USD, GBP, and EUR. The loan duration on this platform is a year, which the lender can renew if they desire. There are no platform charges on Nexo. Lenders can withdraw or deposit funds anytime. Nexo supports multiple cryptocurrencies, including BTC, ETH, LTC, XRP, and stable coins. This platform has an ARV of 8%, but this is only if you use Nexo tokens. The ARV without these tokens is 24.9%. The minimum loan you can take on Nexo is $500, and the maximum is $2 million. Besides BitGo, which offers top-notch security, Nexo also has a $100 million insurance by Lloyd’s. In other words, your funds are very secure. Pros Verdict Nexo is one of the most experienced lending sites, with more than 4 years of experience with FinTech. Nexo’s connection with BitGo and insurance with Lloyd’s also mean funds and assets are very secure. Although there is a loan limit, it is very affordable. One issue with Nexo is its ARV. While you can get rates of 8%, this is only if you use Nexo tokens. If not, the rate rises to 24.9%, which is not very favorable for borrowers. Nexo also allows very few crypto and fiat currencies. Nebeus is a UK-based lending platform founded in 2014. This platform does everything a regular bank can, including lending, but with cryptocurrency. Nebeus is available to over 100 nations around the world. They aim at reducing the divide between cryptocurrency and regular financial assets. Features Loans on this platform last anytime between 1 and 12 months. Lenders can withdraw or deposit funds anytime. The loan limit on Nebeus is €250,000. Collateral can be in BTC or ETH. Nebeus has a daily interest rate of up to 3%. The payout is in cash. Lenders can also earn more from this platform by using a special program, Sequoia, on Nebeus. Sequoia sees users earn 8.25% interest rate every year. There is a 0% interest for three months on quick loans. Nebeus also allows users to set the terms of their loan deals with their flexible loans. Pros Verdict Nebeus aims at reducing the gap between digital assets and cash. As such, they aren’t going to be very suitable for users that want very little dealings with cash. Opening an account on this platform is very straightforward, usually taking less than 10 minutes. There also is no deposit limit. On a general note, Nebeus is good for general crypto services. You should note, though, that there may be additional fees with some lenders due to the platform’s P2P nature. FAQ 1. How does Bitcoin lending work? Bitcoin lending involves lending another party an amount of Bitcoin at an agreed rate. Many lenders use lending sites because of the ease and security involved. The lending platforms serve as an intermediary between the two parties and usually set interest rates. The platforms also offer different rates for borrowers and lenders. These rates are designed so that lenders can make a reasonable profit and borrowers are also encouraged to take loans. After opening an account, you can easily finalize the terms of the loan. 2. How to Take Bitcoin Loans Without Collateral? Providing collateral for Bitcoin loans depends on the lending platform you use. Some platforms require collateral, while others don’t. Those who require collateral often require borrowers to deposit some crypto amount. The collateral is usually in the currency they are loaning. Bitcoin loans that don’t require collateral work on a trust basis. This seems risky, but companies usually have measures in place to ensure the security and repayment of the loans. These measures may vary from company to company. All of these measures will be in the terms and conditions of the company. 3. How to Take Crypto Loans Without Verification? Most platforms require some sort of verification of identity before proceeding with the loan. They do this for security and to ensure repayment of the loans. However, some platforms do not require verification. These platforms are not very common, and getting loans here are not straightforward. These types of platforms are for people that don’t want to reveal their identity at all. It is noteworthy, though, that lending platforms that require identification also protect the privacy of their users. 4. Is Bitcoin Lending Safe? Good lending platforms have stringent measures and tools in place to protect and secure Bitcoin loans. So, there are rarely problems on the safety front. On the other hand, using substandard lending platforms can lead to loss of funds due to theft, scams, and hacking. Security issues like this affect the lenders and the borrowers, who may also lose their collateral. This is why it is important to make sufficient research before choosing a platform to use. 5. Where Can I Lend Bitcoin? You can lend and borrow Bitcoin on Bitcoin lending platforms. Several peer-to-peer platforms also allow you to lend other cryptocurrencies. If you wish, you can also lend directly to individuals without using lending sites. This, however, is not advisable due to the risk and technicalities surrounding deals like that. 6. What Happens If the Borrower Defaults on the Terms of Agreement of the Loan? Bitcoin loans have fixed dates and interests that both the lender and the borrower agree upon before the loan can be finalized. If the borrower defaults for some reason, the lending sites decide on how to deal with it. Different companies deal with defaulting differently. There is usually a penalty for defaulting. In cases of late payment, the lending sites may penalize the borrower by reducing their trust score, limiting the amount of loan they can take, or preventing them from taking loans altogether for a short period. Companies may also decide to increase the interest rate after the deadline for repayment passes. In more serious cases, like total defaulting on loan repayment, the borrower may forfeit their collateral to the lending sites. The lending platforms may also ban defaulting borrowers from their sites. In any case, though, good lending platforms have reserves to repay their lenders when the loan is due. Bottomline Crypto and Bitcoin loans are a fast and easy way people can earn on crypto. Lenders can find a platform that suits them and lend on the site. Some of the platforms are P2P, which allows lenders and borrowers to set the term of the deals. Other platforms have their loan deals entirely controlled by the platform. The future of cryptocurrency is bright, with many cryptos exponentially appreciating. Users that want to start earning in them rather than just leaving their assets to sit in their wallet should try out crypto lending, a risk-free way to earn interest on funds. Share this story

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