Do you need an instant bitcoin loan without selling your cryptocurrency? Want to borrow some money quickly? We list places that offer lending bitcoins or getting a bitcoin loan. You can get and repay a loan in bitcoin without the need for a third party. Since the system works exclusively with digital currencies (bitcoin, Ethereum, and sometimes other altcoins), neither the borrower nor the lender needs a bank account to participate in a global loan market.
The most common and safe place to get a bitcoin loan or to earn interest with bitcoin lending is an online website that matches bitcoin lenders and borrowers. There are quite a few bitcoin lending platforms online. We only list the most popular and reliable networks. Another option is to find someone to do the loan deal on one of the popular bitcoin-related forums or by meeting someone personally.
Top 5 Bitcoin Collateral Lending Platforms
To get a loan, you must offer crypto as collateral. You don’t need to sell your crypto. You don’t need to lose the upside potential. Just keep it and get an instant loan for your needs. If you are looking to invest your bitcoins to earn interest, at most of these services, you can also apply as a lender.
Blockfi Crypto-Backed Loans
You can apply for a loan instantly at BlockFi if you own Ethereum, Bitcoin, or GUSD and get a decision within hours and lock in your loan terms. Send your crypto to their secure storage address, and they will transfer the dollars straight into your bank account. It also offers crypto interest account that daily pays interest on your coins. They actively lend crypto to institutions. Verification is required [New Jersey, USA].
Nexo: Receive a Credit Line Instantly
Deposit crypto assets to a personal Nexo wallet and receive an instant flexible credit line. Spend money instantly with their debit card or withdraw to a bank account at any time. The best borrowing rates start from 5.9% APR only on what you actually use. Nexo is servicing 40+ fiat currencies in more than 200 jurisdictions and has more than 1M instantly happy clients. They were the first to introduce instant crypto-backed lending, SEC-approved custodianship, and military grade-security (Bitgo and Ledger Vault). Nexo accepts BTC, ETH, USDT, XRP, EOS, and many other major cryptocurrencies as collateral. Nexo has recently lowered the minimum borrowing amount to just $10 [Zug, Switzerland].
CoinLoan offers Cryptoassets Backed Loans
CoinLoan, an Estonian startup, also launched a cryptocurrency loan service. The platform has some unique features you can not find anywhere else and they develop all the time. Loans can last from 7 days to 3 years; a borrower can withdraw excess collateral from the overcollateralized active loan.
Another thing is that they offer interest-only repayments as an alternative option to the conventional principal + interest (annuity) repayments. For the borrower, this repayment option allows smaller monthly payments because they only have to pay off the loan’s interest throughout the loan term. For the lender, it allows them to earn more interest without reinvesting their funds. More repayment options mean more freedom for borrowers. They hold a European virtual currency provider license, and assets are held at qualified custodians with $100 million insurance [Tallinn, Estonia].
Celsius Network: Borrow Cash Using Your Crypto
Celsius‘s main mission is to allow anyone and everyone to access fair, rewarding, and transparent financial services through the Celsius app and literally hold their own economic freedom in their hands. Zero paperwork. They also provide loans business for one of the biggest crypto exchanges, Bitfinex.
Use your crypto to borrow dollars, coins, or stablecoins. Loans start at just 1% APR. Besides getting a loan at competitive interest rates, their customers are also earning interests from deposits. They earn whenever they move their assets to their respective Celsius Wallet in an app. They make the interest upon borrowing USD using their digital currencies as a security for the loan [London, UK].
Crypterium BTC Loans
With Crypterium crypto loans, you can apply for a loan straight from your Crypterium Wallet (desktop only). Get approved for a loan in as fast as 30 seconds, without having to do any type of credit check. Get a loan from $50 to $5,000 with repayment plan options from 1 to 12 consecutive months.
Now there’s no catch to the Crypterium Crypto Loan. All you need to qualify is to ensure that the loan doesn’t exceed 50% of your coin assets in either BTC or ETH. The Collateral for loans is double the loan amount, which means the more you assets you have, the more Loans you can get [Tallinn, Estonia].
Other Bitcoin Collateral Loan Platforms
Use your cryptocurrency holdings as collateral to back your crypto loan.
Easy Bitcoin Loan at Crypto.com
You can now instantly secure a loan in crypto credit with BTC, XRP, and ETH and enjoy as low as 8% APR on your credit, just go to Crypto.com. You can get up to 50% LTV (loan-to-value) ratio. Instant credit in stablecoin, ready to spend.
No Bank Account Loans at Salt
Salt lets you leverage your blockchain assets to secure cash loans. It is easy to get money without having to sell your investment. They have recently expanded their platform to include other cryptocurrencies. You can now secure cash loans backed by BTC, LTC, and ETH, or even a combination of the three. SALT recently upgraded and expanded its insurance coverage to better protect your assets, the crime insurance policy covers 100% of collateral assets held in cold storage. Not everyone can say this [Denver, USA].
Get BTC Loan at YouHodler
YouHodler platform looks nice and it provides some services that other providers don’t. For example, their turbocharge service: use your crypto as collateral to get much more crypto and benefit in case of further price growth! Turbocharge is based on the cascade of loans principle. However, the company lacks a good insurance policy and therefore should be considered risky. They were also exposed in the past as not being careful enough with users’ data safety [Limassol, Cyprus].
What we like is that they integrated Binance Smart Chain (you can deposit and withdraw your crypto with the lowest fees on the market).
Binance Crypto Loans
Get a loan secured by your crypto assets at the world’s leading cryptocurrency exchange Binance launched a lending business for customer deposits that supports tether (USDT), Binance Coin (BNB), bitcoin, and Ethereum. Guaranteed approval. They make sure that the crypto you borrow can be withdrawn immediately no matter where you are.
MoneyToken – not recommended
MoneyToken accepts BTC, ETH, BCH as collateral currencies. You can get 30-50% of a coin value in a stablecoin ( USDT or DAI) as a loan. There is a 10.000$ limit and the interest rate stands at 0.2% daily or 6% per month. Other acceptable collateral and loan currencies, including fiat currencies (USD, EUR, JPY, CNY, KRW) will become available later.
We do not like their approach at all and advise you to be cautious. For example, you can deposit your collateral without verification, but you must verify your account if you want to withdraw your funds. And, withdrawal takes ages. Our experience with them is terrible and they look shady.
Nebeus – Unlock the Value of Your Crypto
Nebeus is building an online bank. In the past, they offered immediate access to fiat with instant unsecured loans (this means you don’t need to pledge any collateral for your loan). But it looks like this didn’t work out well as there was a catch: to apply for a loan, you needed to buy an annual subscription.
Now you can get personal loans that are quick and easy to approve. They send credits to bank cards, Bitcoin, Ethereum worldwide. Fast cash no paperwork loans is their motto. We found a lot of problems using this platform, and our opinion is that if somebody can not fix the website problems, they certainly can not handle your money correctly [London, UK].
Bitcoin Instant Unsecured Loans
Currently, options to get an unsecured instant bitcoin loan with no collateral are very limited since crypto loans without a deposit are extremely risky for lenders.
Instant Bitcoin Loans Without Verification
So you want to skip the KYC procedure?
Lendabit Offers Instant Crypto Loans
At LendaBit you can use your crypto assets to receive USDT online currency (you can change it for cash or other cryptos in online trading platforms). Due to the growth of investor activity on this platform, the interest rates have been realigned recently. Since they are new, we are still reviewing them, but we already like the fact that the platform offers 300 USDT instant loans with no verification. They have upgraded their wallet security with BitGo, which is a good sign [Hong Kong].
Non-Custodial Lending Platform HodlHodl
A non-custodial P2P bitcoin exchange Hodl Hodl launched a lending product seeking status as the first true bitcoin DeFi product. Users are able to borrow USDT, USDC, PAX, or DAI stablecoins in a peer-to-peer fashion, without going through know-your-customer (KYC) procedures, leaving their bitcoin as collateral.
Unlike existing crypto lending services, Hodl Hodl’s Lend marketplace does not act as a custodian and won’t store bitcoin collateral. Instead, the borrowers will lock their bitcoins in two-out-of-three multi-sig escrows for the time of the loan, and get it back when they pay back the stablecoins they borrowed. To release the funds from escrow, a transaction will need to be signed by two keys (lender, borrower, and Lend each gets a key). The lender and the borrower will agree on the amount, time period, interest rate of the loan, and the loan-to-value (LTV) ratio, which can be anywhere between 30% and 70%. Lend will take a 2% commission from each deal.
Bitcoin Loans on Crypto Forums
You can find both investors and borrowers, on popular bitcoin-related forums. This is often a tricky option, so we suggest you do this with extreme caution. As oppose to lending platforms, the bitcoin lending process on forums has one major advantage for both investors and loan seekers. Usually, no verification is needed here for a bitcoin loan and you can get your crypto fast & quick, furthermore anonymity is provided, but there are also more risks involved.
How to do the deal on a forum? First, find an exciting offer. Then check the investors/borrower’s profile, check his/her forum reputation and negotiate the deal. You will always have to offer collateral. It is a sort of insurance that the borrower will return bitcoins to the lender. In other words: to get a loan, you must give something equal or slightly higher to the amount you are trying to get. Typically lenders want things such as other cryptocurrencies or precious metals; even more, they prefer items that they can quickly resell electronically. You can also offer non-material commodities as collateral; for example, some users will say “my collateral is my account on this forum.”
Bitcointalk threads: we suggest you to check two Bitcointalk threads – one is for bitcoin micro loans and short term lending, the other one is more related to long-term bitcoin loans. To minimise trouble and scams, you can also use an escrow service within this forum to avoid being tricked somehow.
If you are a Reddit user, check this Reddit thread. Any Reddit user can ask for a loan in bitcoins anonymously in this specific subreddit without revealing identity. However, the loans are minimal, and users need to have a good account history on Reddit.
More Crypto Lending Platforms
There are more. Some of them are unreviewed, use at your own risk!
- Get a crypto loan worth up to 75% of your Crypto Value at SpectroCoin.
- Gate.io: a blockchain assets earning platform which facilitates stable earnings for your cryptocurrency investment, offering various financial products, including term (lock-up) and non-term earning products among others.
- Canadian company Ledn, has purportedly become the first and only local lender to issue Canadian dollar loans using Bitcoin as collateral.
- ViaBTC Crypto Loans is a financial tool tailored for bitcoin mining users, making asset flow flexible. Users who are optimistic about long-term value of held cryptocurrencies and need funds to pay daily expenses such as electricity bills and miner maintenance can pledge their crypto assets for ViaBTC loan. Once fully repaid their loans, they can get collateral assets back.
- Get a crypto-backed loan at Cex. Don’t sell your crypto if you don’t have to. Cex has been granted the Gibraltar Financial Services Commission (GFSC) license and your collateral is secured at cold storage.
- BTCPOP offers its users the chance to take out an instant loan.
Cred: a decentralized lending ecosystem. It just went bankrupt.
How to get Instant Bitcoin Loan
The process of applying for a loan is pretty simple. Bitcoin loans work just like your standard bank loan. It’s borrowed money that you pay back plus interest and fees over a set period. You can pay it back in fixed installments or all at once. You can also get bitcoin lines of credit and short-term bitcoin loans.
First, an online account in one of the lending sites above is needed. Then users will be asked to verify their details before creating the loan listing. The next step requires borrowers to enter the necessary amount, the period of the loan, and the intended interest rate to pay on credit. Proceed to review your loan details and loan agreement. Submit the form to get an instant loan. Receive the full loan amount to your account.
The great thing about instant loans is that what you do with your loan is totally up to you. Your instant loan is completely private compared to a standard loan listing where you have to declare your reasons for getting a loan. You can also use your balance to trade or buy cryptocurrency.
Profitable Bitcoin Lending for Investors
Bitcoin owners can lend their coins to bitcoin loan seekers to gain some extra profit. But one should know that there are some risks involved – the platform may get hacked and you might never see your BTC again. That is why bitcoin loan investing is a high-risk, potentially high-return game.
Interest Payments on Stablecoins
BlockFi offers interest payments to liquidity providers for bitcoin loan seekers on several leading stablecoins. This way you can earn smart passive income from just by holding them. When stored on the platform, Bitcoin, Ether, Litecoin, PAX Gold (PAXG), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard (PAX) will generate up to a 8.6 percent interest rate for those holding the currencies. Find more platforms where you can receive interest on your crypto on our special page: crypto interest account.
Bitcoin Lending Process
For bitcoin lender, we suggest using the platforms listed above. They provide more safety tools to the bitcoin lending process compared to forums or bitcoin communities as most of them are insured against hacks. They often have a thorough verification process for borrowers. Usually, they require a borrower email verification, ID verification, address verification, phone, and income verification.
- Digital assets are fast, highly efficient, and secure — credit services from traditional lending institutions simply do not meet the needs of digital asset holders.
- Please check also other bitcoin money making opportunities.