How to apply for a crypto-backed loan
Crypto-backed loans on Bitnob
Bitnob offers crypto-backed loans that allow you to:
- Access cash without selling your crypto
- Keep your long-term crypto holdings
- Get competitive interest rates
- Receive funds quickly (often within 24 hours)
- Choose flexible repayment terms
Your crypto remains in a secure escrow wallet and is returned when you repay the loan.
Eligibility requirements
To apply for a crypto-backed loan, you need:
- A verified Bitnob account
- Eligible cryptocurrency as collateral (Bitcoin, USDT, Ethereum, etc.)
- Minimum collateral value (varies by currency)
- Good standing on your account (no previous defaults)
How to apply
Follow these steps to apply for a loan:
- Go to the Lending section in your dashboard
- Click "Apply for Loan"
- Select the crypto you want to use as collateral
- Enter the loan amount you need
- Choose your repayment term (3, 6, or 12 months)
- Review the interest rate, LTV ratio, and terms
- Transfer your collateral to the escrow wallet
- Submit your application
Most applications are approved within 24 hours. You'll receive the loan amount in your chosen currency.
Understanding key terms
Important loan terminology:
- LTV (Loan-to-Value): Maximum 50% - you can borrow up to 50% of your collateral value
- Liquidation threshold: If your collateral value drops below 120% of the loan, it may be liquidated
- Interest rate: Annual percentage rate (APR) charged on the loan
- Minimum payment: Interest-only payments are allowed, but you can pay down principal anytime