With the Crypto Winter dragging the energy down, people are waiting for the Crypto Summer. If you, however, did not anticipate the Crypto Winter, you might not have enough cash to tide you over until the next bull run. If you still have your digital coins, you would want to hold onto them; this way, you can later sell them at a higher price. But, how can you do that if you are low on cash for day-to-day living expenses? Some companies have introduced a solution: crypto-backed lending.
With crypto lending, you can deposit your coins as collateral to receive fiat loans from crypto lending platforms. Later you can return the cash back for your crypto at a pre-agreed date. Of course, you might have to pay some interest. But, that is all part of the game. Below are top 3 crypto lending platforms that we trust today.
Number 1 Best Crypto Lending Platform: Nexo
Nexo claims to offer the first instant crypto-backed loans. With that said, the platform offers a loan range of $1,000 to $2,000,000. With the money that you borrow, you can spend it instantly. To do so, you will need a card, or you will need to withdraw the money to your bank account. Nexo uses an SEC-approved custodian, BitGo, which helps to improve the platform’s reputability.
Number 2 Best Crypto Lending Platform: SALT Lending
SALT Lending is another crypto-backed loan site. It offers loan amounts starting from $5,000. While it advertises low APR rates, it says that rates are subject to the jurisdictions and limitations. On its homepage, SALT Lending offers crypto loans that use BTC, ETH, LTC, and/or DOGE collateral. While loan approval is not instant, SALT Lending says that borrowers in certain jurisdictions can expect approvals within 24 hours.
Number 3 Best Crypto Lending Platform: YouHodler
YouHodler is the youngest and the most promising crypto-backed lending platform that recently joined The Financial Commission. The platform offers a high loan-to-value ratio (70%); certainly, it has one of the highest LTVs on the market. As one of The Financial Commission’s Board Association members, YouHodler must uphold itself to the best business practices. If there are any transactions that users disagree with, they can bring the case to The Financial Commission for independent resolution. Even more, YouHodler often offers promotions. Right now, it is promoting the “Anti-Crisis” loan. YouHodler offers instant cash payments and the process for signing up is quick, with an amazing customer support team.
Best Crypto Lending Platforms on the Market: Near Instant Payouts
These above three platforms offer near instant cash payouts. No matter what your situation is, you can look at these options for yourself. If you need to make payments in fiat for your mortgage, car loan, or small business, try taking out a loan. If you do not need to make payments but you would like to invest in something immediately, borrowing cash with crypto collateral can be beneficial as well.
