8 Best Bitcoin Loans Sites in 2021

YouHodler is a fintech company that focuses on providing crypto-backed loans in fiat currencies and stable coins. They support a number of popular cryptocurrencies including BTC, ETH, LTC, BCH, XRP and XLM among others.

Through their bitcoin loan, they allow borrowers to hold their digital assets while accessing necessary funds.

Since its inception, the platform has processed over $15 million in loans and served over 5,000 customers from all corners of the globe. It boasts one of the most competitive rates in the market, offering up to 90% LTV.

You can get a minimum loan of $100 and a maximum of up to $30,000 for between 30 and 180 days from this platform.

The platform is popular for its convenient lines of credit, which you can request on a recurring basis indefinitely. Being a bitcoin loan no credit check, it uses a straightforward process for all kinds of borrowers with fast approval process.

Once you access a loan or credit line on the platform, you can make an instant withdrawal via your credit card or through a crypto withdrawal.

Here is how to access funding from the lender:

• Visit YouHodler and click on “Open Account”
• Sign up for an account by providing your email address and password
• Transfer crypto assets to your wallet on YouHodler to serve as collateral
• Verify your identity through the platform’s automated KYC procedure
• Once they reflect in your account, approval for the loan takes mere seconds and the lender releases funds almost instantaneously.

YouHodler is an approved member of the Blockchain Association, an independent self-regulatory organization (SRO) and a provider of External Dispute Resolution (EDR). As such, its members have access to advanced compliance technology as well as efficient dispute resolution under the Blockchain Association Financial Commission.

Bankera loan is a crypto-backed line of credit specialist that prides itself on the transparency of their rates as well as the safety of their cold storage systems. The lender has been around for over 6 years through which time more than 1 million crypto traders and investors have trusted it with the safety of their crypto coins.

In addition to security, Bankera Loans prides itself on maintaining one of the most expansive credit lines that allow individuals to borrow between €25 and €1 million against up to 75% of their collateral. Plus it has an expansive credit repayment period of up to 12 months.

Opening a line of credit with Bankera starts with signing up and creating your user account. Depositng your loan collateral: the lender accepts EUR, BNK (native coins), USDT, BTC, ETH, XEM, DASH. You then need to choose your preferred loan-to-value percentage (that determines the loan terms) and request for the credit line.

At the standard credit line level (€1000-€5000 loan), loan APR starts from 8.95% if you access less than 25% of your collateral, 11.95% if using 50% of your deposit as collateral, and 14.95% if you are using 75% of your collateral.

BlockFi offers loans using your cryptocurrency as collateral. It means that when you take out a loan they give you USD while you provide them with your Bitcoin (BTC), Ether (ETH), or Litecoin (LTC) as security holding.

As with most investments where returns are viewed over a long term period, it not uncommon for personal circumstances to change. You may find yourself in a situation where you need liquidity, but don't want to release your assets. Instead of selling your crypto holdings at a potential loss, you can use your cryptocurrency as collateral to take out a crypto-backed loan. This allows you to balance your need for hard currency, whilst not losing out on your long term investment.

Crypto Loans can be used for projects such as buying a home, an interesting option given that most lenders won't let you pay for a home using cryptocurrency. Alternatively, you may wish to diversify your investments in order to manage your risk profile, while others have used the service for more mundane uses like consolidating debt, paying off other expenses or making a big purchase.

BlockfFi claims the application process only takes two minutes. You fill in the form, entering the amount of money you wish to access and the cryptocurrency you wish to use as collateral. The LTV (loan to value) ratio has an upper limit of 50% and a lower threshold of 20%. BlockFi will then perform a soft credit check and aim to respond within two hours with a decision and breakdown of the offer calculation. The offer will contain an origination fee, usually 1% - 2%, and an APR.

APR is based upon

• Your credit score
• The amount requested
• You location
• The LTV ratio

Nexo is a blockchain-based platform that issues crypto-backed loans to users worldwide. It is powered by Credissimo, a European Fintech group. The lender markets it as ‘the world’s first instant crypto credit line.

On this platform, HODLers can get loans in fiat without having to relinquish their crypto ownership. Since its birth in 2007, the company has processed over $700 million for its over 200,000 users. It supports over 45 fiat currencies and has over $1 billion in loan requests.

The lender secures all crypto assets with BitGo, which is insured by Lloyd’s and has the backing of Goldman Sachs.

Here are the steps to follow when borrowing from Nexo:

• Register on Nexo and complete your KYC Deposit your crypto assets to your new Nexo account
• Wait until the collateral reflects in your account
• Once this happens, you will receive an instant credit line whose amount will depend on the LTV that the Nexo Oracle calculates for you

You can repay part of or the entire loan at any time after which you can withdraw your collateral Nexo’s APR starts from 8% if you are using Nexo tokens as collateral. Otherwise, the APR is 24.9%. The LTVs vary from one cryptocurrency to the next.

Here are some of the rates you can expect on the platform:

• 50% for BTC and ETH
• 40% for XRP
• 90% for stablecoins
• 35% for LTC 30% for BNB 15% for NEXO.

Nexo loan limits range between $500 and $2 million with a 12-month term which the lender may renew on request.

Celsius Network is a crypto peer-to-peer lending platform that provides fiat loans using crypto as collateral and enables investors to earn interest on their bitcoins. The company was founded in 2017 by Alex Mashinsky, Nuke Goldstein and Daniel Leon.

As of July 2019, the platform claims to have originated $2 billion in loans, over $300 million in assets and over 30,000 active wallets.

The platform appeared on the list of Forbes Top 10 companies to watch in 2018. Forbes explained that among the reasons why it featured on the list is that the startup is ‘primed to disrupt traditional banking.

Its goal according to Alex, the CEO, is to bring the next 100 million people into crypto.

The platform has no withdrawal fees, early termination fees or default fees. The platform offers three options depending on the amount you want to borrow. For example, for a $25,000 loan, the APR is 4.95%, for $33, 000 loan, the APR is 6.95% and for a $50,000 loan, the APR is 8.95%.

Here is how to get a loan from Celcius Network:

• Visit the Celsius Network site and use the online calculator to check the borrowing rates
• Download the platform’s app and create an account
• Fill in the required details and request for a loan

Bitbond is a global lending platform for small business loans through which you can borrow up to $25,000. It was founded in 2013 in Germany.

The company uses blockchain technology for payments instead of SWIFT to keep its fees minimal. Users do not have to have a bank account and this makes the platform ideal for everyone including the unbanked.

It currently has over 165,000 users, has funded over 3,200 loans and originated loans worth over $15 million. The company is also fully regulated and it received its BaFin Licence in 2016.

The platform works like any other peer-to-peer lender. Here’s how:

• When you register as a borrower, you will need to connect your online business accounts such as PayPal,eBay or Amazon
• The lender will then review your application.
• If you get approval, they will email you with your ratings
• Once you confirm the terms and rates and accept them, they will present your application to the investors/lenders who will usually fund your request in 14 days.

The minimum bid the investors can place on your loan is 0.01 BTC.

SALT Lending is a crypto-backed lending platform that was founded in 2016 and gained massive popularity in 2017. SALT is an acronym for Secured Automated Lending Technology. It describes itself as the next generation lending platform for blockchain loans.

The lender uses the tagline ‘hold your assets, spend your cash’. Since inception, they have seen some tough times. Its Salt token fell from a $27 all-time high on its website to less than $0.07. It also got into trouble with the SEC over the $50 million ICO. However, it is still a great platform for crypto borrowers in search of a bitcoin loan no collateral.

Follow these steps to borrow from SALT:

• Create an account on the platform. Although the platform does not perform credit checks, you will still be required to complete the KYC and AML screening
• Once they verify your identity, you can go on and request for a loan
• They will provide instructions on how to send collateral and once you do, they will deposit funds into the select bank account.
• The collateral will remain your property and therefore the price appreciation and depreciation will affect your holdings for the term of the loan.

On Salt, you can borrow from $5,000 to a maximum of $25,000,000. However, these values depend on the jurisdiction and other restrictions. Collateral can be in BTC, DASH, ETH, TUSD, and LTC.

Nebeus is a cryptocurrency peer-to-peer platform founded by Sergey Romanovskiy and Konstantin Zaripov in 2015. Based in London, the platform offers users investing, borrowing, card and exchange services, and thus fits the description of a crypto bank.

You can borrow up to €250,000 from this lender using bitcoin or Ethereum as collateral.

Here’s how to access a loan on the platform:

• Create an account on the site
• Choose the loan type Specify the account from which the lender will debit your deposit and the desired loan currency
• Confirm the loan request
• As soon as they withdraw the pledge, the lender will instantly credit your account. They claim you will receive your cash within 5 minutes

Nebeus offers 10.25% APR with the minimum term being 3 months and the maximum 12 months. The minimum pledge is 0.1 BTC or 1 ETH and the maximum is 40 BTC or 200 ETH. You can have an unlimited number of active loans.