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    A Simple Guide on How to Get a Bitcoin Loan

    The cryptocurrency sector has undergone quite an evolution, especially over the last few years. One of the new products is crypto staking and holding facilitated by third-party platforms such as YouHodler, Binance, BlockFi, and Celsius, among others.

    The Bitcoin blockchain has partnered with many of these platforms to ensure that their users can save and earn interest and get a Bitcoin loan at the same time. If this sounds like a lucrative passive opportunity, then you should read this article to find out more.

    Table of Contents

    How Bitcoin Loan Works

    You can lend your Bitcoin to various platforms and earn interest in return. We will learn how to lend Bitcoin to various platforms shortly. You can also borrow BTC on these platforms while using your savings as collateral. The interest for lending and borrowing Bitcoin differs on these platforms, which is why you should go through them to figure out which is the best for you.

    To borrow BTC, you need to open an account with your favorite platform and save the amount of BTC you want. The more you save, the more interest you get. With the saving, you now have collateral to borrow against. Some platforms give an LTV ratio of as low as 70% while others can go as high as 150%.

    That said, let us look at the best platforms to get a Bitcoin loan easily and enjoy other benefits as well.

    Best Platforms to Get Bitcoin Loan

    •       YouHodler – This popular crypto saving platform gives you up to a 90% LTV ratio on your saved Bitcoin. At the same time, your savings will earn 4.8% APY. The best thing about using this platform is that you can access your savings at any time you want to deposit or withdraw.
    •       BlockFi – If you want to borrow cash against your saved Bitcoin, this platform will make it possible. BlockFi is a reputable crypto saving platform that makes it possible to get a Bitcoin loan instantly. Both the LTV ratio for the loan and APY for the saved Bitcoin are very enticing.
    •       Celsius – Believe it or not, Celsius lends investors at with their APR rate while using their crypto as collateral. If you have saved your crypto here and now want to get a Bitcoin loan, do not hesitate to get started as this is among the lowest industry rates. In the meantime, your Bitcoin will be earning interest depending on the given APY, which could be as high as 5%.
    •       Crypto.com – If you have been looking for how to get an instant Bitcoin loan, crypto.com is the answer. The LTV ratio is 50%, but you are assured of fast, secure cash loans that are approved within a short time. In the meantime, your saved Bitcoin will be earning crypto at an exciting interest rate.

    Conclusion

    If you check well, some of these platforms have a Bitcoin loan app that you can download right on your mobile phone and use conveniently. Hence, there is no excuse why you should not get a BTC loan. If you are not sure of any information such as interest rates, repayments periods, and any other information, do detailed research before you apply to get a Bitcoin loan.

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