Crypto-backed Loans with Celsius Network: Let’s explore how to realize your crypto asset’s full potential.
Have you been looking for a way to make some extra money on your cryptocurrency? Read on to find out how to use Celsius Network crypto loan to do so.
How to Get a Crypto-Backed Loan or Earn Interest with Celsius Network
Usually, after buying cryptocurrency assets, the owners leave them kept in wallets, waiting for the prices to increase. As a result, most of the crypto owners don’t realize their asset’s full potential. However, you can earn interest on your assets or get a fiat loan without relinquishing your ownership of the assets. Platforms such as Celsius Network allow you to get crypto loans or cash against ETH, XRP, BTC, BTG and BCH at lower interest rates than other financial institutions offer.
Crypto-backed loans refer to an alternative type of financing that allows you to back up your loans using crypto that you own as the collateral. Rather than just holding crypto-asset, Celsius allows you to take a crypto-backed loan so that you can leverage the value and retain the growth of your assets. Through this, cryptocurrency owners can get financing and get back all their crypto assets after repaying the loan.
How to Apply for a Crypto-Backed Loan
Applying for a loan at Celsius is simple. You can follow the following steps:
Download the Celsius App
You will first need to get the easy-to-use Celsius mobile app. It’s available on both iOS and Android platforms.
Create Your Account
After downloading your app, you will need to create your Celsius network account. Open the app and tap the ‘’Join Celsius’’ button. In case you have referral code, here is the only time to enter it. You will have to enter your real names, email address and select a secure password. Ensure you enter all your personal information correctly.
Verify Your Identity
Now that you have entered your personal information, the next step will be to verify your personal information through a process called Know-Your-Customer (KYC). This information will be necessary before making any deposits, make loan application or have full access to Celsius mobile app services.
You will also be required to provide National ID Card, Driver’s License or a Passport during verification.
To start earning your interest with Celsius, deposit your coins and tokens and wait for your interest to be paid every Monday. You can access your deposit through many ways, but the easiest way is by selecting ‘’Deposit’’ from the home screen. You can now apply for crypto-backed loans at the lowest interest. Celsius offers three loan options according to the amount you want to borrow.
Benefits of Cash Loans from Celsius
- No repayment fees, no transaction fees, and no termination fees
- The interest paid on the loans is shared amongst Celsius wallet users every week, thus benefiting the community.
- Celsius offers three loan options allowing you to select the loan that matches your needs.
- Even if you have a poor credit score, Celsius will still offer you a loan. By providing crypto as your collateral, Celsius will not look into your banking history.
- With Celsius, you can get cash or stablecoins such as GUSD, USDC, or USDT.
How to Generate Interest from Deposits?
According to information obtained from Celsius website, the company lends the deposits to institutional traders, exchanges and hedge funds to generate interest. According to Alex Mashinsky, some deposits go down to institutions that put down between 50 and 150 percent collateral based on their balance sheets. The interest earned is then shared and paid to investors every Monday.
Other Investing Resources
Looking for more options? You might want to read some of our other crowd investing and peer to peer lending reviews. There are many peer to peer lending and investing platforms currently available, and you can diversify your interest income by using several of them simultaneously.
Are you already investing in Celsius Network or in any other investing platform? Leave your thoughts and questions about this Celsius Network review below.