What are Celsius Network crypto-backed loans and how do they work
Celsius Network offers two types of loans: USD loans and stablecoin loans. The interest rate on these loans is typically around 8.95% APR and varies based on your loan-to-value ratio and loyalty level. This is much lower than what you would get from a traditional bank.
To get a loan, you first need to deposit your crypto into the Celsius Network platform. Once your crypto is deposited, you can then apply for a loan. If your loan is approved, you will receive the funds in your Celsius Network account. You can then use these funds to pay for anything you need.
You can repay your loan at any time and you will only be charged the interest that has accrued up to that point. There are no prepayment fees or penalties.
If you're looking for a crypto-backed loan, Celsius Network is a great option.
Frequently Asked Questions
What is the minimum I can borrow?
The minimum loan amount for a stablecoin is $100, whereas the minimum USD is $1,000.
How do I borrow from Celsius Network?
Get a loan in four easy steps.
- Choose between stablecoins and dollars. Enter the amount of money you wish to borrow.
- Choose your collateral and interest rate. Choose between your current balance and transferring new coins.
- Choose the term of your loan. You have the option to extend or close at any time.
- Confirm details and receive approval.
Can Celsius Network loans be paid off early?
Yes. There are no penalties for paying off your loan early. There will be a 6-month interest payment needed if the loan has not matured for at least 6 months, which is the minimum requirement for all loans.
Before borrowing, do check out our Celsius Network Review: Is it Good and Can You Trust it?