SpectroCoin Loans allows you to get a quick and safe loan without any hassle. You can borrow Euro, Bitcoin, Ether, and other currencies by pledging your crypto holdings as collateral. In this blog post, we will guide you through the process of getting a crypto-backed loan at SpectroCoin.
What is a crypto loan?
In simple words, a crypto loan allows you to borrow fiat funds or other cryptocurrencies by putting your crypto assets on hold as collateral. Once the loan is repaid, you get your collateral back, not losing any of its value.
A portion of crypto owners do not realize their assets’ full potential and store them in their wallets, waiting for the price to increase. SpectroCoin Loans offers a possibility to leverage the value of their holdings by receiving crypto-backed financing.
How to apply for a crypto loan?
SpectroCoin makes cryptocurrency lending simple. To get a crypto-backed loan, follow the instructions provided below.
Create a SpectroCoin Loans account
First, sign up or log in to your existing SpectroCoin account. If you would like to get a loan in Euros or your loan amount exceeds certain thresholds, a short identity verification process is also obligatory. Don’t worry – it will not take long.
Load your wallet
To get a loan, you will also need to deposit some cryptocurrency – it will be used to back your loan. Currently, you can choose from Bitcoin (BTC), Ether (ETH), NEM (XEM), and Dash (DASH) for collateral deposits. We will add more options in the future.
Navigate to the “Loans” section of your account and click “Deposit”. After that, you will be given the deposit options. Select your preferred method.
Copy the wallet address provided in a pop-up window and use it to transfer funds to your account.
After your deposit is completed, a “Get a loan” button will appear. Go ahead and click it.
Customize the loan terms
Now, you will be required to choose your preferred loan conditions. Enter your selected collateral currency and amount – the loan amount will be calculated automatically. For withdrawal purposes, we support Euro (EUR), Tether (USDT), Banker (BNK), BTC, ETH, XEM, and DASH.
Loans at SpectroCoin are issued from as low as €25 and as high as €1,000,000. In this way, anyone can benefit from our lending services.
Next, select the loan term. We offer short term and long term crypto-backed loans. The maximum loan duration available is 24 months. You will also see the annual percentage rate (APR) displayed on the same page. Interest payments are charged automatically from your SpectroCoin Loans account every month. If you choose to repay the loan in BNK tokens, lower interest rates will apply.
Once you are happy with your chosen loan terms, click “Next”.
You will get a chance to review your crypto loan request one more time. Check over the information carefully. Once you read and agree to the Loan Agreement, click on “Take loan”.
Once your loan is approved, a notification will be delivered to your email address. It shouldn’t take longer than one business day to approve it.
Your crypto loan is ready
If everything is successful with your application, the loan will be issued to your preferred SpectroCoin Loans wallet.
Please note that it is important to maintain your Loan-to-Value (LTV) ratio under control. If your LTV gets too high, part of your collateral will be liquidated to bring down the LTV%.
Now that you know how to borrow bitcoin and other currencies from SpectroCoin, why don’t you go ahead and try it yourself? It’s safe and comfortable!
If you have additional questions regarding the SpectroCoin Loans service, please contact our support at [email protected].