Tag: bitcoin loans

Three reasons why you should avail a Crypto-backed Loan

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Loans are the hard reality of our lives. Car loan, home loan, personal loan and the list could go on and on. While all the loans offered by traditional banks are linked to some specific project, crypto-backed loans differ from that. With crypto lending, one could put in his/her digital currency as collateral and ask for a loan in alternative cryptocurrency or fiat for the project they wish for. So once you have secured your cryptos in the digital wallet with a crypto lending platform, and the loan is released you are free to use it as per your wish for buying a car, or home improvement or even putting stuff in business.

Bitcoin loans or blockchain based loans are ideal for individuals who need instant cash in exchange for their valuable cryptocurrency. Listing down few of the other reasons entities could consider to try out crypto loans.

Reasons To Avail Crypto Loans

Effective Crypto Asset Management

Would you like to just let all your hard earned cryptos go away when you are in need of cash? Well, experts recommend that would be not an effective crypto asset management strategy, but you still need extra money. Crypto-backed loans are the answer, a win-win situation where you can get extra money with a promise that you can have all your cryptos back to your wallet.

Instant release of loan amount

Most of the crypto lending platforms release the loan amount [in fiat] directly to borrowers bank account within 4~24 hrs. The whole loan request to loan release process is automated and digitized, making it quick, simple and effective for borrowers who are in dire need of liquidity.

No implications on your credit score

Do you know in India people having less CIBIL score less than 750 gets rejected by banks on their loan request? This is not valid for crypto-backed loans, and also availing a crypto loan does not affect your credit score. So you are free to take a crypto loan and leave the worries about credit score in the dump.

No Paperwork, no documentation, no processing fees, and no credit scores are needed for a crypto-backed loan. Just a handful of cryptos is all you need.

Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

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Bitcoin Loans – Indian Industry in dilemma

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While Indians are still searching for the best interest rates, a new offering from the crypto world has knocked India – Loans against crypto assets or crypto loans.

News.Bitcoin.com surveyed players in the industry, and their responses can be categorized as skeptical. Abhi Upadhyay, from the mobile lending space, says – “Traditional financial institutions like banks are never going to come close to accept cryptocurrency as security.”

Manav Jeet, Founder, and CEO of Rubique, a prominent fintech player in the digital space – We are the best-regulated markets, and even in terms of awareness, only a tiny portion of Indian population is using cryptocurrency. It will take a lot of time for us to get to the stage where we can imagine this form being used in secured loans.”

While in terms of Fintech adoption India has exhibited the second highest fintech adoption rate (59% while the global average is 33%) as per the EY Fintech adoption index, but Bitcoin loans as Saurabh Shankar, head of marketing at Paysense says – conceptually the idea is not bad, but the practical side here revolves around regulations and actual ease.

Read more at News.bitcoin.com

Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

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