Cryptocurrency can fluctuate greatly over a relatively short period, so it's attractive as an investment asset. If the price drops a lot, you could turn a nice profit by buying in the dip. If the price is good, you may want to borrow money for the purchase so you don't have to mess up your budget. Getting a loan on short notice is easier said than done, though. However, a decentralized lending site like CoinRabbit specializes in quick loans, so you may wonder if you can borrow the money for the crypto on CoinRabbit.
No, you can't borrow money for crypto using CoinRabbit. You can't borrow money for any other purpose using CoinRabbit, either. CoinRabbit only lends cryptocurrency, not fiat currency such as USD. However, you can do the next best thing: go to CoinRabbit to borrow stablecoins, tethered to the values of various forms of money. This is, therefore, essentially the same as borrowing money.
To get a loan on CoinRabbit, you need to have collateral. That's how CoinRabbit can give you a loan so fast, because it doesn't make you jump through the hoops required for an unsecured loan. The collateral for your loan must be one of the various cryptocoins that CoinRabbit accepts. You'll need twice as much collateral as the amount loaned, though it doesn't have to be in the same cryptocoin.
If you are trying to borrow USDT, a widely accepted stablecoin, and you put up one Bitcoin as collateral, your loan size would depend on the conversion rates at the time of the loan. If one Bitcoin is worth $40,000 then you could get $20,000 worth of USDT as a loan.
Before you can get your loan, you must deposit the collateral. To do so, follow the instructions below. Please note that the minimum deposit is $100.
To borrow the crypto, follow these steps:
You can get help from CoinRabbit's customer service representatives by email. There are no other contact options available.
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