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How Do I Apply for a Long Term Loan from KuCoin?

KuCoin allows users to borrow cryptocurrency or fiat from peers also using the exchange. Long term loans (or closed loans) differ from lines of credit in that they have a set maturity date in which the note is to be paid. How do you apply for a long term loan on KuCoin? You can learn more about KuCoin lending by contacting customer support here, and below are steps to borrowing fiat or crypto long term on the exchange.

In and Outs of KuCoin Lending

The first step is understanding how KuCoin lending works. Below is information that will help you make the best borrowing decision.

  1. The maximum amount you can request is up to nine times the amount of currency you have in your account designated as collateral.
  2. You are not limited to only one type of crypto.
  3. Having BTC in your margin account allows you to borrow different types of crypto.
  4. If you want to pay off your loan early, you can. You do not have to wait until the loan matures before fully satisfying the debt.

How To Apply For a Long Term Loan

To apply for a long term loan, you need to follow the steps outlined here.

  1. Open KuCoin on your computer and log into your account.
  2. Click on "Trade" under "Margin Trading."
  3. Start the loan process by clicking "Borrow."
  4. Input your trading password.
  5. Select the coin and amount you want to borrow.
  6. Since this is a closed end loan and not a line of credit, do not select "Auto-Borrow" or "Auto-Renew."

Paying Off Your Long Term Loan and Closing the Loan

To pay off your long-term loan, log into your account to submit payments. You can set up "Auto-Pay" on your loan to make sure you payments are made on time each month. Once the last payment has posted, and your account is at zero, you can submit a request to customer service here for your loan to be closed.

KuCoin has joined other exchanges in the lending business to provide users with more flexibility and earning opportunities. For more information on KuCoin lending, or for assistance with applying for a long-term loan, contact customer support here.

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Christian has been writing about long hold times and customer service call center experiences since 2010. He's been featured in Bloomberg, the Wall Street Journal and the Boston Globe.

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KuCoin

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