How Do I Get a Loan from Coinbase?
Coinbase users may be eligible to take out a loan from Coinbase. To get started, log in to your account to determine if you qualify for the loan. You can borrow up to 40 percent of your balance but the maximum (and minimum) amount varies per state. Once approved for the loan, you can pay only the interest per month and the principal amount after a year.
Coinbase users that reside in certain states are eligible to take out a loan or a line of credit. Credit checks aren't a factor in determining eligibility for the loan.
What's the Process for Taking Out a Loan?
You can borrow up to 40% of your Bitcoin balance on Coinbase. The maximum amount varies per state.
To get started, log in to your account to see if you are eligible to take out a loan or a line of credit. Follow the on-screen instructions to determine how much you can borrow.
In most states, the minimum amount you can borrow is $100. For Ohio, the minimum is $1001 and $10,001 for California and Arizona.
You can borrow up to $100,000 with an eight percent APR rate, which is lower than most personal loans. Each month, you can pay just the interest and wait up to a year to pay the principal amount. If you have further questions, please contact Customer Support.
Viewing Your Loan and Making a Payment
Users can check their loans via the app and the computer. Below are the steps to view your loan and make a payment:
Mobile
If you prefer to use the app, check the steps below:
1. Sign in to the app and tap the 2-arrow sign.
2. Scroll down and tap your loan.
3. Tap Make a Payment.
Computer
Below are the steps if you're using the web version on your computer:
1. Log in to the Borrow Homepage.
2. Hit on the portfolio link on top of the screen.
3. Look at the right side of the page to view your loan summary.
4. Click View Details for more information and click make a payment.
Add a Bank Account for Loan Payments
Adding a bank account to make a loan payment could take several days, depending on your bank. Below are the steps to link a bank account:
1. Log in to your account and go to Payment Methods on your computer or Settings > Payment Methods on mobile.
2. Choose Link a New Account (computer) or Add a payment method when you're on mobile.
3. Choose the account you want to link to Coinbase.
3. Follow the on-screen instructions and verify it with your bank.
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