Blockchain technology is gaining in popularity for offering loans backed by cryptocurrency, such as bitcoins. Investors can now use cryptocurrency as collateral to obtain a loan at many crypto platforms, including SpectroCoin. The crypto-backed lending market has already gained a worth of over $5 billion and still rising, according to Bloomberg.
Yes. Not only can you get a crypto loan with SpectroCoin, but it is also a fast and simple process. Whether you are an individual or a business user, you can get a crypto-backed loan as long as you have an account with SpectroCoin Loans and cryptocurrency assets.
Here are the steps to take:
Step 1: Log in to your SpectroCoin account (if you don't have an account, you can create one).
Step 2: Deposit the assets you want to use as collateral in the proper currency. Available collateral options are Ether (ETH), Bitcoin (BTC), Dash (DASH), and NEM (XEM).
Step 3: Click on ‘Get a loan' for a loan request.
Step 4: Choose the loan terms (amount) and the withdrawal currency you prefer. Available options for crypto withdrawal are ETH, BTC, DASH, XEM, Banker (BNK), and Tether (USDT). If you are a verified user, Euro (EUR) FIAT currency withdrawals are also available.
Step 5: Click ‘Next' to confirm the loan and follow the provided instructions.
If your application is approved, your loan will be credited into your preferred wallet. You can also have multiple loans at one time.
You will have to make two different payment types to service your loan: principal repayments and interest payments.
To repay your loan principal, log in to your account and navigate to your loan page, then click on "Repay the loan". The SpectroCoin Loan platform supports a wide variety of cryptocurrencies for loan repayment. You can repay your loan in ETH, BTC, XEM, DASH, BNK, and USDT. In addition, if you are a verified user, you can also pay in EUR. There is no minimum amount or schedule.
Your interest payments will automatically be deducted from the assets in your SpectroCoin Loans account wallet each month, starting one month after taking the loan. So make sure your account has sufficient assets to cover the interest.
Your payments are deducted at 00:00 UTC on the same day your credit was issued or if there aren't enough days in the month, they will be deducted on the final day of the month.
If your BNK wallet has enough assets, your interest payment is deducted from there at a lower interest rate. In the case your BNK wallet doesn't have enough assets, the interest payment is deducted from another cryptocurrency wallet that does have enough assets. If there aren't enough assets in any of your wallets, the interest amount is added to your loan.
Our system automatically checks your crypto wallets to see which has enough for the interest payments in the order that follows:
All loans come with a 1-year maturity standard. You choose when you want to make your payments and how much you want to pay. Also, there are no penalties for early repayment. If you don't repay your loan by the end of your chosen term, it will be extended for one year only with higher interest.
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