Are there things you need to know about “Celsius loan”? If you say YES, not only will this post answer many of your questions but many others related to the Celcius loan.
Table of Contents
Celsius loan is a cash advance you receive in USD against the cryptocurrency amount you transferred to Celsius Network as collateral through Defi. It is available via PC, iOS, and Android mobile apps. No credit checks, closing costs, or background checks are required.
In case you are wondering,
Celsius Cypto Loan
A. How Does It Work
Celcius loan provides hassle-free financing with a simple choice of amount, interest rate, and payment schedule. Here is how it works in 6 steps:
- Head over to the Celsius website
- Pick the USD or your currency of choice
- provide the amount you are borrowing
- Select collateral & Interest rate
- Choose the duration of your loan
- Validate your details and get approval.
Keep in mind that your cryptos on deposit serve as collateral for the loan. Even when you’re repaying, your coins will continue to grow in value. You do not need to liquidate for your deposit to yield interest.
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B. Countries Where Celcius Loan Is Available
If you live in the US make sure to check if Celsius loan is provided in your state by checking it on the app. According to the company, the app is currently available in more than 200 countries. By securing their crypto holdings with Celsius, US app users can borrow between 25% and 50% of their crypto’s value in USD.
Celsius’ KYC (know your customer) rules mandate that U.S. citizens produce a Social Security number and a picture ID. You’ll need to deposit money into your account once your identification has been verified. An ACH transfer can be used to move funds from your bank. You may also buy any of Celsius’ 10 accepted cryptocurrencies straight from Celsius’ two marketplaces for direct deposit.
It features a very simple dashboard to track deposits, withdrawals, and earnings. This is probably something the company will need to look into in the future.
Instant interest payments are put straight into your bank account every Monday, so you can begin earning interest right now! In addition to crypto-based loans, fee-free withdrawals, and direct payments to family and friends, the app offers a variety of additional financial services.
Celsius Loan Rates
Celsius Loan rates vary from 13.99% APY for US residents to 17.78% APY for non-Us residents
Celsius Loan California
More money means more opportunities for pleasure in California. You have been patiently waiting, and now it is finally available to you. California residents can now apply for loans from Celsius. You may receive the finances you need for the life you really want to live in California by borrowing with 0% APR against more than 40 different cryptocurrencies.
Celsius Loan Faq
In case you are looking for Celsius loan faq, here it is:
Is Celsius loans available in California?
Absolutely, Celsius loans are now accessible in California. You are free to borrow against any of the 40 plus cryptocurrencies available on the platform.
Can you borrow on Celsius in the US?
Yes, you can. Celsius will offer you a lower APY if you are able to prove that you are a US resident and also allow you to borrow in USD.
Does Celsius do a credit check?
No credit checks are Required. Celsius does not carry out or perform credit checks on consumers who are seeking loans through its online platform. Furthermore, a user’s credit score will not be impacted by any action that occurs within their Celsius account.
How much can you borrow with Celsius?
Borrowers may leverage over 30 different cryptocurrencies to borrow $100 or more in USDT, GUSD, USDC, DAI, PAX, or TUSD using the Celsius platform. The loan amount must be denominated in one of those currencies. Applicants seeking loans of $15,000 or above can take advantage of Celsius’s US dollar loans, which are given by the company.
Celsius Loan Bonus
Celsius will credit your account with a bonus between August 1 and August 8, 2022. If you pay off your loan in less than six months, the bonus you were promised will not be paid out. There is a restriction of one bonus per user; however, if a user takes out more than 1 loan that qualifies for the bonus, that user will only earn one bonus depending on the total amount borrowed.
Celsius Loan Review
As of August 1st 2023, as shown in the screenshot below, Celsius loan has been reviewed 1,741 times. 65% of borrowers confirmed that the company has excellent service, 9% think their service is great. While 5% think it is average, 4% think it is poor and 17% think it is bad.