|Bitcoin loans, also known as bitcoin micro loans, are short-term loans made through cryptocurrency. Borrowers submit bitcoin as collateral for the loan. They can then use their bitcoin as collateral for their next loan. Borrowers pay back the loan in installments usually every 30 days. The bitcoin loan has a fixed interest rate that is fixed for the entirety of the loan, which can last up to one year. Borrowers pay these installments by withdrawing the bitcoin they deposited as collateral. If you’re looking to get a bitcoin loan, there are certain things you should know. First, you’ll have to verify that you own bitcoins. Once you have enough bitcoins to get approved, you’ll go through a provider like BlockFi, or if you're outside of the USA try YouHodler. It's an automatized process - if you have the crypto to put up as collateral you'll get the loan! The most important tip for getting a loan with cryptocurrency is to check the lender's reputation before doing business with him or her. Checking for reviews on Google and other websites is the easiest way to find out if the loan company is good or not. The big upside... Bitcoin loans are not taxable, but make sure to keep records of bitcoin transactions. Bitcoin loans have been around for a while, and with so many people using bitcoin these days, there shouldn’t be a problem getting a loan. No credit checks, no long waits for approval, and the amount you need, when you need it! Who to use? BlockFi is our recommendation in the USA, or if you're outside of the US try YouHodler. Both have years of service behind them and clean reputations. -------
Corad Sirril
Switzerland News Desk
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