Find The Best Crypto Loan Platform

There are many factors to consider when choosing the best crypto loan platform for your needs.

Blockfer’s research team has assembled the essential information for you - providing a comprehensive look at what each reputable crypto loan platform has to offer.

Easily compare crypto loan platforms by APR rates, accepted collateral, loan amounts, LTV ratios (collateral required), and much more. Simply select which factors are the most important to you with our easy to use filter system.

We encourage our less experienced users to view our comprehensive Intro To Crypto Loans guide where we analyze crypto loan use cases, benefits, risks, and more.

Note: Not looking for a loan? You can still earn interest on your crypto assets with crypto Interest Accounts and by Margin Funding

MakerDao Logo

Rating7.5/10

APR Rates: 8%

Borrow Assets:DAI

Loan Amounts:$1 - $1,000,000

Receive Funds:Stablecoin : Instant

Repayment Type:Interest Only

Available Loans:Stablecoins

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Nuo Network Logo

Rating7.5/10

APR Rates: 2.26% - 50%

Borrow Assets:USDC, DAI, ETH, LINK, TUSD, BAT, ZRX, REP, WBTC, MKR, KNC, SNX

Loan Amounts:$25 - $1,000,000

Receive Funds:Stablecoin : Instant, Crypto : Instant

Repayment Type:Interest & Principal

Available Loans:Stablecoins, Crypto

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Celsius Network Logo

Rating8/10

APR Rates: 3.46% - 6.26%

Borrow Assets:USD, USDC, DAI, TUSD, GUSD, PAX, USDT

Loan Amounts:$1,500 - $1,000,000

Receive Funds:Fiat : 1-3 Business Days, Stablecoin : Instant

Repayment Type:Interest Only

Available Loans:Fiat, Stablecoins

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Nexo Logo

Rating8.5/10

APR Rates: 5.9%

Borrow Assets:USD, USDT

Loan Amounts:$500 - $2,000,000

Receive Funds:Fiat : 3 Business Days, Stablecoin : Instant

Repayment Type:Interest Only

Available Loans:Fiat, Stablecoins

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Compound Logo

Rating8.5/10

APR Rates: 0%

Borrow Assets:ETH, DAI, USDC, BAT, REP, ZRX, WBTC, USDT

Loan Amounts:$1 - $100,000

Receive Funds:Stablecoin : Instant, Crypto : Instant

Repayment Type:Interest Only

Available Loans:Stablecoins, Crypto

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BlockFi Logo

Rating8.5/10

APR Rates: 4.5% - 15.25%

Borrow Assets:USD, GUSD, USDC

Loan Amounts:$5,000 - $1,000,000

Receive Funds:Fiat : 3 Business Days, Stablecoin : Instant

Repayment Type:Interest Only

Available Loans:Fiat, Stablecoins

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COLLAPSE

What is a crypto-backed loan?

Crypto-backed loans are loans that use crypto assets as collateral to secure the value of the loan. Users can receive these loans from crypto loan platforms - businesses that provide users a service in which they can loan against their crypto assets at an agreed upon interest rate.

How do crypto loans work?

Crypto loans function similar to traditional loans in that users provide collateral (crypto assets) in order to receive a loan (crypto assets or fiat) for an agreed upon interest rate with the loan platform.

Due to the volatile price nature of crypto assets, crypto loans generally require significant collateral compared to the value of the loan.

There are two types of crypto-backed loans:

  • Crypto-to-crypto loans
  • Crypto-to-fiat loans
What are the differences between a crypto-to-crypto loan and a crypto-to-fiat loan?

Crypto-to-Crypto Loan - Users put up crypto as collateral to borrow crypto in the form of a loan or credit line. Interest is then paid on the principal of the loan. Crypto-to-crypto loans are available globally, to anyone, in any country.

Crypto-to-Fiat Loan - Users put up crypto as collateral and borrow fiat or stablecoins in the form of a loan or credit line. Interest is then paid on the principal of the loan. Crypto-to-fiat loans are available in select countries, as there are traditional banking requirements.

What are the benefits of crypto loans?

Benefits of crypto loans include:

  • Taxes - Crypto loans do not count as taxable events in many countries. US citizens, for example, can pay back crypto loans and not incur taxes on the increased value of their collateral.
  • No credit checks. Crypto loans do not affect or take into consideration credit scores.
  • No verification is required for crypto-to-crypto loans, ensuring global eligibility.
  • Leveraging the value of your crypto assets without selling. Maintain asset appreciation potential while obtaining access to capital.
  • Faster turnaround compared to traditional loans. Crypto-to-crypto loans only take a few minutes. Crypto-to-fiat loans usually take around one business day to process.
  • Better APR rates compared to traditional loans.
  • Greater transparency for customers, less hidden fees and charges.
  • Several crypto asset collateral options.
  • Access to fiat for living expenses and paying down debts.
What is the difference between a crypto loan and a crypto line of credit?

By definition, a crypto loan and crypto line of credit are essentially the same concept.

Are crypto loans available worldwide?

Mostly.

  • Crypto-to-crypto loans are available online worldwide. There are no country or regional restrictions for crypto-to-crypto loans.
  • Crypto-to-fiat loans are more restricted (although available in dozens of countries), as they require user identification and a bank account.
How can I get a crypto loan?

Any crypto asset owner is eligible for a crypto-to-crypto loan, and in most cases, a crypto-to-fiat loan.

Generally, the process will look like this for each respective loan type:

Crypto-To-Crypto Loans:

  1. User chooses their preferred crypto loan platform.
  2. User inputs the desired loan amount, followed by agreeing to the interest rate and amount of collateral required to secure the loan.
  3. User sends the required collateral amount to the crypto loan platform’s smart contract.
  4. User receives the agreed upon loan amount, automatically delivered to their specified crypto wallet address.

Crypto-To-Fiat Loans:

  1. User chooses their preferred crypto loan platform.
  2. User inputs the desired loan amount, followed by agreeing to the interest rate and amount of collateral required to secure the loan.
  3. User creates an account, submits identity verification documents, and awaits an approval process.
  4. After approval, user sends the required collateral to the loan platform’s specified crypto wallet address.
  5. User will receive the agreed upon loan amount, usually within 1-2 business days directly to their specified bank account.

For more detailed information, see our comprehensive Introduction To Crypto Loans guide.

Can I get a crypto loan with no credit check?

Yes. Crypto loans can be issued without a credit check due to the high ratio of collateral required to secure a loan. No verification or credit check is required for crypto-to-crypto loans. Crypto-to-fiat loans require verification as they cooperate with traditional financial institutions.

Where can I get an instant crypto loan?

The following loan platforms offer instant crypto loans:

Can I get a crypto loan without collateral?

Offering loans without collateral is a zero reward, high risk proposition.

Appropriately, there are no legitimate crypto loan platforms that issue loans without user provided collateral.

Where can I find the best crypto loan interest rates?

Blockfer’s Crypto Loan Index Rates section provides users with consolidated daily updated interest rates from all major crypto loan platforms. Determine how much interest you could be paying with our Crypto Loan Interest Calculator.

Reminder: Providing more collateral enables users to access better interest rates as it reduces risk on behalf of the crypto loan issuance platform.

How can cryptocurrency miners benefit from crypto loans?

Many cryptocurrency miners take out loans against their reserve crypto assets and receive fiat capital in the form of a loan. This capital can then be used to fund a variety of operational expenses, without selling their crypto assets, and often with the additional benefit of avoiding a taxable transaction.

See our Complete Miner's Guide To Crypto Loans.

Will crypto loans affect my credit score?

Not at all. There are no credit history checks required when obtaining a crypto-to-crypto or crypto-to-fiat loan.

What can crypto loans be used for?

Anything that a traditional fiat loan can be used for and more.

Potential crypto-to-crypto loan uses:

  • Access additional trading capital
  • Arbitrage opportunities

Potential crypto-to-fiat loan uses:

  • Crypto Mining Operation Funding
  • Home Mortgages
  • Car Payments
  • Credit Card Payments
  • Cover Living Expenses
  • Paying Down Fiat Related Debt
  • Finance Business Expansion
  • Payroll
Is loaning my crypto on P2P (Peer-To-Peer) lending platforms safe?

While there are centralized P2P crypto asset loan platforms with relatively stable history, there are still many counterparty risks involved.

For users considering P2P crypto loans, Blockfer recommends smart contract focused P2P loan platforms such as Compound, Maker, and Nuo Network.

Another P2P loan option is Margin Funding, which is the process of loaning crypto assets to margin traders through an established crypto entity (usually an exchange) at an agreed upon interest rate.

What are the risks involved with crypto loans?

While crypto loan platforms enforce conservative collateral rates in order to reduce risk for all parties involved, there can still be instances of massive price fluctuations with crypto assets.

A user may risk liquidation of their collateral if they do not responsibly monitor the ‘Loan To Value’ ratio (LTV) of their loan agreement.

Reputable crypto loan platforms will issue frequent alerts via email and SMS to users when their LTV ratio is approaching a critical imbalance

Blockfer recommends these simple precautions:

  • Only take out loans from reputable crypto loan platforms.
  • Ensure your account is set up for LTV ratio alerts.
  • Only put up collateral you can afford to lose.
  • Only secure loans in which you can afford to add more collateral if needed.
Are there anonymous crypto loans?

Crypto-to-crypto loans do not require credit checks or verification and are therefore relatively anonymous. Crypto-to-fiat loans require traditional banking transfers (and identification information) in order to issue fiat to the borrower.

Taking this into consideration, users focused on anonymity should prioritize crypto-to-crypto loans.

Blockfer recommends Compound, Nuo, and Maker for privacy friendly, crypto-to-crypto loans.

How much collateral should I expect to put up to secure a crypto loan?

Crypto loan platforms require a higher collateral ratio compared to traditional financial institutions due to the volatile nature of crypto assets.

Expect to provide collateral value ranging from 30% to 50% of the loan value.

Generally, the more collateral a user provides, the lower the interest rate on the loan.

What are the most reputable crypto loan platforms?

Blockfer’s recommended crypto-to-crypto loan platforms:

Blockfer’s recommended crypto-to-fiat loan platforms:

Should I be suspicious of any crypto loan platform offering free bitcoin loans or crypto loans without collateral?

Yes. Without collateral to mitigate the risks involved in offering crypto loans and no interest rate charged to generate revenue from the service, there is no reward and a high level of risk for the issuer. Blockfer recommends that users be extremely skeptical and avoid any third party offering such services.

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