The loan industry has always been huge and will only continue to grow. Why? Because some events are unplanned and uncalled for that require small to large sums of cash that people simply don’t have at the time. So, whether it’s for an emergency, leisure purposes or further investment, it may be that extra money in the bank could greatly improve your situation. Bitcoin and eth loans are ideal for those looking for instant cash in exchange for their crypto. Here are a few of the reasons why you should consider a crypto loan and why not try out this Loan Calculator to help with your decision.
Avoid selling your crypto
Some of us have spent years gathering up our crypto and creating a coin portfolio we are proud of. And the last thing we want to do is sell all our well-deserved crypto, which goes against effective crypto asset management. Crypto lenders have solved the problem of having not enough cash, but enough crypto, and created bitcoin and ether loans, enabling us to put our money where we most need it, in a temporary exchange for our digital assets.
Applying doesn’t affect your credit score
The effect that applying for a loan has on your credit score is a huge reason why many may be put off considering a loan. The great thing about crypto loans is that application does not affect your credit score, saving you the worry about poor ratings even if you’re not approved.
Your funds are transferred instantly
Some regular loan companies make you wait weeks for a response, let alone funds. Crypto loans are transferred as soon as you are accepted, therefore you can meet your liquidity needs immediately.
Save your tax
Borrowing cash against your digital assets is a nontaxable event, whereas selling your crypto, even on the likes of a DEX, would be. Also, depending on what you use your funds for, the interest could be deductible from capital gains and investment income.