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Summary
Before joining any lending platform we always have a look at their stats. This gives us a good idea about the platform’s track record, which helps us evaluate the risk of our investments. Lending platforms can be a great way to get the money you need quickly and without a lot of hassle. But how do you know which one is right for you?
Facts to Consider Before Choosing Lending Platforms
Key Features
- The interest rate: This is important because it will determine how much you end up paying back in total. Making sure to compare rates from different platforms before choosing one.
- The repayment terms: You'll need to know how long you have to repay the loan, as well as any fees or penalties for late payments.
- The eligibility requirements: Not all lending platforms are available to everyone. Some have specific requirements, such as a minimum credit score. Be sure to check the eligibility requirements before applying.
- The loan term: This is the amount of time you have to repay the loan. Some platforms offer shorter terms, while others allow you to spread out your payments over a longer period of time.
Nexo in Numbers
As the popularity of online lending platforms grows, so does the competition. If you’re looking for a platform to invest in, it’s important to do your research to find one that best suits your needs.
Nexo is a popular lending platform that offers loans in over 200 countries. The platform has been operational since 2018 and has funded over $3 billion in loans.
The interest rate on Nexo starts at 0%, and the repayment terms range from 6 to 60 months.
To be eligible for a loan on Nexo, you must be a resident of one of the 200+ countries the platform operates in.
Why Borrow with Nexo
With the most flexible crypto credit line out there, Nexo allows you to get as much or as little as you want. The platform also allows you to select from more than 40 fiat currencies and repay in the crypto of your choice or even borrow instantly using USDT or USDC. Nexo also offers a great interest rate. You only get charged when you actually use the credit line, and not for having it. The annual percentage rate (APR) starts at 0% and goes to a maximum of 13,9%. This is relatively low compared to other lending platforms, which can charge up to 15% or more.
The Nexo Booster allows you to quickly increase your purchasing power by utilizing funds that exceed your balance. It also allows you to purchase up to three times as much coins as you want, using your newly acquired assets as collateral for a crypto-backed credit.
Easy Repayment
Nexo has some of the easiest repayment terms in the industry. You can repay your loan at any time with no prepayment fees. You can also choose between fiat, crypto, or a combination of both to repay your credit line. This flexibility makes it easy to stay on top of your payments. Nexo is one of the few lending platforms that allow you to take out a loan in multiple currencies. Currently, you can choose from over 40 fiat currencies, including USD, EUR, GBP, CAD, and more.
Instant Approval
Nexo offers instant approval for all loans. This means you can get the money you need right away, without having to wait for days or even weeks for your loan to be approved. At Nexo, you are approved within seconds and you get the funds within 24 hours in most cases.
Nexo is transparent about all of its fees and there are no hidden costs. You only pay interest on the amount you borrow, and there are no origination fees, late payment fees, or prepayment penalties. This makes it easy to understand exactly how much your loan will cost and avoid any surprises down the road
Backed by Multiple Assets
Convert not just one, but all your crypto assets into fiat or stablecoins instantly, without having to sell them. Nexo currently supports over 40 major cryptos and 40 fiat currencies, with new ones being added all the time.
Nexo is one of the few lending platforms that offer support for multiple assets. This means you can use any of your crypto assets as collateral for your loan.
Another advantage to the borrower is that there is no paperwork to fill out or awkward questions to answer when you’re applying for a loan. The platform is completely digital and automated, so you can get your money without having to go through any hassle.
Am I eligible for a Nexo loan?
In order to obtain a loan at Nexo, the customer should create a Nexo account at nexo.io and deposit collateral into the account.
There are no credit checks. Nexo accepts loan requests globally, with a few exceptions.
Before taking out a loan, you must complete the identity verification. The procedure is simple, straightforward, and usually takes a few minutes. More information can be found on the website.
Borrow at Just 0% APR
As a Gold or Platinum client, you may earn premium rates of 0-1.9% by maintaining your LTV below 20% and becoming a client. Nexo allows you to enjoy this feature as well as the privilege of no installments, which means that you can make use of your credit line and pay the interest only when you want to.
While this is all great news, it is important to know that you should not use a P2P lending platform if you cannot afford the repayments. If you default on your loan, the lender will be able to claim your collateral. This could lead to you losing your money and/or your asset.
Nexo review summary
Nexo is a great option for anyone looking for a crypto-backed loan. The platform is easy to use, offers instant approval, and has some of the lowest interest rates in the industry. Additionally, Nexo is one of the few lending platforms that offer support for multiple assets. This makes it a great option for those looking to diversify their collateral.
If you’re in need of a loan and have crypto assets to use as collateral, Nexo is definitely worth considering.
