Binance Crypto Loans. My first Ever Loan Experience

Here's Why Binance is Best for Taking a Crypto Loan

By Coins Reporter | Coinsreporter | 28 Sep 2023

Recently I have taken my first crypto loan and must admit that my experience with 'Binance Loans' has been very smooth.

Though I have not been a huge fan of Crypto's lending or borrowing ability, I have come to know many crypto companies that claim to provide loaning facility. There are DeFi lending protocols such as Maker and ICP and there are some genuine CeFi players like NEXO and YouHodler. However I use Nexo and ICP but I never took out any loan from there.

A few days ago, just out of curiosity, I thought of taking out a loan from Binance. I opened my Binance app and found out that I hardly had $100 as assets and half of which is locked for staking. For once I thought that may be Binance only allows Crypto loans for bigger amounts, say $100 or $500 minimum.

I went on with what I had and clicked on Loans under the Finance section of comprehensive Binance app. At first I found out the important terms like borrow and repay anytime, partial liquidation, etc. I clicked on 'start borrowing'. It's on this page where my suspicion of not getting a loan for small amounts got clear.

I was surprised to see that Binance was ready to lend as low as $1. I also had small amounts of multiple currencies and I could borrow about $32 for five different Cryptos. I am very much okay with the Loan to Value ratio which is 70%. Additionally, I can repay the amount anytime and adjust LTV by adding collateral whenever the prices fall.

My experience of taking out a loan from binance went better and better. Once I took out the loan in USDT, I came to know that I could do whatever I wanted with the loan amount. I could use any of the services listed on the Binance app. And I chose to encash that to my Fiat account through P2P. Within a few minutes the loan amount has come to my Fiat account. Crypto and Binance, Both of you are amazing. Aren't they?

What about you? Have you ever tried out a lending platform? Tell me your experience in the comments.

As always Thanks for Reading

Read more interesting Articles👇👇

Bitcoin Bear Traps: How to Spot and Avoid Them

Tap Here to Earn Free Crypto

Bitcoin (BTC) Binance cefi loan

How do you rate this article?

Coins Reporter

Once a Bitcoiner and forever will be. Love to share my views even if they are unbelievable.

Coinsreporter

Let's talk about how cryptocurrency is revolutionising the financial sector. How it's changing your life and my life. The general idea of this blog is to write content that is relevant, up-to-date, useful and interesting.