Banking

How to apply for a Celsius loan in USD & Stablecoins [Use over 40 cryptos as collateral]

Celsius loan – If you’ve been an active player in the cryptocurrency industry and looking to access loan for your immediate or long term needs, the Celsius loan should be an ideal priority to meet your financing options.

The terms are light and affordable with no stress whatsoever on your part, it comes with this flexibility that allows you a maximum benefit at every point of the process.

About Celsius

Celsius is a crypto savings and borrowing platform/app blockchain, however founded in 2017 to further deploy its coin (CEL) into full gear later in March 2018.

Interestingly, Celsius is a brain child and invention of three intuitive men who assume as co-founders namely,

  • Alex Mashinsky
  • Nonuke Goldstien and
  • S. Daniel Leon

Celsius however, is based in the U.K.

Celsius functionality is designed in such a way that users can borrow money (USD) or Stablecoins with their crypto assets being deposited as collateral, given this, there’s a provision to use way over 40 cryptocurrencies as collaterals.

Where the more crypto assets deposited as collaterals the lesser the interest rate being charged on your loan. There’s no origination fee associated with Celsius loan whatsoever, this makes it a go for crypto loan for several users.

Loan approval and turn-around-time are instant upon application, where credit checks are not performed on you for any reason, isn’t this the best thing ever?

Note: Loans received in CELs tend to have much lower interest rates than those accessed in cash.

Celsius reward

Celsius has a working dynamics that allows its users to earn rewards for keeping their cryptocurrencies with her, where you are not expected to have a minimum balance to benefit from a direct earning on your digital asset.

Usually, depositors earn around 17.78% Annual Percentage Yield (APY).

However, this reward has not been inducted for users in the U.S.

How to apply for a Celsius loan/receive cash

To apply for a USD loan kindly open the Celsius app and follow the under listed steps to get a loan without stress.

Step 1: Log in to your Celsius app and tap the Celsius logo just somewhere at the bottom right corner of your screen.

Step 2: Kindly locate and tap on the “Borrow” option from where you will be able to request and apply for a loan, additionally, you may use the loan calculator on the app to calculate your expected monthly interest payment.

Step 3: In the next slide you will have to tap on the “Apply for a loan” button, just there you will see two options mainly,

Kindly tap on “Borrow dollars” since you want to borrow USD at this time. For the Borrow Stable coin just keep reading.

Step 4: At this point you will be able to choose the expected loan amount, kindly choose your loan amount by entering it in the rectangular space. Once you have entered the amount you intend to borrow kindly tap on the “Choose collateral” button as seen just there.

Having done this, a list of possible collaterals will appear, kindly tap on the desired coin.

Where you do not have enough collaterals for this loan, you can view how much additional collateral is required of you to make it up for your expected loan.

Step 5: From the list, choose a desired interest rate for your loan, wherein the more your collateral the lower the interest rate payable as explained earlier.

Step 6: Kindly choose the term of this loan, you have the capacity to choose your loan duration from the drop down.

Where you could either go for,

  • 6 months
  • 12 months
  • 18 months
  • 24 months
  • 30 months
  • 36 months as the case may apply to your repayment ability and structural flexibility.

Step 6: Tap on the “Bank account” button having chosen your loan term. At this point you are required to enter your bank details which comprise (Bank name, city, bank street number, bank zip, account number, SWIFT/BIC, account type either checking or savings account).

To avoid delay whatsoever, it’s important that the aforementioned details are filled correctly, any omission will stall your loan. Given this, where in doubt kindly contact your bank for accurate details.

Having confirmed that the details provided are correct, kindly click on “Continue” button at the bottom of your page.

Step 7: The next slide will display a pictorial review of your loan details entered initially where you are expected to check for correctness. Having completed your review tap on “Continue” button at the bottom of the page.

Step 8: You will be redirected to the Celsius loan terms and condition, check the box to have read and understood the terms and condition. Having completed that, tap on the “Request loan”

Step 9: Enter the required code for authentication/Pin to finally complete your loan request.

The loan amount will be disbursed into your bank account immediately.

How to apply for a Stablecoin loan

Step 1: Log in to your Celsius app and tap the Celsius logo just somewhere at the bottom right corner of your screen.

Step 2: Kindly locate and tap on the “Borrow” option from where you will be able to request and apply for a loan, additionally, you may use the loan calculator on the app to calculate your expected monthly interest repayment.

Step 3: In the next slide you will have to tap on the “Apply for a loan” button, just there you will see two options mainly,

  • Borrow dollars and
  • Borrow Stable coins

Tap on the “Borrow Stablecoins”

Step 4: At this point you will be able to choose the expected loan amount, kindly choose your loan amount by entering it in the rectangular space. Once you have entered the amount you intend to borrow kindly tap on the “Choose collateral” button as seen just there.

Having done this, a list of possible collaterals will appear, kindly tap on the desired coin.

Where you do not have enough collaterals for this loan, you can view how much additional collateral is required of you to make it up for your expected loan.

Step 5: From the list, choose a desired interest rate your loan, wherein the more your collateral the lower ;the interest rate payable as explained earlier.

Step 6: Kindly choose the term of this loan, you have the capacity to choose your loan duration from the drop down.

Where you could either go for,

  • 6 months
  • 12 months
  • 18 months
  • 24 months
  • 30 months
  • 36 months as the case may apply to your repayment ability and structural flexibility.

Step 6: Tap on the “Bank account” button having chosen your loan term. At this point you are required to enter your bank details which comprise (Bank name, city, bank street number, bank zip, account number, SWIFT/BIC, account type either checking or savings account.

To avoid delay whatsoever, it’s important that the aforementioned details are filled correctly, any omission will stall your loan. Given this, where in doubt kindly contact your bank for accurate details.

Having confirmed that the details provided are correct, kindly click on “Continue” button at the bottom of your page.

Step 7: The next slide will display a pictorial review of your loan details entered initially where you are expected to check for correctness. Having completed your review tap on “Continue” button at the bottom of the page.

Step 8: You will be redirected to the Celsius loan terms and condition, check the box to have read and understood the terms and condition. Having completed that, tap on the “Request loan”

Step 9: Enter the required code for authentication/Pin to finally complete your loan request.

The loan amount will be disbursed into your bank account immediately.

How to create a Celsius account set up a wallet

Before you can access a Celsius loan you should first and foremost create an account then sign up for a wallet. I am going to show you just how in few minutes.

  • Download the Celsius app available on both iOS and Android operating systems
  • Install the app, open and tap on the “Join Celsius” button
  • You can sign up in a number of ways (Through Facebook, Google, Twitter or email)
  • Enter every necessary details as required, agree to the terms by ticking the necessary columns.

The next thing you will need to do is to create a wallet

Provide your first and last name in the required columns, email and password.

Check the terms and conditions box.

Tap on “Create wallet” button and enter your password, click the “Create wallet” and set your 6-digit PIN.

The next step you will need to take is to verify your profile

  • Enter your personal information and hit the “Continue” button
  • Enter your residential detail and tap on “Continue”
  • Choose documents and allow camera to access and take pictures
  • Enter your Social Security Number (SSN), etc and complete your verification.

How to repay a Celsius loan

Repayment may not be the best thing you will like to know as a borrower but you’ve got to pay back. In this case Celsius requires a monthly and installment down payment of its interest only.

The principal is expected to be repaid in lump sum by the end of your loan tenor.

However, you may either choose a manual or automatic loan interest repayments as the case may be.

The interest can be paid in CEl, BTC, ETH, USDC, GUSD, TUSD, USDT and MCDAI.

For your manual interest payment kindly follow the below steps,

  • Open your Celsius app
  • Tap on the Celsius logo
  • Click on the borrow option
  • Tap on pay monthly interest button

At this point you can choose from a few different options like pay with (CEL, Crypto and dollars)

  • Choose the option that suits your payment and you are done.

For your automatic interest payment kindly follow the below steps

  • Open the app
  • Tap on the Celsius logo
  • Then tap the “Borrow” option
  • Tap on loan settings
  • Enter your required verification, access your loan settings and tap on “Interest Payment.”
  • You may select automatic interest payment
  • Having turn on the automatic interest payment option, you will access the change interest payment type
  • Choose to pay the interest with CEL, crypto or with USD, follow up to complete the process.

Celsius loan FAQs

Where are Celsius loans available?

They are not available in all locations. However, if you have the “Borrow option” available on your app, Celsius loan should be available in your location.

Can one take loan against multiple coins as collateral?

Celsius offers loan against one asset at a time currently, you can however take out more than one loan at the same time, kindly note that each loan has to be secured with one coin type as collateral.

In what currency are these loans issued?

The loans are usually in USD, USDC, USDT, TUSD, GUSD, PAX, DAI. However some of these coins may not be available in all locations.

How to repay the loan

Celsius requires you to pay the loan interest rate monthly, while you are expected to pay back the principal as a lump sum by the end of the loan tenor.

How to close a loan

You can close your loan directly through your Celsius mobile app. Pay your principal and any remaining interest in stablecoins. You may complete your payment via Fiat through a wire transfer, kindly email loans@celsius.network to close your loan.

2 comments on “How to apply for a Celsius loan in USD & Stablecoins [Use over 40 cryptos as collateral]

[…] Read also: How to apply for a Celsius loan in USD & Stablecoins [Use over 40 cryptos as collateral] […]

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