Community Trust ScoreVerified
Celsius: When you get approved for a loan at 1% APR.
Community response: I still don’t get how your loan works, and no one from Celsius ever answers me. I was even in your ICO too. Simple question, can you have a loan against your BTC and payback with any stable coin?
Short answer: Yes! Lots of information on the website about this.
Do you need to maintain the leverage of 25%? At what % would you need to add collateral if BTC price drops?
Yes, you do, you are given the price for when a margin call is required to add more collateral when you apply for the loan.
I never could have imagined it would be so easy to get a loan. Traditional banks have nothing on Celsius.
So, many bad reviews on Playstore. Is this any good? Please improve buying coins’ experience in your app. I didn’t like that there was not price transparency during the transaction.
It’s a good feeling paying back in CEL at 0.75%
Got my mortgage in Fiat @ 0.65% last year, with inflation coming around the corner you cannot beat it.
Seems timing would be a consideration, ex: Taking a loan at asset price lows vs. highs.
Don’t forget opportunity cost. You’ll be losing the yield on 4x your loan.
Are you planning to offer it with Euros on France?
For clarity, the dollar loans are for the HODLer who wants access to the value of his or her digital assets without having to sell them. Selling your cryptocurrency means that you will miss out on the benefit of its potential growth. With a Celsius loan, you can borrow without letting go of your cryptocurrency.To applying for a USD loan, you have to open the Celsius app and follow the steps.
The Borrow section within the app provides information about borrowing stable coins as well as fiat.
You can close your loan anytime, there is no penalty in closing your loan early. However, you must be up-to-date on your interest payments. If the loan has not matured for at least 6 months, there will be a 6-month interest payment due, which is the minimum requirement for all loans.
You will not be earning rewards on your locked collateral. When your crypto is locked as collateral against your loan, you are not earning interest on it. Instead, what is happening is that, you are paying interest on the dollars that you’ve borrowed and they have your crypto as collateral, so that is an asset that Celsius is holding on to.
