Last Updated on August 3, 2023 by Olga
Sometimes it happens that we need some extra money, but selling our crypto stashes doesn’t look like a good idea. In this article, you will learn how to take a stablecoin loan using your Monero as collateral. We offer instant Monero loans at 10% APR with no monthly payments and the unlimited loan term.
What is a Monero loan?
An instant XMR loan means you deposit Monero as collateral and receive some stablecoins in return — Tether ERC20, Tether TRC20, or USDC. While we store your coins in a protected vault, use your new money for trading, investing, or buying something. Monitor your loan status (accrued interest, liquidation price): log in to CoinRabbit with your phone number.
When you are ready to return your collateral, repay the loan sum, accrued interest (there are no monthly payments — interest is only paid once at the end of the loan), and a transaction fee. Your cryptocurrency will get back to your wallet: the exact amount you deposited as collateral.
Why take a Monero loan?
An instant Monero loan with no verification gives you a number of opportunities inaccessible when you just sell your XMR:
- First and foremost, you will still profit from the potential Monero price growth in the future because your coins will remain your property.
- If you use your loan to trade or reinvest, this may be an even more profitable move compared to simply HODLing your Monero. However, remember about the risk and always do thorough research!
- CoinRabbit is a CeFi platform meaning that compared to DeFi loans, we share your risk of secure storage of your funds. When you get an instant Monero loan with no credit check on CoinRabbit, your coins will be under our responsibility and strict monitoring.
3 steps to get a Monero loan instantly
- In the calculator, set Monero as the collateral currency and choose your loan currency. Specify the amount of XMR you want to deposit and the amount of stablecoins you want to get:
- Set the payout address: the one where you want to receive the chosen stablecoin. Verify your phone number to log in (no other data will ever be collected). Check the details and click “Confirm.”
- Almost there! Now, it’s only left to send collateral to the provided address. If you have a mobile wallet, scan the QR code, and the details will paste in a payment form automatically.
After receiving your loan, feel free to log in to CoinRabbit at any time to check the loan details. If you take other loans on CoinRabbit, they will also be displayed there as separate loans.
What other cryptos can I use as collateral?
Besides an instant Monero loan, you can borrow stablecoins with the following coins as collateral: Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Ripple XRP, Nano, and DigiByte. ERC-20 tokens such as UNI, COMP, MKR, and others are also available as collateral options:
Stay tuned with our Twitter and don’t miss when new collateral options are added! To learn more about how CoinRabbit works and how to get an instant Monero loan, check out the FAQ at the bottom of our main page.
Not financial advice. Do your own research and take everything moderate.
Crypto backed loans have their own risks that should be taken respectively.
