Last Updated on March 21, 2022 by Diana Kelley
People often need financial boosts either from a friend, family, or financial institution. The loans industry has developed over the years, and today, people can easily access financial assistance almost instantly through their phones.
The financial sector has seen disruptive innovations that have led to the significant growth and adoption of cryptocurrencies over the past decade. Cryptocurrencies such as Dogecoin, Digibyte, and Ethereum have since sprouted after the invention of Bitcoin.
With these developments, there has been a demand for cryptocurrency loans. Crypto lending platforms such as CoinRabbit are at the forefront, offering instant Digibyte loans to their users.
Although there are several crypto loan providers, CoinRabbit is one of the pioneers in the industry that offers a wider range of collateral options, including several ALTs like Digibyte and Monero, and Nano. But what exactly is a DGB loan? Let’s find out!
What is a Digibyte loan?
Instant Digibyte loans offered by CoinRabbit is a no verification crypto loan that is given to users who opt to use their Digitbyte investment as their preferred collateral. To get instant Digibyte loans, you need to have some Digibyte cryptocurrency within your crypto portfolio. Upon depositing Digibyte as your collateral, CoinRabbit will dispense your calculated loan amount in the form of Tether USDT, USDC, or Tether TRC20.
CoinRabbit’s official landing page provides an interactive loan calculator that allows users to adjust their collateral amount in real-time to achieve their desired loan amount. Essentially, CoinRabbit gives out instant Digibyte loans with no credit check at 50% of your collateral amount.
For instance, if you want to take out an instant DGB loan worth 10K, you will need Digibytes worth 20K as collateral. On CoinRabbit, the process is quite straightforward.
But why is it important to consider taking out a Digibyte loan from CoinRabbit?
Why take a Digibyte loan?
Loans are always meant to offer immediate financial assistance. Digibyte loans also have the same use cases as other crypto loans available today. These loans allow Digibyte users to access finances against their investments. If you take an instant Digibyte loan with no verification from CoinRabbit, you are using your Digibyte investment as a security for your loan. Below are some reasons why you should take a Digibyte loan.
- Security
CoinRabbit offers safe storage for your collateral. They are using special cold wallets powered by Guarda. Also, the wallet balances are monitored every second for any suspicious activity.
- Low-interest fees
Enjoy low loan interest rates at 10% per year, calculated monthly.
- Fee-free and transparent repayment plans
The platform offers flexible repayment plans with unlimited loan terms.
- Immediate rewards for your Digibyte investment
Taking an instant Digibyte loan allows you to enjoy loan amounts worth half of your total collateral value. This way, you can use your loan for any financial emergencies without having to sell your crypto.
- Reinvesting opportunity
CoinRabbit offers affordable interest rates in the market. This provides an opportunity for users to take loans at low interest and reinvest for higher returns, essentially making more money using debt as an instrument.
Steps to getting a Digibyte loan
Below is a step-by-step guide on how to get an instant Digibyte loan.
- Access CoinRabbit homepage.
- On the Loan calculator, select Digibyte as your preferred collateral and enter the amount of Digibyte you want to use as collateral.
- Select the stablecoin to receive as the Loan Amount. The loan calculator will automatically calculate your Loan amount in Tether USDT, USDC, or Tether TRC20.
- Click “Get Loan”
- Enter your stablecoin wallet address and phone number on the next page and click “Confirm.”
- Wait for your loan to be processed.
What crypto can I use for collateral?
CoinRabbit offers the largest pool of cryptocurrencies as collateral. The acceptable collateral options include BTC, BCH, ETH, FIRO, NANO, DOGE, XRP, DGB, SHIB, ADA and XMR. This list keeps on growing as CoinRabbit aims to accommodate the entire crypto market.
Not financial advice. Do your own research and take everything moderate.
Crypto backed loans have their own risks that should be taken respectively.
