Categories: Crypto NewsDogecoin

How to get an instant loan using your Dogecoin?

(Last Updated On: June 6, 2022)

Dogecoin is one of the major cryptocurrencies by market cap in the current market, ranking at number eight, with a Market Cap of about $26 billion. Although many crypto analysts are critics of the coin, Dogecoin has benefited significantly from exclusive endorsements from Tesla and SpaceX billionaire Elon Musk.

The cryptocurrency often referred to as a meme coin, has gained undeniable traction among its competitors, making it one of the most popular cryptocurrencies among speculative crypto users and regular crypto users.

Due to the general popularity of the dogecoin cryptocurrency, there has been a universal surge in demand for instant dogecoin loans. Instant dogecoin loan with no verification required have not been readily available amongst popular crypto lending sites.

Рowever, recent trends have pushed renowned crypto lending platforms like CoinRabbit, to offer instant doge loans to their users. CoinRabbit is, in fact, one of the first crypto lending platforms to incorporate instant dogecoin loans. 

Today, when you need to access a dogecoin loan, there are several options available to you. However, due to the competitive nature of crypto loans, different lenders offer their loans with unique terms, different dogecoin loan application processes, and certainly different processing times. 

One credible way to get an instant dogecoin loan is by applying through the official website of CoinRabbit. This crypto lending platform allows you to borrow various stablecoins, such as Tether USDT, USDC, and Tether TRC20. 

Okay, since loan amounts are issued out in the form of stablecoins, how then is this type of loan referred to as a dogecoin loan? Well, let’s find out what we mean by an instant dogecoin loan.

What is a Dogecoin loan?

A popular question often arises around the term dogecoin loan. In this article, we are going to set things straight. An instant dogecoin loan is a loan offered to users upon depositing dogecoin cryptocurrency as their loan collateral. This essentially means that if you want to get an instant dogecoin loan, then you must have Dogecoin for you to receive your loan amounts in stablecoins such as Tether USDT, Tether TRC20, or USDC. 

Therefore if you want to access instant dogecoin loans from CoinRabbit or any other crypto lending platform, you need to have dogecoins in your crypto portfolio. People take dogecoin loans to preserve their crypto holdings by taking loans and using their crypto as collateral. This way, crypto holders can benefit from the increase in value of their cryptocurrencies while using their loans amounts, often issued as stablecoins. 

Why take a Dogecoin loan?

There are numerous reasons as to why people take loans; these reasons often cut across all loans. However, there’s a little more to protect for crypto loans compared to the regular loans from the centralized banking systems.

Whenever you think about getting an instant dogecoin loan, you are most likely not willing to sell your Dogecoin at the current market price. This is enough reason to consider the instant dogecoin loan with no credit check offered by CoinRabbit. 

  • HODLing your Dogecoin

Instead of selling your dogecoin for an equivalent current market value. It could be reasonable to take loans against your dogecoin investment while keeping your dogecoin investment intact. 

  • Crypto Hedging

Hedging or crypto hedging is a form of risk management employed to help minimize the levels of risks you are exposed to. For instance, when you take instant dogecoin loans with no credit checks, you protect your dogecoin investment from unavoidable market volatility during the loan period.

  • Emergency usage.

Dogecoin loans can be used to service emergency financial needs without losing your dogecoin portfolio.

  • Taking advantage of Investment opportunities

Taking a dogecoin loan form CoinRabbit can allow you to take advantage of immediate investment opportunities, while still allowing your crypto investment to grow steadily. 

Steps to getting a Dogecoin loan?

Since now we understand dogecoin loans, let’s find out a step-by-step guide on how you can use your Dogecoin to get instant dogecoin loans. 

  • Under the Bull market Loans tab, In the Loan Calculator section, select Dogecoin – marked as DOGE, as your preferred collateral.
  • Enter the amount of DOGE you wish to deposit as your collateral.
  • The loan calculator will automatically calculate the Loan Amount that you qualify for. Essentially this is usually half of the value of your collateral.
  • Once you are satisfied with the figures, Click Get Loan, and you will be redirected to the next and final stage, where you enter your stablecoin address and phone number.
  • Finally, Click Confirm and make sure you check the tiny checkbox to prove that you have read and understood the Terms of Use and Privacy Policy.

There has been a general increase in the overall number of crypto lending platforms. However, not many of these platforms offer instant dogecoin loans. Additionally, CoinRabbit is popular for its ease of use, and straightforward lending process that doesn’t require background checks and credit history information. 

What crypto can I use for collateral?

CoinRabbit typically offers several crypto loans. However, although these loans are different, they particularly share the same terms. On the website’s homepage, it is evident that it supports several types of loan collateral. For instance, to get instant dogecoin loans, you need to deposit Dogecoin as your collateral. On the other hand, if you need a bitcoin loan, you have to deposit Bitcoin as collateral.

As of today, CoinRabbit offers several collateral options, as indicated in the image above. The acceptable collaterals include BTC , BCH, ETH, FIRO, NANO, DOGE, XRP, DGB, SHIB, and XMR  It is essential to realize that the list is constantly being updated, and new cryptocurrencies are being added to the list of eligible collaterals.

Additionally, there is a video on our YouTube channel, where we have shown how to gain profit from your DOGE. All the necessary instructions you will be able to find down below.

Not financial advice. Do your own research and take everything moderately.

Crypto-backed loans have their own risks that should be taken respectively.

Dan Marsh

Hey! I'm Dan, CoinRabbit's blog manager. In addition, I am a crypto enthusiast and supporter of new technologies that should replace the old and decrepit system. I hope you will be satisfied with my articles. Have a good day, let's meet on the vastness of this wonderful blog.

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