Last Updated on October 3, 2022 by
Crypto loans have increasingly become popular today following the apparent paradigm shift from conventional financial institutions. Today, you can have access to cryptocurrency loans such as instant Chiliz loans on popular platforms like CoinRabbit.
To get instant Chiliz loans, you need to deposit Chiliz cryptocurrency as a deposit and in order to receive loan amounts in the form of Stablecoins. Chiliz instant loans have become popular due to the increasing interest of Chiliz cryptocurrency in the cryptocurrency market.
As of this writing, the Chiliz cryptocurrency is trading at an average market price of $0.02715. The price change within a 24 hour period is -1.51%, placing the cryptocurrency at a market rank of #73, with a total market cap of $1,630,557,480.64. Currently, Chiliz commands 0.08% of the entire cryptocurrency market, with an average daily trading volume of $196,011,783.
What is a Chiliz loan?
A Chiliz loan is a cryptocurrency loan taken out by depositing Chiliz cryptocurrency as the preferred loan collateral. For instance, on the CoinRabbit platform, there is a minimum amount of Chiliz that you can deposit to allow you to take a loan.
Loan amounts on CoinRabbit are given in Stablecoins. Crypto users are allowed to choose their preferred Stablecoin from the popular options. You can either receive your loan in USDT ERC-20, USDC, or USDT TRC-20.
Why take a Chiliz Loan?
Several reasons a crypto holder would opt to use their Chiliz cryptocurrency holding to get an instant Chiliz loan. While conventional loans are discouraged, they can actually be used as an investment opportunity. For instance, at CoinRabbit, cryptocurrency loans are issued on different terms, and some of these provide enough reason to crypto investors to take loans such as instant Chiliz loans.
If you already know how to get an instant Chiliz loan, below are some compelling reasons CoinRabbit is one of the best crypto loan lending and borrowing platforms today.
- No background credit check
The CoinRabbit platform provides crypto holders easy access without background credit history checks. This avenue, therefore, offers new loan opportunities for those with challenges obtaining loans in the mainstream banking system.
- Unlimited loan repayment term
Conventionally, loans are issued out on fixed repayment plans. Failure to repay loans within the stipulated time results in various repercussions, including being labeled a defaulter, additional fines, and sometimes asset recovery.
On CoinRabbit, you can get an Instant Chiliz loan as long as you have the required amount of collateral. Loans have an unlimited repayment plan giving crypto users sufficient time to repay their loans stress-free.
- Broad collateral options
CoinRabbit offers a broader range of loan collateral. To get a Chiliz loan instantly, you need to deposit Chiliz cryptocurrency as your collateral. For a Bitcoin loan, you’ll need to deposit BTC. There are several other options.
- No KYC
No KYC process is required to get a CHZ loan instantly. Only your phone number is required during the loan application process. It is used to notify you about your loan status, the security of your collateral, and any other important issue.
Steps to getting a Chiliz loan
- In order to get an Instant CHZ loan on CoinRabbit, go to the CoinRabbit homepage.
There is a Loan calculator on the Homepage at the top right of the screen.
- Under the Collateral option, select Chiliz and enter the amount of Chiliz you want to use for Collateral.
- Select the Stablecoin of your choice since you’ll receive your loan amount in Stablecoin.
The Loan calculator will provide you with the amount you’ll receive in the Stablecoin you selected. You can either choose to receive your loan in USDT TRC-20 or USDT ERC-20.
- Click on Get Loan, and you’ll be prompted to Enter your Stablecoin address and Phone number. Your phone number is used only for verification, notifications, and loan tracking purposes.
- Click on Confirm, and you’ll be prompted to deposit your Chiliz collateral, and your loan processing will begin instantly. Typically, loans are processed in a matter of minutes.
What crypto can I use for collateral?
Today, CoinRabbit allows a broad range of Cryptocurrencies to be used as collaterals to accommodate the broad interests demonstrated by cryptocurrency holders. You can several ERC-20 coins are accepted on the platform as collaterals.
CoinRabbit accepts a wide range of cryptocurrencies as collaterals; however, some of the popular tokens accepted as loan collaterals on the platform are BTC, ETH, BCH, FIRO, XNO, DOGE, XRP, DGB, XMR, RVN, and SHIB. However, a more detailed list of collaterals can be found on the drop-down section of the Loan calculator on CoinRabbit’s homepage.
Final Thought
Many platforms offer cryptocurrency loans today, and most of them have different loan terms that set them apart from CoinRabbit — considering the benefits of using CoinRabbit to obtain instant Chiliz loans, such as Instant access to collateral, unlimited loan repayment terms, and no KYC, the platforms triumph over most crypto lending platforms.
