How to get an instant loan using Nano?

Need some extra money now, but don’t want to sell your crypto stashes? In this article, we will tell you how you can get an instant Nano loan with Nano as collateral. You will find out how loans work on CoinRabbit and how you can get one in no more than 10 minutes. 

Instant Nano loan, no verification. How does it work?

Send us some Nano as collateral and receive a chosen stablecoin as a loan. We offer a 50% loan-to-value ratio: for $1,000 in NANO, you get $500 in USDT or USDC.

We don’t ask for any credit checks, KYC, and registration: simply verify your phone number, and you’re good to go. After you get an instant Nano loan, spend it on trading, investment, or purchases, and we will be storing your collateral on protected wallets. No monthly interest payments will annoy you, and there is no maximum loan limit: come repay the loan at any time you want (loan size + 10% APR + a transaction fee). The minimum loan size for Nano today is 45.6 NANO.

Why take a Nano loan?

You need some extra money now and you have a Nano that you don’t want to sell. Let’s say you’ve found a promising asset and want to immediately trade it, but have no funds free for this purpose. Or, you want to buy something with crypto but want to keep your portfolio intact. In these cases, take a loan and repay it whenever you want — in a month, a year, or even several years.

Nano is safe collateral. We issue loans at a 50% loan-to-value ratio: your collateral will be liquidated only if its price drops by 50%. With Nano, the probability of that is very low since the asset is not volatile. Let’s look at its price chart: we’ll see that the only price swing in the recent months was part of the general collapse of the crypto market this May: 

However, even if the Nano price starts to significantly decrease, we will warn you several times to avoid selling your collateral.  

Nano loans are cheap. You won’t have to pay a transaction fee to send us your collateral: Nano doesn’t charge it.

Nano loans are fast. If you need a loan instantly and every minute matters — take a loan in Nano. The repayment will also be faster. 

How to get an instant Nano loan?

1. Set the sum and the coin

Use the calculator to see how much you can borrow. Mind the interest (APR) that you’ll need to pay when you come to return your collateral.

2. Set the address and confirm your mobile phone

CoinRabbit is registration-free, so your phone will be our main means of communication. 

3. Send collateral and receive the loan

Open your wallet (use the QR code), send money to the address provided, and wait for the loan — it will reach you in a few minutes. Now, you know how to get a Nano loan instantly!

4. Monitor your loan

At any time, you can enter your profile via mobile phone and see your loan status: how much interest accrued and how far collateral is from liquidation. Repay your loan to get back your collateral at any moment. 

What other cryptos can I use as collateral?

On CoinRabbit, you can take a loan with multiple currencies:

Besides these assets, we have a whole bunch of ERC-20 tokens available as collateral options: 

Conditions are the same as for an instant Nano loan: no credit check, the unlimited period without monthly payments. Currently, we are also adding Ravencoin, Dash, ZCash, Tron, Algorand, and Litecoin to the collaterals’ list. 

If you want to take a loan with an asset that we don’t support yet, feel free to contact us on Telegram or via email, and we’ll see what we can do! 

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

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

Source: https://coinrabbit.io/blog/how-to-get-an-instant-loan-using-nano