How to Get an Instant Loan Using Your Chainlink?

Cryptocurrency loans have been in existence for a relatively short time but have continued to gain tremendous attention in the crypto space. Today, crypto enthusiasts can access an instant Chainlink loan on Crypto lending and borrowing platforms like CoinRabbit. Such platforms offer a broad range of cryptocurrency loans, ranging from large market cap coins to low market cap coins with credibility.

Chainlink cryptocurrency can be considered as one of the top Altcoins, with a considerable level of growth over the years since its launch. Today, Chainlink trades at an average price of $25.34 and has a total market cap of $11,821,649,367.56, placing it at #17 on Coin Market Cap. The total supply of Chainlink today is 1,000,000,000 LINK coins. For a better analysis, it is essential to note that LINK has an all-time high price of $52.88 and an all-time low price of $0.1263 recorded on May 10th, 2021, Sep 23rd, 2017, respectively.

According to market predictions, the price of Chainlink is expected to increase this year and possibly record new all-time highs. Therefore, holding Chainlink for more prolonged periods can prove to be a good investment decision in 2022 and beyond.

How to Lend Chainlink?

The CoinRabbit platform allows crypto enthusiasts to get instant Chainlink loans without verification through their elaborate and efficient crypto lending process. CoinRabbit respects Crypto users’ desire to remain anonymous, and therefore, it provides a cryptocurrency lending process that involves no KYC process.

In order to lend Chainlink for an Instant Chainlink loan, you need to have the minimum amount of Chainlink as indicated in the Loan calculator on Coinrabbit’s homepage. Enter the amount of LINK you want to lend (use as collateral), and the loan calculator will automatically calculate the amount of loan you qualify for in Stablecoin of your choice. Currently, loan amounts are provided at 50% of your collateral value.

Why take a Chainlink Loan?

Loans are financial instruments with different use cases, and investors often take out loans for various reasons. However, the concept of loans is more popular in fiat than in the crypto space, and many may wonder about some of the reasons Instant Chainlink loans are important. Below are some reasons to get a Chainlink loan instantly on CoinRabbit.

·         Escaping Market Volatility

Chainlink cryptocurrency, alongside other asset-based digital tokens, is often very volatile, and the fluctuations in prices can often lead investors to make panic decisions. For instance, when the market is generally bearish, junior crypto investors often panic sell their cryptocurrency holdings to avoid further losses. However, this is usually a wrong financial move that can easily be avoided if you know how to get an instant Chainlink loan.

By getting an instant Chainlink to loan with no verification on CoinRabbit, you deposit your Chainlink for a loan amount issued in Stablecoin. Your collateral deposits are stored safely and are available to you whenever you repay your loan in full.

·         Efficient and Quick Loans with no KYC

Getting an Instant Chainlink loan is effortless and efficient on CoinRabbit, and it allows crypto enthusiasts to enjoy operating anonymously as cryptocurrencies were intended. Essentially, it enables crypto holders to get LINK loans instantly without selling their crypto portfolios.

·         Liquidity

Using your Chainlink as collateral to get an Instant Chainlink loan without a credit check on CoinRabbit is one of the most liquid cryptocurrencies investing opportunities. You use your LINK tokens to get a loan on Stablecoin without losing your initial cryptocurrency holdings. As for Instant Chainlink loans, you can access your Chainlink collateral at any time, provided your loans are repaid in full—this liquidity advantage over the popular staking programs.

Steps to Getting a Chainlink Loan

In order to get a Chainlink loan on CoinRabbit, you should navigate to the CoinRabbit homepage.

On the Homepage, you’ll notice a Loan calculator on the top right of the screen.

Under the Collateral option, select Chainlink and enter the amount of Chainlink you’ll want to commit as your loan collateral.

The Loan calculator will provide you with the amount you’ll receive in Stablecoin of your choice. You can either choose to receive your loan as USDT TRC-20, USDC, 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 collateral, and your loan processing will commence instantly. Typically, loans are processed in a matter of minutes.

What Crypto can I use as collateral?

On the CoinRabbit cryptocurrency lending platform, there is a wide range of cryptocurrencies that one can use as collateral. Essentially, this is one of the main features that sets CoinRabbit apart. Today, several ERC-20 tokens are accepted as collateral on the platform, and more are still being added to accommodate cryptocurrency investors with different interests.

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

Instant Chainlink loans are essential to cryptocurrency holders for various reasons, and today many platforms offer crypto loan services. However, these products often differ, with some platforms providing similar services with hidden fees, restrictions on the number of withdrawals, and varied loan interest rates. Essentially, CoinRabbit provides instant Chainlink loans with no hidden fees, unlimited repayment plans, and no background credit check.

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