Crypto Lender Celsius Reduces Minimum Loan to $1,000 Due to COVID-19

Cryptocurrency lending platform, Celsius Network, has announced plans to ease the effect of the Coronavirus in the crypto industry by making its platform more accessible to customers.

According to a Monday announcement, the company said it had decreased the usual minimum loan request to as low as $1,000. The reduction is quite significant, as it will enable more users to borrow despite the current economic crisis. 

For a long time, Celsius said it has been operating towards its core mission of offering transparent financial services to cryptocurrency users by lowering its loan requirements. Prior to the announcement today, the company recently decreased the minimum borrowable amount from $3,000 to $1,500. 

Lowering the entry barrier at this time offers crypto borrowers the security of cash at hand, as they take out loans without selling off their assets in a crashing market.

Commenting on the development, the CEO of Celsius Network, Alex Mashinsky, said:

[…] This is more important now than ever, with the down market in traditional and crypto finance causing many families to struggle.

Amid the new minimum loan amount, the annual rate now starts at 3.47%. This entails that Celsius members can now borrow different stablecoins such as USDC, USDT, EOS, TUSD, GUSD, and dollars at the lowest rates in the industry. 

“Since we opened up our lending business, our goal has been to provide loans that are in the best interest of the borrowers with low-interest rates, flexible terms, no fees, and transparent access to a user-friendly platform,” the CEO added. 

Additionally, the cryptocurrency lender noted that the users can still receive more discounts once they make use of the CEL token, the native cryptocurrency of the Celsius Network, to complete their monthly payments.

Crypto lenders are one of the critical players of the industry, enabling users to borrow fiat currencies using their crypto holdings as collateral and vice versa. In August 2019, Silvergate Bank announced plans to debut crypto loan service.

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Author: Ibiam Wayas

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Author: Ibiam Wayas