Ever since Bitcoin’s conception, the financial industry has faced unprecedented and unpredictable changes that have had a significant effect on the market as a whole. One of the most intriguing concepts to rise out of this influx of innovations is the market of crypto-backed loans. Piggybacking on an enormous cryptocurrency buzz during the last quarter of 2017 and early 2018, a few big players established lending services.
Fast forward a couple of years, and the crypto credit market enjoys being a nearly $5 billion industry. Aside from the fact that it is an industry in its infancy, the exciting part here is that there are relatively few big-time hitters within the market; thus, there’s much room for competition and innovation.
Bankera Loans is one of the predominant startups that is looking to be a significant player that fills the hole of crypto-backed consumer loans within the market. With a focus on low entry limits for crypto-backed loans, flexible repayment schedule, quick approval times, and a variety of other products Bankera seems to be catering to one of the most attractive and accessible alternatives for anyone interested in crypto-backed loans.
Primarily Bankera Loans, functions as a financing alternative for crypto owners who seek funds but do not want to liquidate their assets. Additionally, the service makes life easier for crypto-related companies that seek funding and have crypto assets to pledge as collateral.
With Bankera Loans, cryptocurrency owners have direct access to secure crypto-backed loans starting from as low as 25 EUR (which is currently the lowest minimum limit on the market) and going up to sums as high as 1M EUR.
Within the industry, loans tend to have a relatively high loan minimum, which can be set at $500 or higher. By considerably reducing the entry limit, Bankera makes getting a crypto-backed loan accessible even to the smallest holders.
The reduction to the 25 EUR loan minimum is the result of the introduction of three loan packages: Lowest rates, Most popular, and Max LTV. In addition to the lowered loan minimum, users now have an option to get a loan with a 75% LTV option, which is significantly higher than the 50% industry average.
Bankera Loans does not require credit checks or prolonged wait times to receive a loan, which makes the process quick and simple. The whole thing is built on the idea of fast approvals, flexible repayment schedules, and an opportunity to repay using crypto or fiat currencies – whichever fits the users’ needs.
The process of taking a loan is straightforward. Users have to sign-up, deposit the assets as collateral; then, choose the terms of the loan, such as the amount, duration and withdrawal, as well as collateral options. The application will then be shortly reviewed, and the loan will be immediately credited to the client’s account.
The Bankera Loans support team provides assistance for both individual and business customers on a 24/7 basis. Clients can reach the support via Live Chat available on the website and by email. This is a useful feature for clients who have any questions or are not familiar with the loan issuing process.
The team behind Bankera has been active since 2013 via its cryptocurrency brokerage – SpectroCoin, which already has a user base of over 1 million. In 2019 Bankera launched a trading platform Bankera Exchange and later introduced a crypto-backed lending solution Bankera Loans.
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Last modified: May 19, 2020 8:16 PM UTC