Trading in cryptocurrencies, if you have an account with Blockchain, you will enjoy the multiple benefits. Blockchain borrow is one of the facility allows users the ability to borrow USD Digital (more currencies to come) from us whenever they want, using bitcoin stored in the Wallet as collateral.
Eligibility to Borrow for Blockchain
If you want to borrow from Blockchain loan first of all you must have opened loan account and you need to be Gold verified in the Blockchain.com Wallet. However, right now as per the eligibility, users in the United States, Canada, and the United Kingdom are not eligible for loans at this time.
How to Borrow from Blockchain?
First of all login into your Blockchain wallet account and go to the Borrow section of your Wallet (located in the header of the web wallet) and input the amount of USD Digital you want to borrow.
While borrowing from Blockchain the maximum amount you can borrow based on your available collateral (your BTC balance) will be given here for your convenience. There are no limits on the term length of your borrow, but please note that, if you close your loan after less than 30 days, a month’s worth of interest will be deducted from your collateral balance.
Interest Need to be Paid on Loan
The interest on your open loan starts accruing daily when you open a loan, and is debited at the end of each month during the life of your loan. There is no action you will need to take during interest payment periods; as it will debit owed interest directly from the collateral you deposited at the collateral’s fair value. This means that you will not need to make regular interest payments using the USD Digital you borrowed. It’s yours to use.
The interest rate that you agree to when opening your loan will not change as long as that loan remains open. The rate presented to you on the confirmation screen is a fixed annual percentage rate (APR). This is the fixed yearly interest rate applied to the loan that you have received.
Collateral Security against Borrowing
And Blockchain also consider the collateral security while lending digital currency to you. Currently, Blockchain is accepting collateral only in bitcoin (BTC), that need to be sent from your Blockchain.com Wallet. However, Blockchain will further expand this to other cryptocurrencies in the future. The transaction will be initiated automatically as soon as you confirm the loan.
Borrowing from Blockchain Credit Score
Just like borrowing from banks, using credit cards and enjoying the loaning or credit facility from financial institutions, most of lenders will pull borrowers’ credit score reports or other reports of borrowing history.
And if you have negative credit score it can affect your eligibility to borrow from others. But don’t worry, Blockchain.com Borrow does not require credit, so taking out a loan from Blockchian.com will not affect your credit score.
Call Blockchain Customer Support Number
If you don’t have an account with Blockchain to borrow the digital currency, or you are facing a problem while borrowing from Blockchain, you can call at Blockchain customer support number to deal with such issues. Calling at this helpline number will also connect you with experts who will assist you remotely in solving the Blockchain related various problem with complete safety and privacy.