Coinbase offers Crypto based cash loans in the US

Coinbase offers Crypto based cash loans to its US customers

Coinbase offers Crypto loans to its US customers.

NeboFinance reports, Cryptocurrency exchange  giant  recently announced that it will begin to allow its users take loans backed by Cryptocurrency.

In about 17 states in the United States customers can take cash loans when they provide their Bitcoin as collateral in just about 2 days.

Crypto loans business is the new vogue. With major players like Nexo, Blockfi and Celsius offering its users credit check free loans as against Cryptocurrency as collateral.

In the initial stages of the offering Coinbase said its investors get as much as 8% interest rate per month. Customers can collect 40% of their Cryptocurrency held or at most $20,000.

Borrowed cash can be quickly deposited with no charge to a  bank or a PayPal account. A $10 minimum payments required each month to settle for interest.

The new loan feature is open to just bitcoin only as other Cryptocurrency will be allowed down the road.

Coinbase offers Crypto loans is good news to US clients. Currently only customers in Connecticut.