Crypto Loans for April 2024

Get a crypto loan at one of the lenders verified by our specialists. On 24.04.2024 there are 2 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 2
Best Quick Loan Today 24.04.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
up to $10.000
Get Your FREE Quote Today!
Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

What is a Crypto Loan?

A crypto loan is a financial arrangement where an individual borrows a specific amount, either in fiat currency or cryptocurrency, by using their crypto holdings as collateral. In this innovative lending model, the borrower pledges a certain quantity of their digital assets, such as Bitcoin or Ethereum, as security for the loan. The collateralization of crypto holdings mitigates the need for traditional credit checks, offering a more inclusive borrowing experience. Unlike traditional loans issued by banks, crypto loans are often facilitated through decentralized finance (DeFi) platforms or centralized crypto lending platform options, providing borrowers with a diverse range of options and competitive interest rates.

Decentralized finance (DeFi) loans rely on automated digital contracts called smart contracts to ensure you adhere to the loan requirements. You retain control of your crypto assets, but a lender can take automatic actions against your account if you default or miss a payment. DeFi crypto loans can have higher interest rates than CeFi.


  1. Collateralized Nature. Crypto loans are secured by the borrower's cryptocurrency holdings, allowing individuals to use their digital assets, like Bitcoin or Ethereum, as collateral to obtain a loan.

  2. Decentralized Finance (DeFi) Integration. Many crypto loans operate on the basis of DeFi, leveraging blockchain technology and smart contracts to automate and secure lending processes without the need for traditional intermediaries like banks.

  3. Loan-to-Value (LTV) Ratios. The loan amount is determined as a percentage of the cryptocurrency collateral, known as the LTV ratio. This ratio varies across platforms, typically ranging from 50% to 90%, influencing the amount a borrower can access.

  4. No Credit Checks. Unlike traditional loans, which often involve credit checks and background verifications, most crypto loans generally do not require extensive credit assessments. This opens up borrowing opportunities for individuals with limited or no credit history.

  5. Global Accessibility. Crypto loans are accessible globally, enabling borrowers from different parts of the world to participate. This global accessibility aligns with the decentralized and borderless nature of cryptocurrencies.

  6. Use of Smart Contracts. Smart contracts, self-executing code embedded in blockchain technology, automate and enforce the terms of crypto loans. This reduces the need for intermediaries and ensures transparent and tamper-resistant contract execution.

  7. Potential Tax Benefits. Since crypto loans involve collateral rather than selling assets, they may not trigger capital gains tax. However, borrowers should be aware of potential tax implications in the event of collateral liquidation.

Pros and Cons


Competitive Interest Rates. Due to lower operational costs compared to traditional banks, crypto lending platforms often offer competitive interest rates to borrowers. The decentralized and competitive nature of the crypto lending market contributes to these favorable terms.

Flexible Repayment Options. Crypto loans provide borrowers with flexibility in repayment schedules. While traditional loans may have fixed monthly payments, crypto loans often allow for diverse repayment options, accommodating the unique financial situations of borrowers.

Instant Approval and Funding. Many crypto lending platforms streamline the approval process, offering near-instantaneous approval and funding. This contrasts with the potentially lengthy approval timelines associated with traditional lending institutions.


Volatility Risks. Cryptocurrency prices are highly volatile, and the value of collateral can fluctuate dramatically, posing a risk of collateral liquidation if prices drop significantly.

Limited Cryptocurrency Support. Not all cryptocurrencies may be accepted as collateral, and the variety of supported assets can vary among lending platforms, limiting borrower choices.

Security Concerns. The security of crypto assets relies on the platform's infrastructure. Instances of hacking or platform vulnerabilities could expose borrowers to potential losses.

How to Get a Crypto Loan

Apply for a Loan

  1. Choose a Reliable Crypto Lending Platform. Research and select a trustworthy crypto lending platform. Consider factors such as interest rates, loan terms, supported cryptocurrencies, security features, and user reviews.

  2. Deposit Cryptocurrency Collateral. After creating an account, deposit the cryptocurrency you intend to use as collateral. The platform will specify the types and amounts of acceptable collateral. Ensure you have more crypto than the loan amount you wish to borrow.

  3. Choose Loan Parameters. Specify the loan amount, preferred loan terms (duration), and any other relevant parameters. The loan-to-value (LTV) ratio, determining the loan amount based on the collateral's value, will be a crucial factor.

  4. Wait for Approval. The lending platform will review your application, considering factors like collateral value and loan amount. Approval times vary among platforms, but some may provide near-instant approval.

  5. Accept Loan Terms. If approved, carefully review and accept the loan terms. This includes understanding the interest rate, repayment schedule, and any fees associated with the loan.

  6. Receive Loan Funds. Once you've accepted the terms, the loan funds will be deposited into your account. The method and speed of fund transfer can vary, so be sure to check the platform's policies.

  7. Use the Funds. You can use the borrowed funds for various purposes, such as investments, expenses, or other financial needs. Be mindful of the loan's purpose and adhere to any restrictions imposed by the platform.

  8. Repay the Loan. Follow the agreed-upon repayment schedule. Repayments often include both the principal amount and interest. Some platforms may offer flexible repayment options, so be aware of the terms.

  9. Retrieve Collateral. Once the loan is fully repaid, you'll regain ownership of the cryptocurrency used as collateral. It's essential to fulfill the repayment terms to avoid any potential liquidation of collateral.


  1. Account Creation. Borrowers need to create an account on the chosen crypto lending platform. This typically involves providing personal information, undergoing email verification, and, in some cases, completing identity verification processes.

  2. Collateral. Borrowers must possess cryptocurrency assets to use as collateral. The types and amounts of acceptable collateral may vary among platforms. The borrower needs to deposit an amount exceeding the loan value.

  3. Loan Application. Submitting a loan application is a common requirement. This includes specifying the desired loan amount, loan terms, and other relevant parameters. Some platforms may ask for the purpose of the loan.

  4. Credit Check (Varies). Unlike traditional loans, many crypto lending platforms do not perform extensive credit checks. However, some platforms may conduct a basic credit assessment to assess the borrower's credibility.

  5. Acceptance of Loan Terms. Borrowers need to carefully review and accept the terms of the loan, including interest rates, repayment schedules, and any associated fees. Understanding and agreeing to these terms are crucial before proceeding.

  6. Compliance with Regulations. Borrowers are expected to comply with any regulatory requirements set by the lending platform. This may include adhering to Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.

  7. Platform-Specific Requirements. Depending on the lending platform, there may be additional requirements. These could include completing tutorials, participating in community forums, or fulfilling certain criteria set by the platform.


  1. Interest Rates. Lenders specify the interest rates applicable to the loan. Interest rates can vary widely among platforms and may be influenced by factors such as market conditions, loan duration, and the borrower's creditworthiness.

  2. Loan-to-Value (LTV) Ratio. The LTV ratio determines the loan amount based on the value of the collateral. Lenders set maximum LTV ratios, and borrowers need to ensure their collateral exceeds this ratio to qualify for the desired loan amount.

  3. Loan Terms. Lenders outline the duration of the loan, indicating the period within which the borrower must repay the borrowed amount along with the agreed-upon interest. Loan terms can range from short-term to long-term.

  4. Repayment Schedule. Lenders provide a repayment schedule detailing when and how borrowers need to make payments. Some platforms offer flexible repayment options, while others may have fixed schedules.

  5. Fees and Charges. Lenders may impose various fees, such as origination fees, late payment fees, or administrative charges. Borrowers should carefully review the fee structure to understand the total cost of the loan.

  6. Security Measures. Lenders implement security measures to protect both the borrower's assets and the platform itself. These measures may include multi-signature wallets, cold storage, and other advanced security protocols.

  7. Collateral Liquidation Conditions. Lenders specify under what conditions they may liquidate the borrower's collateral. This often occurs if the collateral's value falls below a certain threshold, triggering a margin call.

  8. Market Conditions Impact. Lenders may highlight the impact of market conditions on the loan. Sudden market fluctuations can influence the value of collateral, potentially leading to margin calls or liquidation.

Best Places to Get a Crypto Loan

  1. Ledn stands out as a top choice for Canadians seeking crypto loans due to its competitive rates, transparent practices, and a solid reputation for reliability. With an APR of 12.9% and a 50% loan-to-value ratio for standard crypto loans, Ledn has established itself as a trustworthy platform for borrowers. Additionally, Ledn's innovative custodial crypto loans, offering a higher interest rate of 14.9% APR, provide clients with the assurance that their collateral is held in custody, avoiding the risks associated with rehypothecation. While Ledn's services are not available in all provinces, it remains a reputable and transparent option for crypto loans in Canada.

  2. Nexo, once a prominent player in the crypto lending space, faced setbacks in early 2023 when fined by the US SEC for securities law violations, leading to a shift in its perception. Despite this, Nexo still offers crypto loans with attractive terms, including a loan-to-value ratio below 20% and 0% interest rates. However, it's important to note that such favorable rates are contingent on qualifying for their premium status, which may not be accessible to everyone.

  3. Zengo Wallet, a centralized crypto service, extends lending tools to Canadians through its Zengo Earn application. While details on its functionality are somewhat elusive, it appears to operate as a staking protocol, offering interest rather than serving as an instantaneous lending tool. Prospective users should consider this unique feature before deciding if Zengo Wallet aligns with their specific needs.

  4. YouHodler emerges as a comprehensive crypto platform providing various tools, including loans, with a diverse range of collateral options, encompassing both Bitcoin and lesser-known altcoins. Noteworthy is YouHodler's flexibility in offering loan-to-value ratios of 97%, 90%, 70%, and 50%, providing borrowers with choices tailored to their risk preferences and crypto holdings.

Things to Pay Attention to

  1. Platform Reputation. Research and choose reputable crypto lending platforms with positive user reviews. Consider factors such as security, reliability, and the platform's track record.

  2. Security Measures. Evaluate the security protocols implemented by the lending platform. Look for features like two-factor authentication, cold storage for funds, and secure communication channels.

  3. Interest Rates and Fees. Understand the interest rates and fees associated with the loan. Compare rates across different platforms to ensure you're getting competitive terms. Be aware of any hidden charges.

  4. Loan Terms and Repayment Schedule. Carefully review the loan terms and repayment schedule. Check for flexibility in repayment options and ensure they align with your financial capabilities.

  5. LTV Ratio. Assess the loan-to-value (LTV) ratio offered by the platform. Ensure your collateral value comfortably exceeds the LTV ratio to avoid potential liquidation risks.

  6. Regulatory Compliance. Ensure the platform complies with relevant regulations, especially regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

  7. Customer Support. Consider the responsiveness and quality of customer support provided by the platform. Prompt and helpful customer service is crucial in addressing any concerns or issues.

  8. Collateral Liquidation Conditions. Understand under what conditions the lending platform may liquidate your collateral. This information is crucial to managing risks in case of market fluctuations.

  9. Market Conditions Impact. Stay informed about market conditions and the potential impact on your collateral. Sudden market downturns can trigger margin calls or liquidation.

How to Repay a Crypto Loan

  1. Review Loan Agreement. Before making any payments, carefully review the loan agreement to understand the repayment terms, including the loan amount, interest rate, and the specified repayment schedule.

  2. Prepare Repayment Amount. Ensure that you have the full repayment amount, including both the principal and interest, available in your account or wallet. Be aware of the currency in which the repayment is required (crypto or fiat).

  3. Follow Repayment Schedule. Adhere to the agreed-upon repayment schedule outlined in the loan agreement. Some platforms may offer flexible repayment options, while others may have fixed monthly payments or a lump-sum repayment at the end of the loan term.

  4. Check Payment Methods. Verify the accepted payment methods on the lending platform. Some platforms may accept payments in cryptocurrency, while others may require repayment in fiat currency. Ensure you use the correct method specified by the platform.

  5. Initiate Repayment. Use the platform's interface to initiate the repayment process. This may involve navigating to the repayment section, entering the repayment amount, and confirming the transaction.

  6. Verify Transaction Details. Before confirming the repayment, double-check the transaction details, including the amount, recipient address, and any transaction fees. Ensure accuracy to prevent errors in the repayment process.

  7. Monitor Confirmation. After initiating the repayment, monitor the transaction confirmation on the platform. Depending on the blockchain network used by the platform, transaction confirmations may take some time.

  8. Ensure Full Repayment. Confirm that you have repaid the entire loan amount along with any accrued interest. Platforms may provide details of the repayment transaction, allowing you to verify the completeness of the repayment.

  9. Retrieve Collateral (if applicable). If the loan was secured with collateral, check the platform's process for releasing the collateral upon full repayment. Some platforms automatically return collateral, while others may require manual action.

  10. Update Loan Status. Verify with the platform that the loan status has been updated to "repaid" or a similar designation. This ensures that both parties acknowledge the completion of the loan agreement.

  11. Keep Records. Maintain records of the repayment transaction, including confirmation emails, receipts, or transaction IDs. This documentation can be useful for reference and dispute resolution if needed.

Reasons for Getting Rejected for a Crypto Loan

  1. Insufficient Crypto Collateral. The borrower may not have enough cryptocurrency assets to meet the platform's collateral requirements. Lenders often set a minimum threshold for the value of collateral relative to the requested loan amount.

  2. Low Creditworthiness (if checked). Some platforms may conduct credit checks or assess the borrower's creditworthiness. If the borrower has a poor credit history or insufficient financial stability, it could lead to rejection.

  3. Unverified Identity (KYC). Failure to complete the Know Your Customer (KYC) process or providing inaccurate information during identity verification can result in rejection. Platforms prioritize compliance with regulations and may reject applicants with unverified identities.

  4. Unstable Market Conditions. Crypto lending platforms often consider the volatility of the cryptocurrency market. Sudden and significant fluctuations in the market may impact the value of collateral, making the loan riskier for the lender.

  5. Incomplete Application. Failure to provide all required information during the application process can lead to rejection. Incomplete applications may not meet the platform's criteria for approval.

  6. Unsupported Cryptocurrencies. Some lending platforms have specific requirements regarding the types of cryptocurrencies accepted as collateral. If the borrower offers unsupported or non-compliant cryptocurrencies, the loan may be rejected.

  7. Unrealistic Loan Terms. Requesting loan terms that are deemed unrealistic or incompatible with the platform's policies may result in rejection. This includes requesting loan amounts that exceed the platform's maximum LTV ratio or proposing an impractical repayment schedule.

  8. Non-compliance with Platform Rules. Failure to adhere to the specific rules and guidelines of the crypto loan platform can lead to rejection. This may include violating platform policies, attempting to manipulate the system, or engaging in fraudulent activities.

  9. High Loan-to-Value (LTV) Ratio. Requesting a loan amount that results in a high LTV ratio may increase the perceived risk for lenders. If the collateral's value is close to the loan amount, lenders may be hesitant to approve the loan.

  10. Previous Liquidation Incidents. If the borrower has experienced collateral liquidation in the past due to market fluctuations or failure to meet margin call requirements, lenders may be cautious about approving future loans.


  1. Crypto-Backed Debit Cards. These cards allow users to convert their crypto holdings into fiat currency, which can be spent using a debit card. Users can use their crypto assets for everyday transactions without the need for a traditional loan.

  2. Crypto Savings Accounts. Users can deposit their crypto assets into a savings account and earn interest over time. This provides a way to generate returns on crypto holdings without the need for a loan, and users can still access their funds when needed.

  3. Crypto-backed Equity. Users can borrow against the value of their crypto assets without selling them. The borrowed funds can be used for various purposes, similar to a traditional loan, but without the need to convert crypto to fiat.

  4. Crypto-Linked Credit Cards. These credit cards enable users to earn rewards in cryptocurrency on their everyday purchases. Users can spend using the card and accumulate crypto rewards, providing a way to utilize their crypto assets without taking out a loan.

  5. Home Equity Loan. Homeowners in Canada can leverage the equity built in their homes to secure a home equity loan. This type of loan allows individuals to borrow against the value of their property. The loan amount is determined by the difference between the home's market value and the outstanding mortgage balance.

  6. Credit Union. Credit unions provide personal lines of credit that offer flexible borrowing. This revolving credit product allows individuals to access funds as needed, up to a predetermined credit limit. Interest is charged only on the amount borrowed, and borrowers can repay and reuse the funds.

  7. Credit Card Cash Advance. Credit cardholders in Canada can obtain a cash advance from their credit card. This allows individuals to withdraw cash up to a certain limit, and the amount is added to the credit card balance. Keep in mind that cash advances often come with higher interest rates and fees compared to regular credit card transactions.

Editorial Opinion

Crypto loans present a novel avenue within the financial landscape, offering individuals the opportunity to leverage their cryptocurrency assets for various financial purposes. While providing flexibility and eliminating the need for traditional credit checks, these loans come with a set of unique considerations. The volatility of the cryptocurrency market poses risks for both borrowers and lenders, emphasizing the importance of cautious decision-making. Additionally, the absence of regulatory uniformity across jurisdictions introduces uncertainties in terms of legal frameworks and consumer protections.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


Do crypto loans affect credit score?

Crypto backed loans typically do not have a direct impact on traditional credit scores.

Unlike traditional loans, such as personal loans, that involve credit checks and are reported to credit bureaus, most crypto lending platforms do not perform credit inquiries. Therefore, borrowers can access funds without affecting their credit scores.

However, the lack of credit checks doesn't absolve borrowers from their financial responsibilities, and failure to repay a crypto loan could lead to other consequences, such as the liquidation of collateral.

Is there any risk in lending crypto?

Lending crypto comes with inherent risks for both borrowers and lenders. The primary risk lies in the volatile nature of cryptocurrency prices. Sudden market fluctuations can result in the devaluation of collateral, leading to potential liquidation and loss for borrowers. For crypto loan providers, market volatility poses a risk to the value of the collateral held as security.

Additionally, regulatory uncertainties, security breaches, and platform defaults are other risks in the crypto lending space. Proper risk management strategies and due diligence on both sides are essential to mitigate these potential pitfalls.

Can you withdraw borrowed crypto?

Whether borrowers can withdraw the borrowed crypto depends on the terms of the loan agreement and the policies of the lending platform. In many cases, borrowers are free to use the borrowed funds for various purposes, including withdrawing them to external wallets or trading on other platforms.

However, some platforms may have restrictions or specific conditions regarding the use of borrowed funds. It's crucial for borrowers to thoroughly understand the terms of the loan, and research how crypto loans work, including any limitations on fund usage, to ensure compliance and avoid potential issues during the loan term.

Loan Terms