About lender
Plutus Financial Inc., d/b/a Abra is a company providing financial solutions through digital tools. It focuses on bitcoins and digital currency wallet applications, which Abra customers can use to transfer cryptocurrencies and store them.
The company was established in 2014. Its headquarters are in Mountain View, California.
Abra supports more than 50 cryptocurrencies for its US customers.
The company aims to enable more people to access financial solutions by offering its financial app.
Pros and cons
Pros
A digital wallet allows you to earn interest, trade, or store crypto
Transactions for US citizens are free
You can borrow up to $500,000 without a credit check
80+ cryptocurrencies for the US users
Cons
Not available in New York
There are not all the loan details available on the website
You borrow against collateral, and your APR depends on the LTV
Terms and conditions
For individuals, Abra offers its clients the to trade over 110 cryptocurrencies through the app, earn up to 10% APY on their crypto, and borrow at 0% APR.
The borrowing option allows Abra's users to use their crypto as collateral and borrow in the amounts of up to 500,000 in TUSD, USDC, or USDP. The term you can borrow is from one to three years. Your APR will depend on the LTV percentage: 0% APR is available for 15% LTV, 3.85% APR you will get 20% LTV, 33% gives 6.75% APR, and 50% LTV goes with 9.95% APR. You can simultaneously have a maximum of six loans with Abra.
The minimum amount for deposits into the Abra interest account is $5.00, or equivalent to this amount in crypto. There is no maximum amount. To earn the interest, you will need to hold the funds for at least two days. The interest accrues every day. If you get interest above the minimum amount, you will get paid at the beginning of each week.
Private clients and family office services are based on the specific goals of the clients. You will need to contact Abra, and its management team will offer you a personalized solution.
Institutional clients can apply for treasury, lending, trading, and asset management services. The offers are customized. There are three Income Funds, and two Venture Funds offered through Abra Capital Management LLC (ACM). It is an investment company affiliated with Abra.
Abra customers also have access to the Abra Perx Program. It is a rewards program for users of Crypto Perx tokens which are utilized for getting benefits with Abra.
Funding a loan
Whenever you make a transaction from one wallet to another with Abra, the funds are accessible within one hour. However, in most cases, the transactions take as little as ten minutes.
If you send crypto, the funds are available within 10-30 minutes.
The processing length for depositing and withdrawing funds are:
One to two business days for deposits via US banks
Two to three business days for withdrawals via US banks
When the transaction is completed, you will get a notification. You can check your transaction status through the "Transaction History" in the "Main Menu".
The transaction limits for the US banks through ACH for withdrawals and deposits are up to $20,000K a day. The limits reset over the rolling cycle, meaning if your limit is imposed at 3 pm, it will reset after 3 pm the next day.
If you take a loan with Abra, it will take from one to three business days for funds to be deposited into your trading account. The interest will be covered automatically with your trading account funds.