Loan

Ethereum Classic

Loan

Ethereum Classic loans.
Borrow against ETC.

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What is Ethereum Classic?

Ethereum Classic is a decentralized computing platform designed to execute smart contracts, which are applications that run as programmed without the possibility of censorship or third-party interference. It is a distributed network consisting of a blockchain ledger, a native cryptocurrency (called ETC), and an ecosystem of on-chain applications and services. Ethereum Classic is the legacy chain that split from Ethereum following a contentious hard fork, known as The DAO fork, in Jul. 2017. Like its sister chain, Ethereum Classic features an execution engine optimized for smart contract processing (known as the Ethereum Virtual Machine or EVM) and a Proof of Work (PoW) consensus system. While it shares some aspects with Ethereum, Ethereum Classic offers a more defined monetary policy and inflation schedule.

How do loans backed by ETC works

Crypto loans provide an easy option for both borrowers and lenders. Borrowers can secure USDT loans by using their cryptocurrencies as collateral, retaining ownership of their digital assets. This approach removes the necessity for credit evaluations and extensive paperwork, streamlining the entire process and making it less costly.

Lenders can place their cryptocurrency, such as Ethereum Classic (ETC), into a special account on the Beast platform. The custodian manages the relationship between borrowers and lenders, ensuring a secure transaction. They function as a reliable intermediary, safeguarding the interests of both sides.

This arrangement allows borrowers to access funds without the need to liquidate their cryptocurrencies. This is particularly useful during volatile market conditions, as it helps them avoid possible losses. The lending structure also simplifies obtaining loans and dispenses with credit assessments.

Lenders gain interest from their deposited assets via repayments, enabling them to profit from their crypto holdings. It creates a mutually beneficial scenario where borrowers secure funds and lenders reap rewards for their involvement.

The Beast platform facilitates the relationship between borrowers and lenders, while blockchain technology guarantees secure transactions without third parties. This minimizes the chances of fraud and establishes a secure lending atmosphere.

Ethereum Classic Loan Calculator

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Loan amount

USDT

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Interest rate

15% per year

Monthly Interest Amount

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Crypto Loans explained

In our video, we take you on an exciting and informative journey into the realm of crypto lending and borrowing on the Beast platform. Discover how this revolutionary system works, learn how to take out a loan, and explore the seamless process of loan repayment. Packed with valuable insights and tips, this video is your ultimate guide to harnessing the potential of crypto credit.

How to get a loan on Ethereum Classic? Borrow usd against Ethereum Classic on Beast

The process of getting an Ethereum Classic cryptocurrency loan is quite simple. First, you need to create your account on Beast, a platform that offers Ethereum Classic cryptocurrency lending services. Then, you need to provide your ETC as collateral and specify the loan amount you want to borrow. The platform then evaluates your collateral and gives you access to the required amount of Tether USDT.

Your creditworthiness is determined based on the value of your collateral, making the process of getting a cryptocurrency loan fast and convenient.

However, it is important to remember that Ethereum Classic cryptocurrency loans are not without risks. In case you default on the loan, your collateral can be seized. Therefore, you should carefully assess your repayment capacity before taking out a cryptocurrency loan.

How to get a loan on Ethereum Classic? Borrow usd against Ethereum Classic on Beast

To authorize an Ethereum Classic Crypto Loan, you will need to go to Features tab → Loan section → Borrow button

Choose the required loan amount the terms and conditions of the crypto loan, and apply for it by confirming it with a code from 2FA - application or E-mail or Telegram-bot.

Learn more about ETC Crypto Loans

Ethereum Classic lending

Lending using Ethereum Classic has gained significant traction as a method for cryptocurrency owners to obtain funds. By taking out loans against their Ethereum Classic holdings, users enjoy immediate liquidity without needing to offload their assets. These ETC loans are supported by the value of the borrower's Ethereum Classic, creating a secure lending framework. Now, individuals can effortlessly secure an ETC loan and utilize the capital for multiple needs, such as investments, settling bills, or even launching a business. This creative approach to ETC lending has created fresh opportunities for people to maximize their Ethereum Classic assets and reach essential financial support.

ETC as a collateral

Ethereum Classic, often referred to as ETC, has gained traction as a favored option for crypto-backed loans. Through various lending platforms, users can either borrow ETC or lend their Ethereum Classic to generate interest. These loans enable users to leverage their Ethereum Classic assets, allowing for immediate access to cash without needing to sell their cryptocurrencies. Borrowers have the option to take out loans in USD by using their ETC, enhancing their flexibility and liquidity. So, how exactly do Ethereum Classic loans function? Simply put, users secure their ETC as collateral, and depending on its worth, they can obtain a loan. These rapid crypto loans offer a practical way for people to quickly access funds while keeping their Ethereum Classic holdings intact.

Interest rates on loans backed by Ethereum Classic.

At Beast, we recognize how crucial competitive interest rates are for our clients. That's why we provide loans secured by cryptocurrency at an appealing rate of just 9%. Whether you're seeking funds for personal needs or business ventures, our low-interest loans serve as an economical way to access cash without needing to offload your treasured cryptocurrencies.

A standout feature of Beast's crypto loans is the process of collateralization. In the event that a borrower defaults, the collateral in ETC stays with Beast, while the borrower retains the received Tether USDT. This creates a fair method for recovering loans, ensuring advantages for both sides involved.

To address the risk associated with potential drops in Ethereum Classic's value, Beast has implemented an automatic liquidation system. Should the value of the collateral dip below a set limit, the loan gets liquidated. This proactive strategy safeguards both the lender and the borrower against potential market losses.

At Beast, we prioritize transparency and ease. Our users can effortlessly oversee the progress of their loan products via our intuitive platform. Furthermore, borrowers enjoy the option to add more collateral, pay off the loan early, or conclude the loan by settling the borrowed capital along with any interest incurred.

If you're curious about securing a loan through cryptocurrency, Beast provides instant coin loans. You can use Ethereum Classic as collateral and receive Tether USDT in return. Our crypto-backed loans offer a swift and practical answer to your financial requirements.

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Why choose Ethereum Classic Beast Loan

Take advantage of limitless possibilities: Get any amount at any time with our unbeatable cryptocurrency line of credit.

Easy access to funds

By leveraging your crypto assets as collateral, you can quickly obtain loans without the need for extensive credit checks or income verification, making the process more efficient and accessible.

35+ Currencies

Choose your collateral from over 35 cryptocurrencies and borrow instantly from USDT.

No inspections!

Cryptocurrency loans allow you to access credit without checking your credit history.

Interest - hourly

We charge interest on the loan hourly. However, during the first hour after taking out the loan, you have the opportunity to repay it without any additional fees. This sets us apart from our competitors.

Lower interest rates

Because cryptocurrency loans are collateralized, lenders often offer lower interest rates than traditional unsecured loans, making them more cost-effective for borrowers.

Flash approval

Receive funds in the same minute without spending more than 3 taps

Maintain ownership of your crypto

With crypto-backed loans, you retain ownership of your digital assets while using them as collateral. This allows you to benefit from potential market growth and regain full control of your assets once the loan is repaid.

FAQ

What is Beast Ethereum Classic Crypto Loan?

Beast Ethereum Classic Crypto Loan is a secure, overcollateralized, and flexible loan product. Users can take loans by pledging their crypto assets as collateral. With Beast, you don't have to worry about rehypothecation since we don't lend out your collateralized crypto to others.

How do I pledge my assets and start borrowing with Beast Ethereum Classic Crypto Loan?

To start, choose the crypto you'd like to pledge as collateral and the amount you'd like to borrow. Ensure you have sufficient crypto assets in your account to cover the required collateral. Once the process is complete, your collateral will be locked, and the loan will be transferred to your account.

What is LTV, and how much can I borrow from Beast Ethereum Classic Crypto Loan?

LTV (Loan-to-Value) represents the ratio between the value of the loan plus accrued interest and the value of your collateral. The LTV percentage determines how much you can borrow based on the collateral you pledge. For example, with a 50% LTV, if you pledge 1,000 USDT, you may borrow up to 500 USDT worth of assets.

Are there limits to how much I can pledge and borrow?

Yes, there are limits for each cryptocurrency. The maximum amount you can pledge or borrow depends on the specific crypto and may change periodically.

What is loan liquidation, and what is the liquidation LTV?

Loan liquidation occurs when the current LTV exceeds the liquidation LTV, which may happen if the collateral's value decreases or the loan's value increases. If liquidation occurs, you may lose some or all of your collateral.

What happens when a loan is liquidated?

When liquidation occurs, the outstanding loan amount will be repaid using the equivalent value of collateral. A partial liquidation happens when the liquidation doesn't fully cover the outstanding loan, and a full liquidation occurs when the entire loan is repaid using the collateral.

What is a margin call?

A margin call is a warning issued when your collateral-loan pair position reaches its margin call LTV. You can take action by adding more collateral or reducing the outstanding loan to lower the LTV.

Will I be notified in the event of margin calls or liquidations?

Yes, Beast will send notifications via email and SMS in case of margin calls or liquidations. However, timely delivery of these notifications cannot be guaranteed.

What interest rate applies to my loan?

Beast provides transparent interest rates for each cryptocurrency. Please refer to the platform for up-to-date interest rates.

How is interest accrued for my loan positions?

Interest accrues based on the total outstanding loan amount and the prevailing APR. The interest accrued is added to the total outstanding loan.

How do I repay my loan or adjust my LTV?

Use the 'Repay' or 'Adjust LTV' options in your account to repay loans or adjust collateral, respectively. You can only repay your loan using the same cryptocurrency you borrowed.

Which cryptocurrencies can I pledge or borrow on Beast Crypto Loan?

Beast Crypto Loan accepts a variety of cryptocurrencies as loanable and collateral assets. The list of available cryptocurrencies is updated periodically, so please refer to the platform for more information.

What can I do with the cryptocurrencies borrowed from Beast Ethereum Classic Crypto Loan?

You can use the borrowed cryptocurrencies for various purposes, including trading, investing, or withdrawing from the platform. The collateral you pledge remains with Beast as security for the repayment of your loan.

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