Loan

Filecoin

Loan

Filecoin loans.
Borrow against FIL.

Empower Your Crypto Journey with Beast's Flexible Financing Solutions

Wallet for Android

Wallet in Telegram

Wallet in browser

What is Filecoin?

Filecoin is a decentralized data storage network built by Protocol Labs that allows users to sell their excess storage on an open platform. It acts as the incentive and security layer for IPFS (InterPlanetary File System), a peer-to-peer network for storing and sharing data files. Filecoin turns IPFS' storage system into an "algorithmic market," where users pay storage providers in Filcoin's native token, FIL, to store and distribute data on the network.

How do loans backed by FIL works

Crypto-loans provide an easy way for both borrowers and lenders. Borrowers can obtain loans in USDT while using their crypto assets as collateral, allowing them to retain ownership of their digital currencies. This approach makes credit checks and extensive paperwork unnecessary, speeding up the entire process and making it more cost-effective.

Lenders can place their crypto assets, such as Filecoin (FIL), into a special account on the Beast platform. The custodian manages the interactions between both parties, ensuring a secure environment. They serve as a reliable intermediary, safeguarding the interests of everyone involved.

Borrowers gain from this setup by accessing funds without the need to liquidate their cryptocurrencies. This is particularly advantageous during market volatility, helping them dodge potential losses. The lending model also streamlines the loan experience, eliminating the credit check requirement.

Lenders earn interest through loan repayments on their deposited assets, enabling them to reap rewards from their crypto holdings. It’s a beneficial arrangement where borrowers secure loans and lenders profit from their investments.

The Beast platform oversees the dealings between borrowers and lenders, while blockchain technology guarantees secure transactions without intermediaries. This minimizes fraud risks and fosters a secure lending landscape.

Filecoin Loan Calculator

Crunch the Numbers and Discover Your Loan Potential

Loan amount

USDT

Collateral Required

Interest rate

15% per year

Monthly Interest Amount

Quarterly Interest Amount

Yearly Interest Amount

Borrow crypto

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 Filecoin? Borrow usd against Filecoin on Beast

The process of getting an Filecoin cryptocurrency loan is quite simple. First, you need to create your account on Beast, a platform that offers Filecoin cryptocurrency lending services. Then, you need to provide your FIL 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 Filecoin 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 Filecoin? Borrow usd against Filecoin on Beast

To authorize an Filecoin 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 FIL Crypto Loans

Filecoin lending

The practice of lending with Filecoin has grown notably among cryptocurrency enthusiasts seeking financial support. By taking out loans against their Filecoin assets, users can gain immediate cash flow without liquidating their investments. These FIL loans are secured by the worth of the borrower's Filecoin, promoting a safe lending atmosphere. Borrowers can conveniently secure a FIL loan to use the funds for different reasons, such as investing, settling expenses, or launching a new venture. This groundbreaking approach to FIL lending has created fresh possibilities for individuals to utilize their Filecoin assets and tap into essential funding.

FIL as a collateral

Filecoin, known as FIL, has emerged as a favored option for crypto-secured loans. Through platforms that support Filecoin lending, individuals can either take out loans in Filecoin or lend their FIL to accrue interest. These loans empower users to access funds without having to liquidate their crypto assets. Borrowers can also secure loans in USD using their FIL, offering them both flexibility and liquidity. But what is the process behind Filecoin loans? In essence, users pledge their FIL as collateral and can borrow based on its current worth. These immediate crypto loans offer a handy way for users to attain quick cash while still maintaining their Filecoin investments.

Interest rates for loans secured by Filecoin.

At Beast, we realize how crucial competitive interest rates are. That’s why we provide cryptocurrency loans at an appealing rate of just 9%. Whether you're seeking funds for personal use or business needs, our low-interest loans offer a smart way to access liquidity without having to part with your valuable cryptocurrencies.

A standout feature of Beast's crypto loans is our collateralization method. If a borrower fails to repay the loan, the collateral in Filecoin (FIL) stays with Beast, while the borrower retains the Tether (USDT) they received. This creates a fair system for loan recovery that benefits everyone involved.

To mitigate the risk associated with Filecoin's value fluctuations, Beast employs an automatic liquidation system. Should the collateral's worth drop below a certain point, the loan will be liquidated. This proactive strategy shields both lenders and borrowers from possible losses during market downturns.

At Beast, we prioritize transparency and ease of use. Our clients can effortlessly track their loan products through our intuitive interface. Furthermore, borrowers have the option to increase collateral, pay off the loan early, or settle their loan by covering the borrowed sum plus any interest accrued.

If you're looking to secure a loan using cryptocurrency, Beast provides instant coin loans. You can leverage Filecoin and obtain Tether USDT. Our crypto-backed loans deliver a swift and efficient solution for your financial requirements.

Borrow crypto

Why choose Filecoin 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 Filecoin Crypto Loan?

Beast Filecoin 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 Filecoin 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 Filecoin 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 Filecoin 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.

Can't find the answer to your question? Visit our support center