Bitcoin collateral loan under $1,000

[crash123]

I would like to borrow ~$500 USD using my Bitcoin as collateral but can't find a company that will make a bitcoin collateral loan for less than $1,000.

https://blockfi.com/ minimum is $2,000
https://saltlending.com/ minimum is $5,000
https://www.unchained-capital.com/ minimum is $10,000
https://nexo.io/ minimum is $1,000
https://www.cryptocredex.com/ minimum $1,000 (website looks super sketchy)

Can anyone recommend a company that will lend only $500?

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[biskitop]

because the company certainly wants to get profit also by lending more than $ 1000. their goal is, when returned by the borrower, the company still gets a pretty high number.

[crash123]

So lenders don’t offer loans under $500 only because this won’t be profitable for them?

[joniboini]

Why don't you try to get a loan from this forum? Make a thread here[1] and don't forget to offer the collateral, make sure you also use an escrow. You're a newbie here so it's going to be difficult if you want to get a loan without using an escrow service. Another option is to use crypto loan service like ETHlend (but you'd need to use ETH/ERC20 tokens).

[1] https://bitcointalk.org/index.php?board=65.0

[sheenshane]

I haven't tried getting a loan from the companies and I guess it might be collecting your personal information before they've approved your application. That case might be put you at risk.

Why don't you try to get a loan from this forum?

But most likely creditors here in the forum are using Cryptocurrency especially bitcoin, I didn't have seen thread in the Lending section who offered service loan using dollars or Fiat.

I found this site giving information of which company Lender offer cash and Bitcoin is collateral: https://www.finder.com/500-loans

[Naida_BR]

I think it is going to find a difficulty in getting loan on fiat when you give as a collateral fiat. Crypto loan companies are limited, maybe you need to contact them in person and try to explain them the situation.

But most likely creditors here in the forum are using Cryptocurrency especially bitcoin, I didn't have seen thread in the Lending section who offered service loan using dollars or Fiat.

I found this site giving information of which company Lender offer cash and Bitcoin is collateral: https://www.finder.com/500-loans

I think there are some lenders that may give you fiat loans on paypal. I am not sure about it. But mostly the loans are in cryptocurrencies.

[romero121]

Why don't you try to get a loan from this forum? Make a thread here[1] and don't forget to offer the collateral, make sure you also use an escrow. You're a newbie here so it's going to be difficult if you want to get a loan without using an escrow service. Another option is to use crypto loan service like ETHlend (but you'd need to use ETH/ERC20 tokens).

[1] https://bitcointalk.org/index.php?board=65.0

Well said, it's good to go with the forum. Here there are more and more users with high trust value rendering lending services. Apart from the same poloniex has got the lending service along with its trading services. It's good, you can try with that too.

[crash123]

Thanks everyone for the feedback.

Perhaps I wasn’t specific enough in my original post – I want to borrow $500USD and would be okay with sending some Bitcoin into an escrow account as collateral. The bigger Bitcoin collateral lending companies seems to want a =or<50% LTV ratio so I would be willing to transfer ~$1,000USD worth of Bitcoin into escrow for collateral.

I understand that that these lending companies would require a bit of personal information from me and I’m okay with that. The trick is finding a company that will do a loan for as little as $500USD because most seems to have high minimums than the amount I want to borrow.
I also understanding that a payday loan is an option to get $500USD, but I have Bitcoin available to use as collateral so I would assume that I could get a better interest rate doing a Bitcoin collateral loan as opposed to a pay day loan.

So with the being said, does anyone know of a company that could accommodate me?
Also, what interest rate do you think would be reasonable for the type of loan I’m looking for?

[Astra58]

I might be interested in lending to you, provided it's safe for me, and there's some profit in it. Private message me and we can discuss.

[Crypdon]

It might be easier to simply cash out at coinbase then use that money instead. Using bitcoin for collateral is risky due to the increasing number of scams. If you must taken a loan try suretly which is an altcoin

[crash123]

I might be interested in lending to you, provided it's safe for me, and there's some profit in it. Private message me and we can discuss.

Seems that your account is not set up to receive PMs from other users ranked “Newbie” so I will post my PM here.

Thanks for offering to discuss this loan. I have 2 questions to start:

1. What terms are you offering? I.e. what interest rate? will you charge an origination fee? How long can I keep the money for? Do I need to make regular interest payment, or just repay all at the end?

2. How do you propose we handle the collateral? Would we do a 2-of-3 multisig?

It might be easier to simply cash out at coinbase then use that money instead. Using bitcoin for collateral is risky due to the increasing number of scams. If you must taken a loan try suretly which is an altcoin

The issue with selling my Bitcoin is that I don't want to lose my exposure to the coin and miss out on any increase in value and also I don’t want to pay capital gains tax on the gains I made over the past couple years. 

[Alexlax]

So lenders don’t offer loans under $500 only because this won’t be profitable for them?

Of course! As we all know, credit institutions are very greedy and they are calculated in everything. They want to get from each client immediately a big plus. A trifle does not interest them.

[passwordnow]

So lenders don’t offer loans under $500 only because this won’t be profitable for them?

That's the truth, most of them has high loan minimum amount. I don't have a company to suggest but does your country does have small cooperative that offers low loanable amount? you just need to provide them valid requirements that you're earning with something or a valid collateral. I doubt it that type of institution will allow you to borrow by just providing bitcoin as your collateral. If you're going to use it as collateral why not just sell it?

[crash123]

If you're going to use it as collateral why not just sell it?

The issue with selling my Bitcoin is that I don't want to lose my exposure to the coin and miss out on any increase in value and also I don’t want to pay capital gains tax on the gains I made over the past couple years.  

[Astra58]

crash123 - I'll look at my account in the morning to see if I can receive PM's from you, and then we can discuss in private.

[Daboy_Lyle]

You're not on the right place. Here's the right place where in you can find lenders Lending Section. Since you're a newbie no one will let you borrow a money without any collateral but since you have a collateral maybe you can. It depends on the lender. Sometimes collateral must be 120% or 150% higher than the borrowed amount.

[wahyu wida]

You're not on the right place. Here's the right place where in you can find lenders Lending Section. Since you're a newbie no one will let you borrow a money without any collateral but since you have a collateral maybe you can. It depends on the lender. Sometimes collateral must be 120% or 150% higher than the borrowed amount.

rather than dizziness, it would be better if you don't borrow here. use a conventional system, by borrowing from a bank when using collateral. and I think it will be safer against your collateral

[passwordnow]

If you're going to use it as collateral why not just sell it?

The issue with selling my Bitcoin is that I don't want to lose my exposure to the coin and miss out on any increase in value and also I don’t want to pay capital gains tax on the gains I made over the past couple years.  

That's one risk that you need to think of, if you're going to sell it so that you won't have to ask for loans your problem is solved. The good thing is you can buy again after the expenditure that you have to spend with the profit you got. That's all you have to do though I understand the capital gains tax thing and about the exposure if ever the price of bitcoin booms again, you have no choice but to look for some personal help and ask your friends or relatives that can lend you some help.

[crash123]

Thanks all for the input. It seems no company exists to make a bitcoin collateral loan under $1,000. Oh well.

[passwordnow]

Thanks all for the input. It seems no company exists to make a bitcoin collateral loan under $1,000. Oh well.

You're very much welcome and it seems that you're already done with it, I think it's the best time for you to lock this topic.
I hope that you'll get what you want and you'll sustain what you're about to do with that money. Just hold your bitcoins for awhile and look for some other source to ask for that kind of money.