Celsius Network is known as an interest-bearing cryptocurrency wallet as it grants interest (compound) to anyone who deposits cryptocurrency. However, Celsius Network borrow are the main service offered by this American company.
If you own cryptocurrency and are willing to tie it up to get a cash loan, here I introduce you to the loan promotions offered by Celsius Network. Usually, the company at particular times of the year offers discounts on loans or gives a cash bonus to loan applicants.
So if you haven't downloaded it yet, download the app from the store and ask for a loan when a new promotion is activated. You can find the latest promotions below.
Very important! If you deposit at least 200 euros in cryptocurrency (there are dozens that are accepted) and keep it for 30 days, you will receive a $40 USD gift.
Celsius Network borrow: all the promotions
Below you will find promotions on Celsius Network borrow.
Loan with bonus 75 USD
Apply for a loan from Celsius Network by June 16 2021 and you'll get a free bonus of up to USD 75 depending on how much you apply.
To get the bonus use the promo code BTCLOVE. You will get the loan in stablecoin like: USDC, USDT, TUSD, GUSD, PAX, DAI.
- Apply for a loan on Celsius Network by June 2 2021.
- Receive USD 25 crypto bonus for a loan above USD 500 and up to USD 5,000.
- Receive USD 50 crypto bonus for a loan above USD 5,000 and up to USD 10,000.
- Receive USD 75 crypto bonus for a loan over USD 10,000.
- When applying for a loan please enter the promo code BTCLOVE.
How do Celsius Network loans work?
Let's explain in simple terms how loans on Celsius Network work.
Celsius Network is a next-generation money lending service that offers money on loan to those with cryptocurrency to pledge.
The "philosophy" is this: don't sell your cryptocurrencies to buy the car, to buy the vacation, to buy or renovate the house, but pledge a certain amount of your cryptocurrencies and ask for a loan in dollars or stablecoins to be repaid in a predetermined time.
The loans provided by Celsius Network require the bonding of a sum in cryptocurrency greater than the amount of money to be requested, while as for the duration of the loan it ranges from 6 months to 3 years. Of course, the longer the duration of the loan, the higher the interest to be paid.
Naturally, the loan must then be repaid because otherwise the pledged cryptocurrencies are lost.
Ask for a $5,000 loan. Celsius Network charges you 1% interest and if you repay in 3 years, the total interest charged to you will be $150 USD. Probably no finance company charges so little for a personal loan.
No small matter if you usually don't get loans from financial institutions. In this case, you will get the loan anyway because you will bind the cryptocurrency you own.
Before applying for a loan you can make a simulation, the system will provide you in advance all the information about on how much you will have to bind and how much you will pay in terms of monthly interest and the total amount of the loan: more transparent than that ...
- Celsius Network is an app that offers loans to those with cryptocurrency to bind.
- You can bind: bitcoin, litecoin, XRP, ethereum, dash, zcash, 0x, OMG Network, EOS, stellar, GUSD, PAX, USDC, USDT and many other cryptocurrencies and stablecoins or tokens.
- The loan ranges from 6 months to 3 years in length.
- Interest is 1% on an annual basis.
- You pay the installment monthly by repaying in: bitcoin, ethereum, stablecoin (all supported ones) or in US dollars.
- If you repay the loan installment using the native CEL token, interest drops to 0.95% on an annual basis.
Repay your loan at or near zero cost: strategy
If you own a large amount of cryptocurrency such as several bitcoins or good amounts of other cryptocurrency, you might even be able to avoid paying the monthly installment thanks to the interest you earn every week on the deposited cryptocurrency amounts.
Celsius Network is in fact also an interest-bearing wallet that credits interest every week based on how much cryptocurrency you have.
The strategy is this:
- Ask for interest in CEL to receive more interest;
- pays the loan in CEL to get a subsidized loan interest rate: 0.95% instead of 1% per year.
By combining the two, you could then pay back the loan with interest accumulated in CEL week after week.
Of course, it all depends on how much cryptocurrency you own and the size of the loan, but you can understand the convenience of the system even for those who have small amounts of cryptocurrency available, because they could still repay a portion of the loan with the interest accumulated on the unencumbered but present cryptocurrencies on the Celsius Network wallet.