UK customers are now able to take out a USDT asset-backed loan from within their CoinCorner account using the bitcoin holdings in their account as collateral. Customers can take out up to 5 loans, for as low as 100 USDT, and the maximum single loan amount that can be taken is 100,000 USDT (and a maximum total of 1,000,000 USDT).
Users can borrow up to 50% of the value of the posted bitcoin collateral. Our rates range from 8%-15% and our latest rates will be displayed when creating your loan.
Users can take out multiple loans on the same CoinCorner account if they wish, and loans are repaid over a 12 month period. Following the first repayment date the borrower may make full or partial repayments at any time. Fees may vary depending on the repayment term and further collateral may be required if the value of the BTC collateral fluctuates during the loan term.
CoinCorner will issue a margin call if your LTV (loan-to-value) gets too high, for example if the BTC price was to drop significantly, and if you do not take action may be forced to automatically liquidate some of the BTC you have posted as collateral to get the LTV back to 60%.
You can find a guide on taking out a Bitcoin Backed USDT Loan here, and some definitions of key terms relating to our loan product can be found here.
Have any questions? Get in touch!