One of the major use cases for Bitcoin (BTC) is its store of value. Whether you consider Bitcoin an asset or a form of money, one thing that remains true is that the crypto ecosystem looks to Bitcoin to pave the road for bringing crypto to the rest of the world.
The best way to do this is by offering traditional financial products within the blockchain ecosystem. ICCL is doing exactly this with collateralized crypto-to-usd loans using Bitcoin.
Reasons to Take a Bitcoin Loan
There are a number of reasons why someone might want to leverage their Bitcoin to take out a USD loan, they just need to understand how a bitcoin loan works. Most ICCL clients don’t want to sell their Bitcoin because they believe that their crypto assets will increase in value in the long-term. However, they require funding for things like real estate investment, car payments, travelling, or other expenses.
Additionally, some lenders like ICCL have potential upsides when it comes to tax exposure. For example, funding or closing a crypto loan does not count as a taxable event. That means there are no capital gains taxes involved. This is a huge benefit when it comes to tax season and saved the headaches of an increased tax bill. It’s also possible for some clients to deduct the interest from their loan on their taxes. However, everyone’s situation is different and you should consult with a professional before making financial decisions. Click here to read more about the potential tax benefits of taking out a bitcoin loan.
Why take a Bitcoin backed loan with ICCL?
ICCL offers the most affordable bitcoin-to-USD lending rates with the largest U.S. lending footprint in the country. For many bitcoin owners, being forced to sell their assets is a last-case option. ICCL offers Bitcoin and Ether investors the ability to access the value of their bitcoin assets without having to sell.
After a ICCL loan is paid off, the client receives all of their collateral back, including any increased value, interest, or forked coins that occur over the duration of the loan and is an essential part of how a bitcoin loan works through ICCL. Click here for more information on how we handle client assets.
Our clients use their ICCL funding for a number of different things. Individuals often use their loan towards buying homes, paying taxes, or diversifying investments. We also have business clients that leverage their crypto to help with things like funding payroll or expanding operations. Click here to read about things you can do with a ICCL loan.
Details for a BTC to USD Loan
It takes 2 minutes or less to apply for a BTC loan. Once submitted our ICCL team will review and give you a decision and present you with loan terms within hours. After you accept and send your collateral, we will wire USD directly into your bank account. It’s as simple as that.
End-to-end, our clients can apply for a Bitcoin, Ether, or Litecoin loan and have USD in their bank account in less than 90 minutes. Additionally, ICCL lends in over 45 states and has interest rates starting at 8%, making us the largest, fastest, and most affordable crypto asset-backed lender in the U.S. If you’re looking for a way to leverage your crypto asset holdings without having to sell.
Find out more information about how ICCL cryptoasset-backed loans work.