The exchange Argentine Buenbit pointed out that its users will be able to obtain loans in pesos, leaving their cryptocurrencies as collateral.
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Information was offered by Buenbit on Wednesday, August 29. The exchange points out that the initiative is oriented so that users do not part with their savings due to unfortunate unforeseen events.
Loans at 0% rate
According to official statement of Buenbit, the users They may request a loan in pesos at a 0% rate and to pay up to 12 installments.
“The loan works by leaving your cryptocurrencies as collateral in Buenbit. The amount of these cryptos that you will have to grant will depend on the amount in pesos that you require, the amount of installments you choose to pay them and the interest rate ”.
For this, the exchange design a tool that works like a loan simulator that will indicate to the applicant the amount of cryptocurrencies that they will have to leave as collateral
Regarding the limits of the service, Buenbit notes:
“The maximum amount of a loan is 50 thousand pesos, of course, freely available. You will also be able to choose to pay it in 3, 6 or 12 installments and with interest rates of 0%, 25% and 50% ”.
Stablecoins as collateral
The exchange emphasizes that, the cryptocurrencies accepted so far are stablecoins: DAI, USDC, USDT and BUSD. In turn, Buenbit highlights:
“It is important to know that when you leave your cryptocurrencies as collateral, they will no longer generate daily interest, until the total cancellation of the debt; that you can pay in advance anyway ”.
The service is available to Buenbit users. Nevertheless, If someone is interested and is not a client of the exchange, the Buenbit team will guide you to evaluate your request and help you with the registration.
Finally, Buenbit offers three key points about the loan service:
- Once the credit is approved, the money will be deposited in the bank or virtual account of the user’s preference, and the fees will be canceled by bank transfer, not within the Buenbit platform.
- In case you cannot cancel the loan, the cryptos that were left as collateral will be sold at market price to pay the debt. After covering operational and credit costs, if the user still has a balance in cryptocurrencies, it will be returned.
- Repaid the loan, Buenbit will return to the user the same cryptocurrencies that they deposited and with the same value.
The post Buenbit offers loans collateralized with stablecoins at a 0% rate was first seen in BeInCrypto.
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