Crypto Loans: How to Apply and Manage Borrowed Funds – Mobile App Guide

[Estimated Reading Time: 3 minutes]

This guide explains how to apply for and manage Crypto Loans on the Bitget mobile app. Learn how to use your crypto assets as collateral, borrow funds, and track your loan status conveniently from your mobile device.

What Are Crypto Loans?

Bitget Crypto Loans allow users to borrow cryptocurrencies by using their existing assets as collateral. This feature enables users to access liquidity without selling their holdings, making it an ideal option for traders and investors looking to maximize capital efficiency.

Key Features of Crypto Loans

• Flexible and fixed-term loans: Choose between flexible loans with no fixed repayment schedule or fixed-term loans with predetermined durations.

• Multiple cryptocurrency options: Borrow and use a variety of cryptocurrencies as collateral.

• Fast execution: Get instant approval and quick access to borrowed funds.

• Collateral protection: Risk management tools, including margin calls and liquidation alerts, help safeguard your assets.

How to Apply for a Crypto Loan on the Mobile App?

Step 1: Access Crypto Loans

1. Tap the menu icon in the top-left corner to open the main menu.

2. Select "More Services."

3. Tap on "Crypto Loans"

Step 2: Select Loan Terms

1. Browse loanable assets: View available cryptocurrencies, interest rates, and repayment options.

2. Tap "Borrow" on the cryptocurrency you want to borrow.

3. Choose a loan type:

• Flexible loan: No fixed repayment period, allowing you to repay anytime.

• 7-day fixed rate: A short-term loan with a fixed interest rate.

• 30-day fixed rate: A longer-term loan with stable interest charges.

Step 3: Enter Loan Details

1. Choose the loan amount: Enter how much you want to borrow.

2. Select collateral: Specify the amount of collateral you will provide.

3. Review loan risk levels: Check key indicators such as:

• Initial Loan-to-Value (LTV) ratio

• Margin call LTV

• Liquidation LTV

Step 4: Confirm and Borrow

1. Agree to the terms: Read and accept the Bitget Crypto Loan Service Agreement.

2. Tap "Confirm": Your loan request will be processed, and the borrowed funds will be credited to your account.

How to Manage Your Crypto Loan on the Mobile App?

Step 1: View Your Active Loans

1. Go to Crypto Loans

2. Tap Ongoing Loans.

3. Review your loan details, including loan type, collateral value, and repayment status.

Step 2: Repay the Loan

1. Select the loan you want to repay from the Ongoing Loans section.

2. Confirm the repayment and submit the transaction.

Step 3: Adjust Collateral (If Needed)

• Add collateral: If your collateral value drops and reaches the margin call LTV, you may need to deposit more funds to avoid liquidation.

• Withdraw excess collateral: If your collateral value increases, you may be eligible to reduce the amount of locked collateral.

FAQs

1. What happens if my collateral value drops?

If the collateral value falls below the required maintenance level, a margin call will be triggered. If additional collateral is not provided, the system may liquidate part of your collateral to cover the loan.

1. Can I repay my loan early?

Yes, early repayment is allowed. Interest is charged based on the borrowing period, so repaying early can reduce total costs.

1. What cryptocurrencies are available for loans?

Bitget offers multiple cryptocurrencies for borrowing and as collateral. Check the Crypto Loans page in the app for the latest supported assets.

1. Is there a maximum borrowing limit?

Yes, borrowing limits depend on factors such as collateral type, loan-to-value (LTV) ratio, and market conditions.

1. Can I renew my loan?

Fixed-term loans may offer renewal options. You can check the renewal eligibility in the Current Loans section.

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