Crypto Loans: How to get one, and does it work?

BlockFi offers USD loans collateralized by your crypto assets. What does that mean? Well, we give you USD and you give us Bitcoin (BTC)Ether (ETH) , or Litecoin (LTC) as security for repayment. It’s really that simple. Clients can apply for a loan in less than 2 minutes and be funded in USD, GUSD, or USDC directly into their bank accounts or wallets in as few 90 minutes. Cool, right?

Why Take Out a Cryptocurrency Backed Loan?

Many crypto owners have a long-term view of their investments. Although they plan to hold their crypto assets, sometimes circumstances force investors to sell their crypto for USD. Rather than selling, investors can use their cryptocurrencies as collateral towards a cryptocurrency backed loan. This allows them to maintain ownership of their funds while gaining access to the USD they need to fund their projects.

Click here to learn more about collateralized loans using your crypto assets.

What Can I Use My Crypto Loan For?

Crypto backed loans are one of the most cost-effective and efficient ways to manage your cryptocurrencies when you need access to USD. BlockFi clients use their loans towards a number of different purposes, including:

Click here for more information on things you can do with a BlockFi loan.

Applying for a BlockFi Loan

Clients apply for loans on our website by inputting their requested loan amount, the kind of crypto they want to stake, and KYC/AML information for identity verification purposes. BlockFi does not pull hard or soft checks on client’s credit, so your credit score will not be affected.

Click here for more information on whether BlockFi affects your credit score.

The BlockFi team will then review your application and get back to you within one business day. After approval, you will receive a loan offer. If your application is received within business hours, you can expect a decision within 2 hours. The loan offer will include important information on how your offer was calculated.

Reviewing Your Loan Offer

One of the first things you will look at is your interest rate. BlockFi’s interest rates depend on the loan amount, credit history, and location. You can find the most up to date rates on our loan calculator page. The next thing you will notice is that our offers include an origination fee, which averages around 1-2%. This is also dependent on the applicant’s requested loan amount, credit history, and location. Beyond those, you will see your offer APR, which is a simple way to show the total price over the course of a year. Click here for more information on interest rates & APR, and the difference between them.

Your offer will also include the amount of crypto collateral you will need to stake to receive your loan. The amount of collateral required will vary based on the LTV (Loan To Value) of your loan. A lower LTV will require more cryptocurrency to be posted as collateral, and a higher LTV will require less. BlockFi offers LTVs up to 50% and as low as 20%. (Click here to learn more about LTV calculations). Based on our extensive risk modeling, we determined that this is a sufficiently conservative rate that helps our clients limit exposure to margin calls when the market faces volatility.

Accepting Your BlockFi Loan

Once you have reviewed the loan terms, you can accept the offer and send your collateral to BlockFi’s custodian, Gemini. Gemini is a depository trust and licensed custodian with legal liability and insurance requirements for safeguarding deposits. They also have a perfect custody history with no hacks or client fund losses. Click here for more information on how BlockFi stores client funds.

New BlockFi clients will receive a welcome packet with information on how to manage their loan, what to do in the event of a margin call, and more. BlockFi’s loans are interest only loans. This means you are only required to pay interest over the term, and can repay in full at any time with no prepayment penalties. If you decide to pay off your loan early, you won’t be required to pay interest on the remaining length of the loan. (Click here to learn more about early crypto loan repayments)

If you have any questions about BlockFi or how our loans work, please contact us at We love hearing from you.

BlockFi lets you use your Bitcoin, Ether, and Litecoin to do things like buy a home, pay down debt, or even fund your business without having to sell your crypto. Start your application now and get funded in as few as 90 minutes.

How a Bitcoin loan works

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Client Testimonials


As an investor with significant crypto holdings, BlockFi gave me a valuable tool to get capital, at a fair price, without liquidating my crypto holdings. Aside from offering the best price, their approach to secure storage and thoughtful loan to value ratios gave me confidence that they were the right partner to work with for my cryptocurrency needs.


As a long term crypto holder, it’s important to me to be able to leverage my existing capital without selling. Earning monthly interest all in one place has simplified how I use my cryptoassets.


BlockFi makes it fun to be a hodler again.


We have felt strongly that this market needs access to debt beyond fragmented, short term margin trading options in order to reduce volatility, facilitate scale and put the financial infrastructure for this ecosystem on par with other asset classes. We're happy to have BlockFi as part of the Consensys family and see tremendous growth opportunities for their platform.


BlockFi was my first choice when looking to use crypto as collateral for a fiat loan. BlockFi's friendly and professional staff helped make for a very smooth process from start to finish.


It feels great to have my crypto be recognized as a real asset, which can used as collateral. I'm going to be able to immediately pay off a credit card I've been carrying a balance on.


Learn more about earning crypto interest and crypto-backed loans with BlockFi

Apply in less than two minutes.

Fastest Bitcoin and Ether backed loans in the industry.

Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are riot subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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Disclaimer: Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections. Security is our top priority. Please see our Vulnerability Disclosure Form and Bug Bounty Program.
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