Crypto loan is to use one crypto as collateral to borrow another.
How to get a crypto loan on Gate website:
Step 1: Log in to your account on Gate website and go to “Finance”-“Crypto Loan”.
Step 2: Click “Old Version” to enter the “Fixed Crypto Loan” page. Select the currency you want to borrow and then choose an item from the list of the borrowables according to your demands and click “Borrow”.
Note:
① Search the currency you want to borrow or select the currency if it is already listed; ② Compare the daily interest rate and borrowable amount of each item. Click “Borrow” to continue the borrowing process.
Step 3: Enter the volume of the loan, select the collateral currency and enter its amount. Then click “Confirm”.
Note:
① Input the amount that you intend to borrow; ② Select the collateral currency; ③ Enter the amount of the collateral; ④ Check all information filled in the boxes and click “Confirm”.
Step 4: You can find “Borrowing History” at the bottom of the “Crypto Loan” page. Here you can view the details of your loan(s) and make repayment(s).
How to get a crypto loan on Gate mobile app:
Step 1: Open Gate mobile app and log in to your account. Go to “Crypto Loan”.
Step 2: On the “Borrow” page, select the currency you want to borrow. Choose an item from the list of the borrowables according to your demands and click to continue the borrowing process.
Step 3: Now you can view the details of the loan on this page and enable/disable auto-renew. After entering the “To borrow” quantity, selecting the collateral currency and entering its amount, click on “Borrow Now”. (Please pay attention to the loan-to-collateral ratio.)
Step 4: View details of your loan(s) and make repayment(s) in “Repay”-“Current borrowings”
Note:
① When the LTV reaches 90%, liquidation will be triggered for repayment, which will leave a record in “Payment history”.
② If you have an active loan, please pay close attention to the LTV to avoid loss.
③ Partial withdrawal of collateral before repayment is supported now as long as the LTV after withdrawal is below 70%. (If your collateralized coin is GT, the LTV after withdrawal should be below 50%).
④ The collateral will be deducted from the user’s spot account and returned automatically to the same spot account after repayment.
⑤ For App users, currently only the Android version is available and iOS users can go to the Web to experience it.
Gate reserves the final right to interpret the product.
