Fortunly's Guide
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The Best Bitcoin Lending Sites in 2022

Written By
G. Dautovic
Updated
August 01,2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you're looking for a way to make extra money by having your crypto portfolio work for you, consider lending out some of your assets. Alternatively, you might need cash, but you are reluctant to liquidate your cryptocurrency positions. That’s where using your digital assets as collateral comes in.

We’ve found some of the best Bitcoin lending sites that can help you get started. By using one of these sites, you can get fair rates and rest assured that your crypto is in safe hands.

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APY: 1%-15%
APR: From 4.5%
Minimum loan amount: $10,000
Fees: 2% origination fee
WHAT WE LIKED
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SUMMARY
  • Regulated financial entity
  • Rewards for BlockFi cardholders
  • Low APR for crypto-backed loans
Crypto.com Logo

Crypto.com

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APY: Up to 14.5%
APR: 1%-8%
Minimum loan amount: $100
Fees: None for loans
WHAT WE LIKED
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SUMMARY
  • More affordable lending options with CRO staking
  • Flexible repayment options for the duration of the loan
  • Instant funds
APY: Up to 18%
APR: From 0% to 13.9%
Minimum loan amount: $50 in stablecoins, $500 in fiat
Fees: No origination fees
WHAT WE LIKED
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SUMMARY
  • More than $6 billion in credit processed and over 4 million users
  • $775 million insurance policy
  • Nexo Booster
Celsius Network Logo

Celsius Network

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APY: Up to 18.63%
APR: From 0.1%
Minimum loan amount: $100 for stablecoins, $1,000 for USD
Fees: None for loans
WHAT WE LIKED
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SUMMARY
  • More than $8 billion in loans processed
  • 0% APR on 25% LTV loans
  • Mobile apps and API integrations
YouHodler Logo

YouHodler

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APY: Up to 11.28%
APR: From 0%
Minimum loan amount: $100
Fees: 1% for closing and reopening, 1.5% for extending PDL and increasing LTV
WHAT WE LIKED
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SUMMARY
  • Collateral in multiple cryptocurrencies
  • Great application and crypto wallet
  • BTC, ETH, and a comprehensive selection of altcoins
APY: Custom
APR: Custom, and from 15% for instant loans
Minimum loan amount: N/A
Fees: 1%-4%
WHAT WE LIKED
REVIEW
SUMMARY
  • Staking platform 
  • Comprehensive options for advanced users
  • Great for investors

How To Choose a Crypto Platform for Loans

With the evolving cryptocurrency market, it’s becoming easier to find cryptocurrency exchanges and platforms that offer a range of financial services, including lending. There are multiple options for borrowers and lenders, and here are just some of the factors you need to consider before deciding which company is the best fit for your funds.

APR and APY

Crypto loan rates and yields from interest accounts are much more competitive than those from traditional banks. 

The annual percentage rate (APR) is the yearly cost of borrowing money. For a loan with crypto collateral, it may be as low as 0% for short-term loans but is rarely more than 13%. In contrast, the average APR for a credit card is currently 20.17%.

The situation with annual percentage yield (APY) on savings accounts isn’t much better. According to the FDIC, the national average APY is 0.07% for savings accounts. With a crypto loan, the APY is generally between 5% and 15% and varies depending on the cryptocurrency.

Think about how this will affect your tax obligations as well. The IRS regards cryptocurrency as property, so if you’re earning interest on a loan denominated in crypto, you will be liable for capital gains tax. There are tax software solutions that include crypto in their calculations and can help you stay on top of your tax obligations.

Crypto Lenders and LTV

Most loans have a loan-to-value (LTV) ratio that is less than 100% of the cryptocurrency's value. That is, the value of the loan cannot exceed a certain percentage of the underlying asset. 

For example, a lending platform offers crypto-backed loans with LTVs of up to 50%. This means you can take out a $10,000 loan if you have $20,000 worth of crypto as collateral. 

Keep in mind that the LTVs for loans with fiat currency as collateral are generally much higher.

Wallet Security and Storage

An important consideration when choosing a platform for your crypto loan is the security of the platform and its wallets. Make sure that the platform stores the majority of its crypto offline in what is known as "cold storage," as your assets will be kept there for the duration of the loan. Most platforms use some of the top-tier crypto and bitcoin wallets to store their offline assets, such as Ledger or Trezor.

How We Evaluated Crypto Lending Sites

We looked at a variety of factors when evaluating crypto lending platforms to find the best ones for this list. These include:

  • Transparency: Easy access to key information such as rates, terms, conditions, margin calls, and fees.
  • Platform usability is an important factor, and with a fluctuating market, easy access through smartphone apps is essential.
  • Rates and fees: We only considered companies with competitive rates and fees.

The platforms we listed are among the most reputable ones in the industry.

Quick Breakdown

Bitcoin Lending Platforms: Our Top Picks

  • BlockFi - Best for rewards

  • Crypto.com - Best for security

  • Nexo - Best range of services

  • Celsius Network - Best for lowest fees

  • YouHodler - Best for flexible loans

  • BTCPop - Best for investors

FAQ

How do I choose a crypto lending platform?

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The best way to choose a crypto lending platform is to compare their rates, fees, terms, and conditions. Make sure you understand the risks of lending and borrowing before deciding which platform is right for you.

Can I borrow bitcoin without collateral?

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No, most lending platforms require collateral for loans in order to reduce the risk of defaults.

Can I get a loan on my bitcoin?

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Yes, you can get a loan against your bitcoin as collateral. The loan-to-value (LTV) ratio will determine how much you can borrow. Some of the best bitcoin lending sites offer highly competitive rates and terms, so you’re sure to find one that suits your needs.