Applying for a USD loan has never been easier. All you have to do is open the Celsius app and follow the steps below. If you don't have a wallet yet, you can follow our guide on how to set up your Celsius wallet.
1. Tap on the Celsius logo at the bottom right corner of the screen.
2. Tap on the "Borrow" option. Here you will be able to request a loan and also to use the loan interest calculator to simulate how your loan will behave.
3. Tap on the "Apply for a loan" button.
4. Next, tap on the "Borrow Dollars" button.
Here you will be able to choose the loan amount that you need. To do so, tap on the amount right to the $ sign in the middle of the screen in order to edit this number.
5. Once you have entered the amount you wish to borrow, tap on the "Choose collateral" button.
A list of available collateral will show up and you just have to tap on the desired one (for example, ETH).
In case you don't have enough collateral for a loan you will be able to see how much additional collateral is needed for your loan.
6. The next step is choosing the desired interest rate for your loan. The more collateral you have the better interest rates you will be able to get for a loan.
7. After that, you need to choose the term of the loan. You will be able to choose any amount of time between 6 and 36 months.
8. After you choose the term of the loan, tap on the "Bank account" button.
Here you are going to have to enter your bank details.
- Bank location (it has to be selected from the list of countries);
- Bank name;
- Bank city;
- Bank street and number;
- Bank zip;
- Account number (IBAN);
- SWIFT (Bank Identifier Code);
- Account type (savings or checking).
It is very important that all the information provided in this form is correct. So, if you don't know or are not sure about some of this information, please contact your bank.
After confirming that all the bank details are entered correctly, tap on the "Continue" button at the bottom of the page.
9. On the next page it will show up all your loan details. This screen contains the following information:
- Loan amount;
- Estimated collateral;
- Annual Interest Rate;
- Monthly interest;
- Total interest;
- Total of payments;
- Number of payments;
- Margin call for the specific coin that you chose as collateral (if the price of that coin drops below this amount, you will receive a notification to review your borrowing options);
- Liquidation price of the coin you're using as collateral (if the price of this coin drops below this amount, we will sell some of your collateral to cover the margin).
Note that you can receive up to 30% (percentage varies depending on your loyalty level) off your interest payment by using Celsius Token (CEL).
Read more about the Celsius Token here.
10. After you check all the details regarding your loan, tap on the "Continue" button at the bottom of the page.
11. The next page will take you to the borrowing "Terms and Conditions". You can open and close each of these categories by tapping on the title.
12. After carefully reading through these categories you need to tick the "I have read, understood and agree to the above mentioned in sections ..." checkbox.
At the bottom of this page, you will find the "Download" button. This allows you to download the borrowing Terms and Conditions to your phone in a PDF format.
Below the download option, there's a "Request loan" button. Tap on it when you're sure that you understand and agree with the Celsius Loan Terms and Conditions.
13. The last step is to enter the required code verification (your 2FA or PIN) to proceed.
And that's it! You've successfully applied for a Celsius loan.
In case you want to apply for a loan in stablecoins, please follow our guide here.
If you need any additional help or if you have any further questions, feel free to contact us at loans@celsius.network. We are here to help!