How Do I Apply for a Long Term Loan from Coinbase?

Coinbase is one of the cryptocurrency exchanges that allows users to take out a cash loan or a line of credit. You must live in an eligible state and have the required amount of BTC in your account before taking a loan. Loan applications can be submitted online, and loans or lines of credit can be closed once they are paid off in full.

Coinbase allows traders who meet certain criteria to take out a loan on the exchange, but how do you apply for a long-term loan? What is the qualifying criteria? You can learn more about Coinbase lending by contacting customer service here, and below are the steps to applying for a long-term loan.

How Coinbase Lending Works

There are several steps in the loan application process. The following list outlines the criteria:

  1. You must live in one of the 23 eligible states to borrow cash from Coinbase. These states are: Alaska, Arkansas, Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Michigan, North Carolina, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Tennessee, Texas, Utah, Virginia, Washington or Wyoming.
  2. You must have BTC in your account as collateral for your loan.
  3. If you live in Connecticut, you can take out a line of credit providing you have the minimum amount of BTC in your account.

Applying for Your Loan or Line of Credit

To apply for a loan or a line of credit, follow the steps outlined here.

  1. Log into your account.
  2. Navigate to the borrow page.
  3. Confirm eligibility.
  4. Determine loan limits.
  5. Once you determine how much you can borrow (amounts vary from state to state), follow the prompts to complete your loan application.

Line of Credit Limits

If you are applying for a line of credit, the maximum amount you can get varies based on where you live. In Nebraska and Virginia, your cap is $100,000. All other states have a cap of $1,000,000. Minimum amounts in most states is set at $100; however, Ohio has a minimum of $1001, and Arizona and California set the minimum at $10,001.

Fixed Term/Cash Loan Limits

Cash loans have a minimum of $2000 and a maximum of $100,000 regardless of the state you live in. With both types of loan, if your BTC value increases you may be eligible to withdraw more from the line of credit or apply for another cash loan.

Closing Your Loan

In order to close your loan or line of credit, you must first make all payments and have a zero balance. Then you contact customer service here and request closing the line of credit. There are no early payoff penalties, and Coinbase does not report the loan to credit bureaus.

Borrowing on Coinbase is not a complicated process as long as you meet eligibility criteria. For more information or assistance, contact Coinbase customer support here.

Why Did GetHuman Write "How Do I Apply for a Long Term Loan from Coinbase?"?

After thousands of Coinbase customers came to GetHuman in search of an answer to this problem (and many others), we decided it was time to publish instructions. So we put together How Do I Apply for a Long Term Loan from Coinbase? to try to help. It takes time to get through these steps according to other users, including time spent working through each step and contacting Coinbase if necessary. Best of luck and please let us know if you successfully resolve your issue with guidance from this page.

Why does GetHuman Write How-to Guides for Coinbase Problems?

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