FinTech startup Nexo announced on Friday (March 29) that it is now possible to get an instant credit line using Litecoin (LTC) as collateral.

Nexo started offering “the world’s first instant crypto-backed loans” in December 2017 (with the loans provided with the help of Malta-based Credissimo, “a leading European FinTech Group founded in 2007”).

In its blog post, Nexo says that support for Litecoin was added “due to extremely popular demand.” Other collateral options that Nexo supports are Bitcoin (BTC), Ether (ETH), XRP, Binance Coin (BNB), and Nexo token (NEXO).

It also says that this means that now LTC holders can “borrow against their assets rather than sell them when they need access to instant cash”, which “eases selling pressure and makes the HODLing LTC even easier for the long run.”

Here are some of the benefits that Nexo believes it offers anyone interested in a crypto-backed loan:

“Clients funds are secured by leading audited custodian BitGo with$100M insurance for custodial crypto assets”

“Minimum amount of $500 and a maximum $2,000,000”

“Automated and guaranteed approval with no credit checks”

“Interest from 8% per year (APR) only on what you use”

“No installments, no minimum loan repayments”

“Same/next day free local bank withdrawals”

“Available worldwide in 200+ jurisdictions”

“45+ fiat currencies (USD, EUR, JPY, etc.)”

“No hidden fees, no FX commissions”

Here are the steps to getting an instant Nexo loan:

Create a free Nexo account.

Deposit one or more cryptoassets (BTC, ETH, XRP, LTC, BNB, NEXO) to your Nexo wallet. (“Once your deposit is confirmed on the blockchain, you can instantly withdraw a loan. No credit check, no loan application to fill out, no waiting for approval, nor any other tedious procedures are needed.”)

“Instantly Withdraw Your Loan to Your Bank Account.” (“Interest is charged only on what you use and for the days you borrow. No minimum loan repayments are required, as interest is debited automatically from your available credit limit.”)

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