Financial Crypto Startup MoneyToken Announces 0% Loans Without Credit Checks
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MoneyToken crypto-backed lending platform has announced making zero-interest loans available for everyone.
From 12th September onward, anyone will be able to join the MoneyToken platform and get a loan under a 0% interest rate.
MoneyToken.com is a new kind of lending platform which allows users to borrow liquid funds instantly, based on the current value of the cryptocurrency asset holdings. Users can take out a loan, collateralized with more volatile assets like Bitcoin or Ethereum; in return, they receive the agreed loan amount in stable currency.
“Since your ownership of the blockchain-based asset is verifiable, and the value is transparent to the market, you don’t need to undergo invasive and unnecessary credit checks — there is nothing added to your credit history or any public credit file. Equally, the loan decision can be made almost instantaneously — there is no need for MoneyToken to make extensive evaluations of the market value of your assets (unlike, for example, as happens if you remortgage a property)," says Alex Rass, co-founder, MoneyToken.
Eventually, after repaying the whole loan, users get their whole collateral back, even if it has increased in value multiple times. The platform is gaining popularity among crypto traders, miners, token sale projects that raised in ETH and don't want to spend their crypto, being waiting for better price.
To get a zero interest rate crypto-backed loan on the MoneyToken platform, users are required to purchase a special membership that allows for zero-interest conditions. It can be purchased with IMT tokens, which you can easily find on various partner platforms like CoinSuper, BitForex, IDEX, etc.
All IMT tokens spent on the purchase of memberships will be burned.
"Our priority at the moment is to shed some light on how the platform actually operates for the members of our community, offer hands-on experience so to speak, so that everyone would gain some positive impressions of crypto relations," says Jerome MacGillivray, co-founder of MoneyToken.