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- A new partnership now offers crypto holders to use their digital assets as collateral
- Homeowners have quick access to home improvement loans they can take against their digital coins
- Homeowners to Finance Home Improvement Projects Without Selling Their Crypto
Buying a home is a significant investment and often envisages the use of a lifetime of savings. Often homeowners face a scarcity of funds to improve their property or give a facelift to their property. Traditional bank loans for such purposes are not available. A new partnership now offers crypto holders to use their digital assets as collateral and instantly borrow money for a kitchen remodeling or some other renovation.
Crypto Lending Platform Partners With Construction Company
Home improvement loans are tough to obtain. Many homeowners find it extremely tough to get a home equity line of credit (HELOC) or other bank loans. It involves credit checks, and approval can take ages.
House owners Offered Crypto-Backed Loans for Home Improvement Projects
The crypto asset lending firm Pledge has partnered with 247pro.com, a construction estimate and management platform, to offer cryptocurrency holders among homeowners quick access to home improvement loans they can take against their digital coins.
Emphasizing that the deal will enable persons to use their crypto assets as collateral to finance their home improvement projects, Pledge CEO Tony Y. Chan noted that homeowners would have to wait for months to get home improvement loans from banks. Getting a loan is long and laborious, with credit checks, background checks, and numerous other processes. Pledge loans can be funded in less than 30 seconds. No long, cumbersome credit check or underwriting. Everything is automatic with smart contracts.
Homeowners to Finance Home Improvement Projects Without Selling Their Crypto
Pledge is offering its services as a lending protocol to hundreds of its customers. It has in its inventory programs like ‘Remodel your kitchen with 0 down’ to its clients. George H. Lee, founder and chief executive of 247pro.com, believes that there is a massive demand for software services for construction and remodeling, and his company specializes in providing them.
Pledge and 247pro.com partnership will connect point of service (POS) loans to blockchain technology. It will be a one-stop-shop for investors who want to borrow without selling their crypto assets to finance their POS loans for home improvemenPledge and 247pro.com are not the only players in the field, and many offer similar services. Block and Smartfi also offer loans based on cryptocurrency bat projects.
cking. Block enables people to leverage crypto to borrow money at rates as low as 4.5% APR; Smartfi allows borrowers to obtain fiat or stablecoins for as low as 5.5% APR.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
