12 Best Crypto Loan Platforms In 2024

Best Crypto Loan Platforms

The crypto loan landscape, having exploded over the past five years, now presents a wide array of options, simultaneously a blessing and a curse. More variety spurs a competitive market, beneficial for value-seeking borrowers, but can make identifying the best platforms challenging. Given the collapse of big names like Celsius, BlockFi, and Voyager, choosing a trustworthy platform requires considerable care. The rapid evolution of this field makes finding the optimal platform daunting and subjective, as different services cater to various angles and demographics. There's no single "best" project; it's a discovery process to find a service that fulfills your specific needs to the fullest.

What is a Crypto-Backed Loan?

These are specialized loans that are backed by cryptocurrency, or other crypto assets (such as NFTs). In other words, crypto is used as collateral. In return, borrowers receive either fiat, or another type of cryptocurrency. If they are receiving crypto, then it is typically in the form of a stablecoin, which is a cryptocurrency that is pegged to a fiat currency.

Cryptocurrency collateral, in exchange for less volatile coins, provides comfort and peace of mind, making crypto loans popular for numerous reasons. Some are reluctant to sell high-value crypto assets due to potential market gains, while others find them accessible compared to traditional loans that are often strict. They prove invaluable to the unbanked or underbanked, offering a new array of economic resources. This accessibility becomes a crucial factor when seeking the best crypto loan platforms. Plus, some resort to crypto loans to avoid burdensome tax events like capital gains tax.

Related content: The Ultimate Guide to Crypto Lending 

How Do Crypto Loan Platforms Work?

Each crypto loan provider will have a slightly different procedure, and these can vary depending on if you’re using a centralized or decentralized project. Although, in broad strokes, the process is relatively similar. A user will offer some sort of collateral in the form of crypto, and in return money or stablecoins will be lent to them.

The loan process dictates rules about repayment periods and collateral consequences. Recipients typically receive crypto in a wallet, while fiat is transferred to bank accounts or e-wallets like PayPal. Loan approval varies per platform; traditional lending requires it, but not all crypto services do. DeFi services, being automated, eliminate human intervention, and even centralized services that require approval have fewer obstacles and quicker turnaround times than traditional lenders. After providing collateral and obtaining approval, if required, borrowers receive their loan. Instructions for repayment and collateral reclaiming are provided by the platform and vary per service.

Related Content: Best Crypo Loans in Australia (2024)

12 Best Crypto Loan Platforms in 2024

Now that we’ve had a basic primer on how these work, let’s try and find the best crypto loan platforms of 2024. While this is naturally a subjective and open-ended discussion, there are still some important areas we can highlight and look into.


Ledn is a veteran in the crypto lending space. This is a long-standing centralized crypto loan platform which has stood the test of time, with a greater lifespan than many of its peers and predecessors who have now collapsed or become defunct. This is a lending ecosystem that is rich with tools and features that suit people from many backgrounds with many needs. It is highly accessible. 


  • Supports Bitcoin and USDC.  Soon to support USDT and ETH.
  • Receive a loan in your local currency.
  • Fast loan approval times. No credit checks.
  • No prepayment penalties.
  • Regulatory approval in the Caymans.
  • Proven track record over many years.
  • Commitment to transparency, pioneering Proof of Reserves, as well as monthly open book reports, discussing how assets are utilized.


  • Only supported altcoins are USDC, USDT, and ETH
  • Requires a minimum of $1000 worth of BTC to open a loan.
  • Some capabilities, such as repayment via BTC, are only available within a limited amount of regions.

Explore Ledn’s Crypto Loan Options > 


Aave is arguably the leading decentralized lending platform on the market, and has been a pioneer in the DeFi crypto loan space. It is an open-source service that runs on the Ethereum blockchain, theoretically allowing any Ethereum-based cryptocurrency to be used as collateral for a loan of any other Ethereum-based asset. In practice, only some coins and tokens are supported, rather than the whole spectrum of assets that fall under this category. However, the range is most definitely wide.


  • Offers a wide range of Ethereum-based cryptocurrencies to borrow against and receive.
  • Accessible worldwide.
  • No approval times. 


  • Limited to Ethereum-based (or ERC-20) coins and tokens.
  • No Bitcoin support
  • No fiat support.

Aave in the news>

Related Content: Best DeFi Crypto Loans Compared


While lending is not the area that Binance is most known for, the company does offer this service for crypto users. Binance boasts of low and flexible rates, no transaction fees, and a repay-at-any-time model. This is just one step in Binance’s plans to become a one-stop shop for all crypto needs and utilities.


  • Huge range of coins and tokens to borrow against.
  • Repay loans at any time.
  • Flexible rates.


  • Global legal troubles with Binance mean some of its fiat gateways are closing.
  • Its best features are locked away for VIP loan users, meaning you must jump through many hoops to take advantage of them.
  • Lending is a relatively new venture for Binance compared to some alternatives on the market.


Nexo is a crypto ecosystem that focuses on trading and lending services. The company speaks highly of its accessibility, as they have worked hard to ensure that their loans can be obtainable to people from all walks of life. This is great news, as crypto loans are often favoured for their easy requirements when compared to their traditional counterparts.


  • Interest rates start from 0%.
  • 24-hour approval for loans.
  • Borrow against a range of cryptocurrencies at once.


  • Less than 100 altcoins available to borrow against.
  • Its automatic repayments feature can eat away at your collateral.
  • Heavy reliance on a variety of stablecoins, which can be problematic if they suddenly stop being pegged to fiat.
  • Lack of transparency regarding their use of assets and source of funds.


Hodlnaut is a centralized crypto finance company that deals primarily with crypto interest accounts. However, they have also been known to provide lending services. Sadly, it is a little hard to give complete and accurate details on their loans as it is never fully mentioned or delved into on their website.


  • They offer competitive interest rates for their interest accounts, which may translate over to good value for money for their loans.
  • They support Bitcoin.
  • Reasonable withdrawal fees.


  • Withdrawals, token swaps, and deposits have been halted on their service due to legal troubles.
  • Their website does not explain their loan services.
  • Limited coin and token support across their company.


Unlike Nexo and Binance, Salt is a service that focuses almost exclusively on crypto loans. This is a company that is dedicated to providing methods for lending and borrowing across the industry. They offer personal and business loans, as well as relatively unique products such as their Stabilization tool, which converts your portfolio to USDC during turbulent market activity to protect your pre-existing loans.


  • No credit checks for loans, much like most of the lending services listed.
  • Flexible loan customization tools.
  • Unique and experimental features (such as its stabilization tool). 


  • Had to recapitalize after the failures of FTX and 3AC to prevent exposure. 
  • Very limited altcoin selection.
  • Loan accessibility is relatively low on a global scale, and personal loans are only accepted in a limited range of locations.
  • Comparatively high interest rates against some competitors.

Unchained Capital

Unchained Capital is a service that offers a range of cryptocurrency tools and instruments, including loans. The company heavily leans into its CeFi roots by presenting itself as a sophisticated financial corporation, rather than a tech company, as many competitors do.


  • No credit checks.
  • No prepayment penalties.
  • Collateral management tools.


  • Supports only Bitcoin.
  • Origination fee (which is very much unlike its competitors)
  • Extremely high interest rates (at 14-15%).
  • Minimum loan amount is set at $10,000. 


Coinloan is a lending service which is compatible with a wide array of cryptocurrencies, along with fiat currencies. Like many of its counterparts, it does not perform credit checks, and can offer loans in a near instantaneous manner. Unlike Platforms like Ledn, Coinloan is fairly new in this market.


  • Automated approval process leads to quick acceptance rates.
  • Discounted loan fees for using its native cryptocurrency.
  • Supports a huge range of cryptocurrencies, as well as fiat.


  • A heavy encouragement of using its native token, CLT, leaves the project feeling disingenuous, and means that average users (or non-holders) get a worse deal.
  • Limited global accessibility.
  • Coinloan is currently embroiled in legal troubles, with questions looming around whether it is solvent.
  • Lack of transparency.
  • Very new in the crypto lending industry.


Like Aave, Compound is a DeFi lending service focused exclusively on crypto. It runs within the Ethereum ecosystem, meaning that ERC-20 tokens are compatible with it. Unlike some of its centralized competitors, it offers tools that are not only for borrowers, but for lenders, too.


  • Supports a huge range of ERC-20 tokens.
  • Its governance token allows users to vote on how the service functions.
  • Reasonable interest rates.


  • Being a DeFi project means very limited customer service.
  • Supports only ETH and ERC-20 tokens, meaning no Bitcoin.
  • Does not support fiat currencies.


CoinRabbit is a lending service that is CeFi in nature, but which boasts a lack of KYC checks, making it seem as easy-going as some DeFi services on the market. With its large selection of coins and tokens to borrow against, it is a choice that is on many people’s radars. Like Coinloan, this is a relatively recent project to break out onto the scene.


  • Reasonable world-wide support.
  • Supports Bitcoin and fiat currencies.
  • Supposedly no KYC, making loan accessibility easier.


  • Somewhat hidden or obfuscated processing fees.
  • Lack of insurance on funds or assets.
  • No team members who are overtly visible on its website. Indicating a lack of transparency.
  • Relatively new project


As its former name, Cake DeFi, suggests, this is a decentralized service. Among other tools, it offers lending and borrowing options to its userbase. In essence, Bake is a whole roster of tools and features, with its borrowing capabilities making up one piece of the overall puzzle. Even with its former title, Bake has a relatively short legacy, and so it is arguably unproven.


  • Interest rates as low as 0.5% APR.
  • Supports Bitcoin. 
  • Borrow multiple loans at once.


  • Despite being DeFi, users need to pass KYC to be eligible to borrow.
  • No fiat support. 
  • 0.5% origination fee.
  • Has only existed for a short period of time. 


Alchemix is a DeFi lending project that takes a relatively unique approach to the world of crypto loans. Their current standout product is their self-repaying loan. This is a loan that is automatically paid off by the yield of the collateral. The service also makes use of other innovative protocols in the crypto industry such as synthetic tokens. 


  • A unique and experimental approach to crypto lending.
  • It has had its smart contracts audited and reviewed.
  • Huge levels of loan flexibility.


  • It can be hard to understand and grasp.
  • Supports a limited range of cryptocurrencies.
  • No fiat support.
  • Very new in the crypto lending space.

What Does It Mean To Borrow Against Your Crypto?

Borrowing against your crypto is the process of putting your assets up for collateral, in return for another asset. You could do this to receive a crypto asset, or you could receive fiat. It all depends on what you are aiming for and what the terms of your loan are. 

If you use a centralized service, then you will likely enter into a binding contract, where you hand over a certain amount of funds as collateral, and receive another type of fund after. You may even be able to receive greater than the worth of your asset (meaning you have an undercollateralized loan). 

Related content: Crypto Loans Without Collateral 

This differs from decentralized services, where you will most likely only be able to receive an amount that is equal or lesser in value (known as overcollateralized loans). This is because decentralized projects cannot bind you to pay via a contract, or perform any level of vetting or background checks on you due to everything being automated, and so it can be hard for a project to make a judgment call on whether you are “good for it”, so to speak.

Instead, for decentralized lenders, smart contracts are relied upon. They are not legal tools, but rather sophisticated pieces of code that hold onto your collateralized assets and release funds into your crypto wallet. To repay funds, you would send them to the crypto wallet that the smart contract is attached to, and if they have been paid within the right timeframe, then the contract will return the collateral back to your own wallet.

Advantages of Borrowing Against Your Crypto?

There are two major benefits to borrowing against your crypto. The first is that it allows you to get another asset in return for yours without having to sell it. Some people have highly lucrative and valuable cryptocurrencies which they are uncomfortable parting ways with due to the potential for them to explode in value. Yet, despite this, they may need another currency to pay for household essentials, shelter, heating, medical bills, or other utilities that do not take crypto as a payment method. For these people, a crypto loan is perfect as it lets them pay for that which they need without directly giving up their valuable assets.

Related content: How to Borrow Against Crypto 

Disadvantages of Borrowing Against Your Crypto?

The biggest disadvantage of borrowing against your crypto is that, if you are unable to repay your loan within a set period of time, then you could lose your asset as the service could liquidate it. This risk is far greater when it comes to altcoins, as they are more volatile than veterans like Bitcoin and Ethereum. 

Related Content: The Risks of Crypto Lending 

There may also be hidden risks that come with certain platforms which offer extremely low-interest rates (including 0% interest rates, such as Nexo). While these types of rates are obviously enticing, it is worth asking how exactly this is possible. In an era where big names in the crypto lending world have fallen, such as BlockFi and Celsius, people need to be more careful than ever to not fall victim to, what could be, the next big failure. And so, in many cases, if it feels too good to be true, then it might be time to act with caution.


In an attempt to find the best crypto loan platforms of 2024, we have seen a wide range of crypto lending companies and projects. Ranking all of these is naturally hard to do, as some of them offer wildly different products and tools, despite all falling under the same category of financial instrument.

Rather, the smartest thing to do would be to weigh up their pros and cons individually, and decide for yourself which ones suit your own needs best. In many ways, choosing the ideal platform for you requires some level of inward thinking and self-reflection. That being said, there are, of course, some projects that stand out from the crowd, such as Ledn. This is a lending provider with a long-standing and proven track record, working hard to provide financial options to those who often get turned away from traditional institutions. Not only this, but it has competitive interest rates, a dedication to transparency, and a primary focus on premium crypto assets such as Bitcoin and USDC.

The decision as to which service you choose should not be taken lightly, as picking the wrong project can lead to financial struggles for yourself down the road. Problems can range from simply being given a poor deal on your loan, all the way up to losing your collateral due to the company struggling legally or even becoming insolvent. In other words, tread carefully and pay close attention to the services you choose


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Sponsored by 21 Technologies Inc. and its affiliates (“Ledn”). All reviews and opinions expressed are based on my personal views.