If you’re a Coinbase user looking to take out a loan, there are a few things you need to know. Here’s a step-by-step guide on how to borrow compounds on Coinbase.
Before we get started, it’s important to note that taking out a loan on Coinbase is only available to users in the US.
Now, let’s get started.
The first thing you need to do is log in to your Coinbase account and go to the “Loan” page.
Once you’re on the Loan page, you’ll need to select the asset you want to borrow. Currently, Coinbase supports borrowing USDC, DAI, and ETH.
After you’ve selected the asset you want to borrow, enter the amount you want to borrow and the loan term. The loan term is the length of time you have to repay the loan, and it can be anywhere from 1 month to 3 years.
Once you’ve entered the amount and loan term, click “Continue.”
On the next page, you’ll see an overview of your loan. Make sure everything looks correct and then click “Confirm Loan.”
And that’s it! You’ve successfully taken out a loan on Coinbase. Now all that’s left to do is make your monthly loan payments on time so you don’t incur any late fees.