Hands-On Review of Ledn Loans: Have Your Bitcoin and Spend It Too

Ledn has funded over $10 billion in bitcoin-backed loans across more than 100 countries since the company was founded in 2018.

After reviewing terms such as APR and LTV, determining the desired currency, and adding a crypto address or bank account to receive proceeds from the loan, identity documents must be provided to satisfy know-your-client (KYC) requirements. A simple loan agreement can be submitted afterwards. The official turnaround time for approval is 1-2 business days, but often, a decision can be made within minutes.

Step 2: Depositing collateral

Step 3: Receiving loan funds

A loan shows up as “active” on Ledn’s dashboard once a user is in receipt of loan proceeds. The money is deposited in a bank account or crypto wallet depending on the type of currency selected during the first step. Some borrowers may also choose to deposit additional collateral to lower their LTV ratio.

Step 4: Loan repayment

Conclusion