Instant Crypto Loans: Best Options for Emergency Cash in USA 2024

Since cryptocurrencies are subject to market volatility and are not like fiat money, they could potentially appreciate in value while remaining in your wallet. However, holding onto cryptocurrency is not the same as putting large sums of cash in a safe. However, selling assets and acknowledging the opportunity cost are necessary in order to make money. As an alternative, cryptocurrency loans offer a means of obtaining funds without having to give up potentially profitable assets.

The crypto economy has undergone a revolution thanks to lending, which allows hodlers to access cash while retaining their coins and tokens. The main business of dozens of companies is lending money against cryptocurrencies, and their popularity is growing. But are these crypto loans secure, and what should you look for in a provider?

Types of Crypto Loans

Here are the details on most prominent types of crypto loans:

  • Collateralized Loans: These are the backbone of the crypto lending landscape, requiring borrowers to offer assets as collateral. The collateral serves as a security net, protecting lenders from defaults. Lending platforms carefully monitor collateral values against loan balances and proceed with liquidation processes if necessary to mitigate risks.
  • Crypto Loans Without Collateral (Flash Loans): Enabled by smart contracts, users obtain and repay funds within a single blockchain transaction. Their introduction has democratized access to quick capital. This opens doors to innovative trading strategies like arbitrage and fueling DeFi exploits.
  • Margin Trading Loans: Some lending platforms offer margin trading loans. This empowers users to borrow against their holdings for enhanced trading capabilities. Margin trading introduces heightened risks, as losses can trigger liquidation where collateral is sold off to cover losses. These loans come in two primary forms as follows:
  • Cross-margin loans – They utilize a variety of assets as collateral, providing flexibility and higher borrowing limits.

Cryptocurrency loans  are similar to traditional secured loans. To generate revenue, banks offer a yield on deposits and then lend those same funds—usually at a higher interest rate—to other customers. Crypto lending is based on the same principles, but it eliminates paperwork, credit checks, and other standard requirements. Our list consists of the market makers that have been offering funds to enthusiasts of the crypto industry.

PlatformSupported CryptocurrenciesWithdraw InInterestFund Limit
Lucky BlockNexo65+USDT, USDC, and 30+ cryptocurrencies0 – 15.9% based on the LTV ratio$50 – $2 million
Lucky BlockAave17+USDT, USDC, DAI0.09% for flash loansBased on supplied value and available liquidity – up to 80% value of collateral assets
Lucky BlockBinance180+AnyFlexibleUp to $20 million – up to 65% value of collateral assets
Lucky BlockUnchained10BTC14% – 15%$10K – $1 million
Lucky BlockAlchemixDAI and ETHETH, WSTETH, RETH, USDT, USDC, DA0.17% – 3.85%Depends on supplied value and available liquidity
Lucky BlockCompoundDAI, ETH, USDC, ZRX, USDT, WBTC, BAT, REP, and SAI9Variable – Up to 15%Depends on supplied value and available liquidity
Lucky BlockUniswap Flash Swaps121+BTC, USDT, USD, EUR, GBP, or CHFVariableDepends on supplied value and available
Lucky BlockCrypto.com22+22+0.1% – 12.5%Up to $5 million
Lucky BlockYouHodler30307% – 15%Up to 90% of collateral asset
Lucky BlockCoinLoan22+22+6.2% on flexible and 8.2% on fixedDepends on supplied value and available liquidity

Crypto Loan Platforms Reviewed In Detail

1. Nexo


Nexo is one of the oldest crypto loan-providing platforms on the market, that uses instant credit lines while depositing crypto and supports stablecoin borrowing. It allows you to borrow against your entire portfolio of digital assets rather than just one particular cryptocurrency. There is no set payment schedule, so you can pay off your balance in full or in part whenever you choose. To repay your credit line, you can use cryptocurrency, fiat money, or a combination of the two.

Supported cryptocurrencies 30+
Withdraw in USDT and USDC
Loan transfer 1 day 
Interest 15.9%
Fund limit $50-$2 million 


  • Instant approval in seconds and fund transfer within 24 hours
  • Option to borrow EUR, USD, or GBP or in stablecoins using USDT or USDC
  • Multiple crypto options supported for collateral
  • Full/partial pay offs of the balance with no fixed schedule
  • Choose between fiat/crypto to repay the credit line


  • The Nexo platform provides multiple plans to its users for repayment of their loans which are flexible according to the borrower.
  • The Nexo platform has a very user-friendly interface that makes for a smooth borrowing process.


  • Navigating the special offers can be confusing at times due to Nexo’s token-tied loyalty model.
  • At Nexo, some assets are only available for buying but cannot be deposited into the user account.

2. Aave


Aave is a well-known name in DeFi lending. This decentralized protocol offers users various innovative services, including crypto loans and deposits. It connects borrowers and lenders directly, offering loans in crypto backed by crypto. Currently, the platform supports six blockchains, including Ethereum, Polygon, and Avalanche.

The central mechanism—the liquidity pool—accumulates deposits that are subsequently lent out. All transactions are instant and automatic based on smart contract rules. On the downside, borrowers having problems with repayment do not have an opportunity to contact customer support and explain their situation.

Supported cryptocurrencies 17+
Withdraw in USDC, DAI, USDT
Loan transfer Flash loans are available 
Interest Variable rates 
Fund limit Depends on the value you have supplied and the available liquidity


  • Decentralized crypto lending platform
  • Requires collateral, so users need to deposit crypto to borrow
  • Offers a native token (AAVE) that can earn interest through staking


  • Users can borrow loans at low interest rates using LTVs or High Loan to value rates.
  • Aave supports various markets, which increases a borrower’s loan options.


  • The flash loans provided by Aave can be complicated.
  • The availability of cryptocurrencies on the platform always varies.

3. Binance


Binance Crypto Loans provides a selection of collateralized and loanable cryptocurrency assets at competitive interest rates. Both flexible-term and fixed-term loan subscriptions are available. It provides loans that can go up to ten times your possessed assets and almost sixty-five percent of your collateral value with flexible and stable loan rates. Binance is a very secure platform that provides security for your data along with your funds. Even when you borrow within minutes, you can be free of the worry of a fraud transaction

Supported cryptocurrencies 180+ 
Withdraw in Any
Loan transfer 24 hours 
Interest Flexible 
Fund limit 22 million – 50 million 


  • Repay at any time
  • No transaction fee applicable
  • Low rate loan staking offered for better experience
  • Assets acquired from SImple Earn in Binance can be used as collateral


  • Binance offers high security to all its users.
  • The platform offers you loans on low-interest rates that are subjective to the loan type, loan term, and coin.


  • LTV ratio and collateral require constant monitoring to avoid losing them in the market.
  • The Binance platform charges a liquidation fee of two percent on the sum of the loan if your LTV ratio reaches ninety percent.

4. Unchained


Unchained Capital as a crypto loan platform, deals in services related to Bitcoin only, where Bitcoins can be used for backing their loans. Unlike traditional loans, crypto loans are less hassle-some and relatively instant. Unchained offers a high credit limit with a 2-day loan approval time period.

Supported cryptocurrencies 10
Withdraw in USD
Loan transfer 2 days
Interest 14 Days 
Fund limit $10K – $250K 


  • Offers a higher borrowing limit
  • Deals with Bitcoin backed loan only
  • Quicker and easier to apply
  • Offers a flexible repayment schedule


  • It is a platform specifically dealing in Bitcoins making it a master.
  • The repayment is flexible for its users.


  • The platform only deals in Bitcoins and no other cryptocurrency.
  • The maximum loan sum is not qualified for high-scale borrowing

5. Alchemix


Alchemix is unique as it offers its users a way to repay their loans via the smart contracts themselves. Alchemix’s alchemy is predicated on over-collateralization and yield. When you put up collateral, Yearn Finance pays interest on the cryptocurrency you put up, which you can use to pay off your loan and its interest. Additionally, Alchemix restricts LTV to 50%, and occasionally to just 25%, giving you more leeway and averting liquidations.

Supported cryptocurrencies 6+
Loan transfer Information unavailable 
Interest 0.17%-3.85%
Fund limit Depends on the value you have supplied and the available liquidity


  • Offers innovative self-repaying loans through future yield tokenization
  • Supports DAI and ETH as collateral
  • Integrates with Yearn vaults for yield optimization
  • Transmuter mechanism offers a debt repayment system using generated yields


  • Alchemix allows its users to submit several collateral types. The borrower does not have to be restricted from providing specific collateral during emergencies.
  • The platforms do not force early repayments and liquidation without penalties.


  • Smart contracts have their associated risks.
  • The amount that one can borrow on the platform is not enough for those with big transactions.

6. Compound

Compound-DeFi-lending is a popular DeFi lending platform that operates with its native token, COMP. It offers interest benefits on several cryptocurrencies with fluctuating interest rates, typically 1% or less. The platform works on a yield farming model. has straightforward onboarding, with a wallet connection and no KYC requirement. However, its steep learning curve makes it better suited for experienced DeFi or crypto players.

Supported cryptocurrencies DAI, ETH, USDC, ZRX, USDT, WBTC, BAT, REP, and SAI.
Withdraw in 9
Loan transfer Detail Unavailable
Interest Variable – Up to 15%
Fund limit Depends on supplied value and available liquidity


  • Offers decentralized borrowing and lending without intermediaries
  • Has $600 million+ in assets locked
  • Focuses on innovation such as yield farming and governance through COMP tokens


  • It has no minimum deposit requirements.
  • It has a higher potential for compound interest on lending.
  • No KYC or AML checks are required.


  • It has an intensive learning curve and thus may be tough for beginners.
  • It provides limited token options.

7. Uniswap Flash Swaps


Uniswap Flash Swaps well serves the tech savvy traders. It offers uncollateralized loans for arbitrage trading with smart contract automation. This is best for experienced traders in the DeFi space due to its complexity and the need for technical knowledge.

Supported cryptocurrencies 121+
Withdraw in BTC, USDT, USD, EUR, GBP, or CHF
Loan transfer Within 30 minutes
Interest Variable
Fund limit Depends on supplied value and available liquidity


  • Offers uncollateralized loans, gaining edge over others
  • Requires technical expertise to navigate
  • Quicker and flexible loan transfers
  • Enables Arbitrage trading for users


  • It enables arbitrage opportunities without requiring upfront capital.
  • It has a streamlined borrowing process through smart contract automation.
  • It is ideal for arbitrageurs and whales.


  • It doesn’t require collateral, so it increases severe risks for lenders.
  • It requires expertise and technical knowledge.

8. is a globally popular cryptocurrency exchange. It doubles as a regulated lending platform with an impressive APY rate. It provides loans for over 22 cryptocurrencies. supports a calculator for estimating annual earnings based on the staked amount, term, and lock-up period. For the private members, interest rate earnings may increase by up to 2%.

Supported cryptocurrencies 22+
Withdraw in 22+
Loan transfer 2-3 hours
Interest 0.1% – 12.5%
Fund limit Up to $5 million


  • Allows borrowing against crypto (known as ‘Virtual Assets’) without selling them
  • Collateral can be deposited to take out crypto loans to fulfill your financial needs
  • Same collateral usable for Margin Trading on the Exchange
  • Same collateral also available for hedging on other exchanges


  • It is a highly reputable platform.
  • It provides APYs as high as 12.5%.


  • It supports custom lock-in periods and assures lower minimum deposit amounts.
  • It provides a flexible lock-in period that may become a risk for the lenders.

9. YouHodler


YouHodler is a crypto lending platform for investors seeking quick access to crypto loans. It supports 40+ cryptocurrencies as collateral. It also offers a high loan-to-value (LTV) ratio. The platform supports various collateral and loan currency options, instant approval, and no credit checks. Thus, it can provide quick and convenient access to funds.

Supported cryptocurrencies 30
Withdraw in 30
Loan transfer 2-3 days
Interest 7% – 15%
Fund limit Up to 90% of collateral asset


  • Perfect for beginners with limited trading or investing experience
  • Allows lending crypto to others and earning passive income
  • Offers instant live chat answers and accurate explanations from a dedicated support agent
  • Stores most of the assets offline in cold storage for extra security


  • It provides a high Loan-to-Value (LTV) ratio of up to 90%.
  • A wide range of supported collateral and loan currencies is available on the platform.
  • It provides instant approval and funding with no credit check requirements.


  • It provides a high LTV ratio but may involve higher risks for the lenders.
  • It provides exposure to market fluctuations with crypto borrowings.
  • It has specific repayment terms that may vary based on collateral and loan amount.

10. CoinLoan

CoinLoan is a lending platform with a European Financial License. It also supports crypto exchanges. It is backed by BitGo and Fireblocks for security and accepts deposits starting at $100. 

With CoinLoan, users can earn up to 8.2% APY on fixed accounts or 6.2% on flexible ones. And with that, there comes options for lock-in periods ranging from 1 to 12 months. The platform also provides services to businesses with easy integration access via API and 24/7 support.

Supported cryptocurrencies 22+
Withdraw in 22+
Loan transfer 1-3 days
Interest 6.2% on flexible and 8.2% on fixed
Fund limit Depends on supplied value and available liquidity


  • Funds are never locked, can be withdrawn whenever required
  • Minimum deposit period is one day
  • Funds deposited are used to fund collateralized loans, helping earn interest


  • It supports 22+ supported cryptocurrencies.
  • No fees or commissions are charged from the lenders/borrowers.


  • employs extensive security measures.
  • Flexible accounts with no lock-up period are available.

Final Thoughts

Borrowing against crypto is easier and faster compared to the hassle of conventional consumer loans. The mechanism of over-collateralization eliminates credit checks and other solvency proofs. Not only are credit scores challenging to repair, but they also decline due to technical errors. 

In the crypto space, approval is usually instant, as collateral is the only requirement. Although users of CeFi platforms complete KYC procedures to verify accounts, providers try to make them as efficient as possible, reducing the time to minutes. In comparison, DeFi allows anonymity, but the absence of customer support and clear regulations may be a turnoff.

Funds borrowed against crypto can be used for any purpose—large purchases, renovation, refinancing, down payments, and more. However, those who use borrowed crypto for high-risk purposes (such as funding another coin) must take full responsibility for any losses they may incur.

All in all, crypto loans are a hassle-free way to get cash for any purpose.