C-Lever: Safe Instant Crypto-Backed Loans via Stablecoins?
What Is C-Lever?
C-lever is a blockchain-based service platform that aims to provide loans in stable coins backed by liquid crypto assets such as Bitcoin, Ethereum, and others. In the end, users don’t need to sell their cryptocurrency to leverage the market opportunity.
How C-Lever Works
The platform uses its own and attracted liquidity in the form of stablecoins. Based on the volatile nature of the crypto market, C-lever asks clients to provide collateral to secure the loan. This is accepted in the form of liquid crypto assets.
Currently, upon processing a loan application, the platform assesses the value of selected collateral based on fair market price. The assessment is fixed for 12 hours. The amount of loan is often calculated as 50% of the assessed value of the collateral. Users who are unable to transfer the collateral within 12 hours will have their application canceled. In that situation, any earlier transferred funds are returned to the user’s wallet inside C-lever, created at the time of registration.
On the other hand, when the platform receives the full amount of collateral, the system automatically approves the loan and credits the loan amount to the user’s wallet. From that moment, the amount is available for use as the owner deems fit.
- Transparent rates: the platform has no hidden fees
- No credit checks: guaranteed approval of loans
- Flexible period: free early payment
- Accepts BTC and ETH: more coins are coming soon
- Global solution: Users can apply for personal loan online 24/7 from any part of the world.
- Competitive fixed rate: users can access an ultra-competitive fixed monthly interest rate of 0.5 percent
- Stable currency: Loans in Tether (USDT) offer users additional protection against volatility
- Secure storage: a segregated wallet keeps collateral safe until the loan is closed
- Transparent fees: What you see is what you pay
Creating And Securing Your C-Lever Account
The first step to securing your account on C-lever is to enter your e-mail or phone. This gives you access to your loans, transaction history, wallet operations, password editing, and other account settings. Besides, the platform uses the details to notify you on certain events such as upcoming monthly payment or successful loan repayment.
An additional layer of protection to secure your account is by a 2-factor authentication (2FA). After activating your 2FA, you will need a second device that supports Google Authenticator.
Can You Repay Your Loan Before Maturity Date?
Yes, this is possible. All you need to do is press the button “Close loan” on the loan page. With enough balance on your USDT wallet to repay the loan, the system can automatically do that on your behalf. If not, the system alerts you on the amount you to transfer to the wallet in order to clear the loan. If you do early repayment, you also need to pay the interest for the current month, any penalty, and the remainder of the principal.
For a loan overdue by not more than 5 days, you can decide to repay the loan in full. The amount for the full repayment includes the outstanding loan amount, interest for the previous month, penalties (for the number of days the loan is overdue), as well as interest for the current month.