Yes, you can get a loan to buy cryptocurrency and non-fungible tokens (NFTs). The type of loan you would use to purchase cryptocurrency and other personal investments would be a personal loan. A significant benefit of using personal financing to invest in digital assets is that you don’t have to use your own savings.
Also, while you may decide to take a loan out to invest, how you spend the distribution of funds is up to you. Let’s say you’re approved for $50,000. You could use $20,000 of your proceeds to invest in cryptocurrency, $5,000 to pay off medical bills, $10,000 to cover the costs of a vacation or celebration, and $15,000 to consolidate personal debt.
Personal loans give you the flexibility you need to cover costs in the present—and invest in your future.
Things to look for in lenders that offer loans to buy cryptocurrency or NFTs
Each lender is different, from their approval process after receiving a loan request to the loan amounts and repayment terms they offer. It’s important to find out about each of these elements when you’re comparing lenders.
For example, suppose you want to invest at least $50,000 in digital assets and potentially obtain additional funds for other personal uses like debt consolidation. In that case, you want to find a lender that offers large loan amounts.
If you have less-than-perfect credit and are unsure whether you’d be approved for personal financing, you want to find a lender that looks at more than just your credit score in determining your risk as a borrower.
Also, if you hope to pay off your loan with affordable low monthly payments so that you’re not using up a substantial amount of your budget each month, you’ll need to find a lender that offers long repayment terms that can be stretched across multiple years.
At BHG Money, we provide personal loans up to $200,000* with extended repayment terms*, making monthly payments easy to manage. Also, we work with you to understand your situation and look at more than just your credit score during the application process.
If you’re in the market for personal financing or want to talk to a loan specialist to find out what our financial solutions could do for you, call our team today at 866.280.5476. To get a quick glimpse at how low your monthly payment could be use our online Payment Estimator below.
*Terms subject to credit approval upon completion of application. Loan sizes and interest rates vary and are determined by applicant’s credit profile. Call for complete program details. For California residents: Consumer and commercial loans are made or arranged pursuant to the California Financing Law, License No. 603-G493.