Helio Lending is a cryptocurrency lending centralized finance (CeFi) aggregation business based in Australia. The lending service provides holders of cryptocurrency a safe and secure way to access fiat funds without selling their cryptocurrency. Helio Lending introduces clients to loan providers that enable the completion of the entire lending process. Beginning with completing know-your-customer (KYC) and anti-money-laundering (AML) checks, creating lending agreements, securing collateral in insured cryptocurrency wallets, funding loans, monitoring the value of the cryptocurrency assets and servicing the terms of each individual contract on a 24/7 basis, Helio Lending facilitates the lending process.
- People with crypto assets who need short-term cash: If you hold digital assets in your portfolio but need access to cash in the short term, Helio’s services offer a great way to leverage those crypto holdings.
- Miners: Miners benefit from the platform as Helio allows you to leverage your current holdings for cash. The cash can then be used to reinvest back into mining.
- Investors: If you are an investor in the crypto market, Helio is ideal for you for the same reasons as above.
- People with a low credit score: If you have a low credit score and need a loan, Helio is a great place to look, as your credit score will not impact your loan application.
- Use various cryptos as security for your loan: You can use cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple, and more as security for your loan. While Helio accepts most of the top 7 coins, it does not take exotic or meme coins.
- No fees: Helio’s services are free.
- Credit score doesn’t apply: When applying for a loan through Helio Lending, you do not need to worry about your credit score as the company does not perform a credit check if you apply for a loan.
- Wide range of loan amounts: The company offers a wide range of loan amounts starting at $50,000.
- Security of assets: Helio has ensured that all its lenders have secure lending facilities with cold storage, insured custody and offline wallet key options.
- Straightforward application process: When applying for a loan via Helio, the application process is extremely simple and easy.
- No tax: Much like other personal loans, Helio Lending loans are not taxable
- Lower loan amounts: While the company is an aggregator and does not loan the money itself, the minimum loan amount available is $50,000. This amount may be a lot more than some people need.
Helio Lending Ratings at a Glance
Helio Lending is a great platform that allows you to leverage your digital assets in return for short-term cash. It is simple and easy to use, and the company does all the work of finding the best loan for you.
Helio is a CeFi aggregator that offers several loan options to customers, starting from a loan amount of $50,000. In addition, the company can also handle larger deals that are in the multimillion-dollar bracket.
The crypto finance company helps you curate the perfect loan based on your situation. Helio considers your loan requirements and looks at various currencies, interest rates and loan terms from up to 9 lenders to find its customers the best loan for them.
To apply for a loan via Helio, you need to click on the “get a loan” button on the homepage. You then fill out a short form that asks you for details such as contact information, the amount you wish to borrow, the ratio of the loan to the value of your asset and the cryptocurrency you hold.
Helio offers loan-to-value ratios of 40%, 50%, 69% and 70%. Your APR depends on the loan-to-value ratio, which can be as low as 0%. The company also provides a flexible choice of repayment options that include interest-only or full repayments.
One drawback of the signup process that prevents Helio from earning a 5 star rating is the initial difficulty in moving through the steps in creating an account. In several attempts, the form kept hanging up. However, as long as the contact information you provide is correct, the company will reach out to you within 48 hours to go through the next steps.
Helio’s customer service offering is good. Unfortunately, it only provides 1 method of contact on its contact page, which is to send an email via the contact form on its website. However, you are able to schedule a free 15-minute consultation with Helio’s team, allowing you to get all the information you need from 1 place.
To find the company’s contact number, you scroll down on the homepage to the frequently asked questions section, click on the “Can I talk to someone at Helio?” question, and you will be provided with a contact number and email address.
Overall, the customer service team at Helio is friendly and helpful.
Helio also gives customers the option of earning interest on their crypto holdings. Deposit cryptocurrencies into an interest-bearing account and earn up to 10% per year. You can use this option with a wide range of stable and altcoins, including USD Coin, Paxos, Stellar Lumens, Bitcoin, Litecoin and Ethereum. In addition, Helio charges no withdrawal fees.
Elsewhere, Helio has partnered with a real estate transaction platform to enable real estate non-fungible tokens (NFTs) to be used as collateral for loans in the same way as a cryptocurrency-backed loan. Through Helio and the partnership, you can use real estate NFTs as collateral to borrow up to 70% of the NFT value.
When calculating the APR, it includes the loan’s interest expense, fees and other costs related to the loan. With Helio, the APR can be as low as 0%, which it claims are “the best rates on the market.”
Helio charges consumers no fees. In addition, you will generally not have to worry about any margin calls, can count on downside protection for loans and will feel secure knowing your digital assets remain in cold storage. However, some products provided by Helio will be on a margin call basis. These are usually for loans over $1 million, but if you do not want them included, you can let the company know, and they will only find products without margin calls.
Of course, the primary benefit of the platform is being able to use your crypto holdings as collateral to access cash.
However, the platform offers other benefits, such as its simplicity. All you need to do is apply for the loan, and the company does the rest of the work, finding the best deal for you by comparing its 9 different lenders, costing you nothing.
The wide array of loan structures and deposit options give Helio users a lot of flexibility when choosing the best loan for them.
You can also use the platform as a way to earn interest on your crypto holdings or utilize Helio to use your digital assets (including NFTs) as a way of purchasing your next home. Meanwhile, you can be safe in the knowledge that your cryptocurrency is stored safely and securely.
The process of applying for a loan on Helio is simple, and the site is easy to use. Once you have clicked the “get a loan” button on the homepage, you simply fill in the details and hit submit.
Reaching out to support by sending an email via the form on the website is also straightforward. The form appears once you click on the “contact” page. However, finding the contact number for the company is a little more difficult as it is not listed on the contact page. Instead, it is shown on the homepage under the FAQ section, which is why it didn’t get full marks here.
Helio vs. Competitors
When analyzing Helio against its competitors, the company stands out for a couple of reasons. Most importantly, your credit score doesn’t impact your loan application. If you have a bad credit score but hold a valuable amount of crypto, it could be the ideal place to get a loan. In addition, the rate on the loan is based on the value of your crypto holdings.
The repayment options are also favorable because you have the ability to make interest-only payments and pay the balance when the loan term ends.
There are no fees for using Helio’s services, which is also an added bonus.
Helio gets an excellent rating due to its ease of use and variety of options. You can use its services for property purchases and yield on your digital assets. It also has several loan options when it comes to repayments, loan term options and loan amounts.
Customer service is also another positive of the platform, and the team will help you at whichever step you need. Overall, Helio Lending’s services feel like it is bringing crypto further into the mainstream.
Frequently Asked Questions
Is crypto financing safe?
The level of safety in crypto finance depends on the company you use, but providing it is reputable, then yes, crypto finance is safe. Conduct adequate due diligence beforehand to ensure you can trust the company you are using.
How does a crypto loan work?
Crypto loans are collateralized loans. The borrower takes out a loan in exchange for crypto assets that are held as collateral. The cryptocurrency, or collateral, is placed in a secure wallet in return for a loan that is then repaid with interest. Once the borrower has paid the loan back in full, they receive their crypto holdings (collateral).
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About Sam Boughedda, Stock Market Analyst
He is an expert in the following spaces: stock market news writing, analysis, and research.