Borrow up to $3,000,000 on the value of your cryptocurrency.
|Product Name||Helio crypto loan|
|Min. Loan Amount||$3,000,000|
|Max. Loan Amount||$25,000|
|APR||12% to 20%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||0.25 years|
|Maximum Loan Term||4 years|
|Requirements||Helio doesn’t have any specific requirements to apply for a loan. However, it does process your application using anti-money laundering (AML) and know your customer (KYC) identity verification checks.|
- Helio doesn’t have any specific requirements to apply for a loan. However, it does process your application using anti-money laundering (AML) and know your customer (KYC) identity verification checks.
What makes Helio crypto loans unique?
Your credit score and income don’t affect your Helio crypto loan application — the lender partly bases your rate on how much you borrow compared to the value of your crypto holdings.
And unlike most personal loans, you have a choice of making interest-only repayments and then paying off the balance when the term is up or making traditional repayments on both the interest and principal. Helio also offers a wider range of loan terms than some crypto-backed lenders, running from 3 months to 48 months.
What is a Helio crypto loan?
A Helio crypto loan is a loan that uses cryptocurrency as collateral. You can back your Helio loan with:
- Bitcoin (BTC)
- Ether (ETH)
- Litecoin (LTE)
- Ripple (XRP)
While loan amounts range from $25,000 to $3,000,000, how much you can borrow depends on your loan-to-value ratio (LTV). Helio offers LTVs of 30%, 40% or 50%. The higher your LTV, the higher your APR, which can run from 12% to 20%.
If approved, Helio transfers your cryptocurrency to a secure storage address before sending the funds to your bank account. It transfers the collateral back to your account after you’ve paid off your loan in full.
What are the benefits of a Helio crypto loan?
From its flexible repayment options to its lack of fees, here are a few perks of borrowing through Helio:
- Works with four cryptocurrencies. You can get funding backed by BTC, ETH, LTC and XRP.
- No fees. There are no fees to sign up, take out a loan, pay it back early or get your collateral back.
- Flexible repayment options. Helio offers the choice between interest-only and full repayments.
- Good credit not required. Like other crypto loans, traditional ways of determining your creditworthiness don’t apply — such as your credit score.
What to watch out for
From its high starting rates to its barebones website, consider these potential drawbacks before borrowing:
- Limited customer support. The only way to reach out to Helio is by email — which can be frustrating if you need an answer right away.
- Not the most competitive rates. You might be able to find even lower rates with other crypto lenders and personal loan providers.
- High minimum amount. Not only is the starting amount high — you also need to have at least twice the funds to qualify for a loan, thanks to a maximum 50% LTV.
- Larger amounts available elsewhere. Looking to borrow big? It’s possible to find crypto-backed financing over $3,000,000 with other similar lenders.
- Barebones website. You might not be able to find all of the information you need by visiting its limited website.
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What does the Internet say about Helio?
There’s virtually nothing online about Helio crypto loans as of April 2019. Helio announced it would start offering crypto-backed loans in December 2018, so it’s been around for less than six months.
It doesn’t have any mentions on the Better Business Bureau website, Trustpilot or Reddit.
Am I eligible?
Helio doesn’t have any specific requirements to apply for a loan. However, it does process your application using anti-money laundering (AML) and know your customer (KYC) identity verification checks.
To qualify, borrowers need to provide documents proving they are who they say they are, such as a government-issued photo ID and proof of address — like a recent utility bill.
How do I apply?
You can apply for a Helio crypto loan online by following these steps:
- Go to the Helio website and click Get a Loan.
- Select the type of cryptocurrency you have, how much you want to borrow, how soon you plan on paying it back, your LTV ratio and whether you want to make interest-only or full repayments. Click Get Started.
- Enter your email address and click Continue.
- Go to your email account and click through the link to verify your email address.
- Enter your name, country and phone number. Click Complete.
- Wait for Helio to review your details and get in touch with next steps.
I got the Helio crypto loan. Now what?
Helio will continue to hold your crypto collateral in a separate account while you repay your loan.
Opt for interest-only repayments? You only have to pay the interest that adds up each month during the life of your loan. However, the full balance is due when the term is up.
If you repay your loan with interest and principal repayments, you’ll owe more each month, but you won’t have to make a large one-time payment at the end of your term.
Reach out to your point of contact at Helio as soon as possible if you have any questions or concerns.
Helio is a relatively new lender that offers straightforward crypto-backed funding. It accepts four types of coin as collateral, doesn’t charge any fees and has relatively long terms for a crypto lender. However, you might be able to find larger amounts and more competitive rates elsewhere.