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How does it work?
Users of Nexo Wallet are required to lock up their cryptocurrencies as collateral in exchange for the FIAT currency of their choice. Once this is done, the cash is sent directly to either the user's bank account or added to a prepaid credit card. As with cryptocurrencies, due to the volatility of it, the limit on the prepaid credit card will adjust if there are any changes to the market value of the cryptocurrency you had. Additionally, if you want the cash sent directly to your bank account, there will be a small delay.
At the current moment, users can choose to loan between $500 and $2,000,000 although the platform is looking at bringing the minimum loan amount to an even lower value.
Once it is time for you to repay your loan, you can do so by choosing to pay with either cryptocurrency, FIAT currency or even Nexo token which gives you a couple of options and the freedom to choose. This is great as some competitors only allow repayments with FIAT currency.
Is it worth my time?
Nexo is a great platform that can work perfectly for you if you have cryptocurrency and need FIAT currency as a loan. The guaranteed approval and no hidden fees aspect of Nexo makes it a great option for loans.
Furthermore, Nexo Wallet has a core team of 14 members working behind the scenes, many of whom have previously held extremely high-level positions at various locations. Many have held positions at Credissimo, a company that is also famous for offering instant online loans and other financial services. One of the co-founders of Nexo, Antoni Trenchev, was also previously a member of Parliament at the National Assembly of the Republic of Bulgaria, so it's easy to see that this is a legitimate and trustworthy platform.
Pros & Cons
You can repay your loan using cryptocurrency, FIAT currency or the Nexo token.
Instant access to cash without the need to sell any of your cryptocurrency.
No minimum repayments required.