Former PayPal financial technology veterans are the founders of Cred, a decentralised global lending platform that provides open access to credit anytime and anywhere. Cred is also a global company with branches in San Francisco Singapore, Munich, Sydney and Shanghai.

Cred boasts over $300 million in crypto-backed lending capital. This is four times larger than other major lending crypto platforms. The company aims to harness blockchain technology to enable users to enjoy low-cost credit products.

Another feather in its cap is that the company is a founding member of the UP Alliance. Along with Brave, Uphold and Blockchain, UP Alliance launched the Universal Dollar to help decentralised ledger technology achieve mainstream adoption.

Cred Crypto Loan

Some of the largest investors in crypto and tech such as 500 Startups, Arrington XRP Capital, Blocktower, FBG Capital, and Binance Labs are the main backers’ of Cred. Cred developed LBA utility token to access Cred platform services which include crypto-to-crypto lending.

The Cred LBA token is available in more than 180 countries including the UK and US. The token is also available in exchanges such as Bibox, IDEX, Huobi, OKEX, Bilaxy, Gate.io. and kyber.network.

There’re several reasons why you should get crypto-backed loans. Below are six reasons why you should consider crypto-line-of-credit (C-LOC):

1) Credit history – Your creditworthiness with crypto-backed loans is not calculated on your lack of credit history or bankruptcy. It’s based on your crypto collateral.

2) Convenient – Conventional loans take longer to process before the loans can deliver. Cred’s loan application process is fast, simple and easy allowing you to get the crypto line of credit when you need it.

3) Competitive interest rates – Crypto-based lending offers the same access to credit and low-interest rates anywhere in the world. This is unlike unsecured conventional loans which vary according to region.

4) Create a budget – How much can you afford? Financial budgeting tools such as Acorns or Mint can help you manage expenses as well as monitor spending and saving habits. Having a budget will help you determine how much money you need to borrow and if you’ll be able to pay back your Cred loan with ease.

5) Spend and invest – A Cred crypto-based loan allows you to take advantage of your crypto assets without losing out on the potential of your investment. This means you can invest in the future while you spend money today.

6) Financial status – Most conventional financing requires traditional forms of collateral assets such as property and stocks. Crypto-backed lending can be a practical alternative if you lack sufficient collateral to qualify for traditional loans.

Cred is working to build an ecosystem that will change the personal finance industry for consumers around the world. The company plans to achieve this by leveraging blockchain technology and digitisation.

By Jeff Mwaura, Jeff is Kenyan based freelance writer with a focus on technology and finance.