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Kanga Loan - obtain stablecoins against cryptocurrency

Kanga Loan - obtain stablecoins against cryptocurrency

Written by

Zuzanna Krychowiak

Published on

Kanga constantly strives to harness the potential of cryptocurrencies and provide its users with the best solutions. In this article, we will explain what the Kanga Loan is and how to use it.

What is the Kanga Loan?

Kanga Loan is a service that allows you to obtain stablecoins (PLN° or USDT) against cryptocurrency. Users can access up to 100,000 PLN° or 100,000 USDT without the need to sell cryptocurrency holdings. You can cancel the service at any time by repaying the loan with the borrowed currency balance or part of the collateral. Applications are processed instantly, and the stablecoins are available in the wallet within seconds.

How does it work?

  1. Through the Kanga Loan service, you receive omegaPLN (PLN°) or Tether USD (USDT) against cryptocurrency.
  2. You can use Bitcoin (BTC) or Ethereum (ETH) as collateral.
  3. Loans are currently granted for a period of up to 3 months.
  4. You can repay the loan at any time convenient for you.
  5. You can make the repayment in the borrowed currency or with the collateral.
  6. The interest rate is fixed, and interest is charged only for the period during which you use the funds.

How to use it?

  1. Fill out the application.Enter the amount and choose the currency you want to receive (PLN° or USDT). Then select the cryptocurrency you will use as collateral, and the currency in which the network fee will be charged.
  2. Receive the funds.The collateral will be deducted from your wallet, and the received funds will appear in it simultaneously. Use the funds for any purpose you wish.
  3. Return the funds.You can do this at any time by repaying with the balance of the received currency or part of the collateral.
  4. Retrieve your collateral.Once the funds are repaid, the collateral will be returned to your wallet. If you repaid with part of the collateral, the remaining difference will be returned to you.

What’s new?

The rolling option will soon be introduced. Rolling is a process in which, after expiration, the loan will automatically be replaced with a new one under the terms applicable on the day of its initiation. The rolling option can be selected or opted out in the loan panel.

Detailed terms of the service are specified in the Terms and Conditions.

If you have any issues, please contact us at: [email protected]