As we celebrate 10 incredible years of Wirex, we're taking a closer look at some of our most groundbreaking products that have reshaped how people around the world access and use their money. Today, we’re diving into Wirex Credit—a service born out of the desire to empower users with flexible, instant access to credit in a way that aligns with the values of the digital finance era.
How Wirex Credit Came About
Wirex Credit emerged from a very real need in the financial world. Traditional loans are often complicated, slow, and come with high-interest rates and strict credit checks, leaving many people without quick or affordable access to funds. Our founders saw a unique opportunity to use blockchain technology to create a faster, more flexible credit solution that would be accessible to more people. With Wirex Credit, users can instantly borrow against their crypto assets, eliminating the usual lengthy processes and barriers associated with traditional credit.
As Wirex Co-founder, Pavel Matveev, once said, “Our mission has always been to make digital money accessible to everyone, and Wirex Credit is a huge step forward in this journey.” (source: Cointelegraph)
What Are the Benefits for Users?
Wirex Credit offers a range of benefits designed to meet the needs of today’s digital-savvy users:
Instant Access to Funds – No lengthy application processes or credit checks. Users can borrow against their crypto in just a few taps in the Wirex app.
Low and Transparent Interest Rates – Unlike traditional loans, Wirex Credit offers competitive interest rates with no hidden fees, making it easier to manage finances with confidence.
Flexible Borrowing – Users can borrow up to 80% of the value of their crypto assets, allowing for personalized loan amounts and manageable repayments.
No Repayment Deadlines – With Wirex Credit, users are free to repay their loan whenever they’re ready, providing maximum flexibility and control over finances.
Access to Funds Without Selling Crypto – Wirex Credit lets users retain ownership of their crypto assets, so they can benefit from potential future growth while accessing the funds they need.
How Does Wirex Credit Work?
Wirex Credit leverages users' crypto holdings as collateral, meaning there’s no need for lengthy approval processes or traditional credit checks. Here’s a quick overview of how it works:
Choose Your Loan Amount – Using the Wirex app, select the amount you wish to borrow, which will be based on the value of your crypto assets held in the app.
Deposit Crypto as Collateral – Transfer your chosen crypto (such as BTC, ETH, or LTC) to your Wirex Credit account. The amount you can borrow depends on the value of your collateral.
Receive Funds Instantly – Once your collateral is set, the funds are instantly available in your Wirex account, ready for you to spend or transfer.
Flexible Repayment Options – Repay the loan at your convenience. With no fixed repayment terms, you can decide when and how much you repay.
Wirex Credit has opened new doors for digital finance, making it possible for people to access credit quickly and easily, all while holding onto their valuable crypto assets.
In keeping with our mission to make digital finance accessible to everyone, Wirex Credit is a game-changer for users looking to bridge traditional and digital finance in a seamless way.