CBL - How to Apply for a Crypto Backed Loan - Mobile App – Figure Markets

This content is for informational purposes only and does not constitute financial advice.

This article provides step-by-step instructions on how to apply for a crypto-backed loan in the Figure Markets App.

Step 1: Start the Application

Access the Borrow Section: On the mobile app's Home Screen, tap the "Borrow" button (located at the bottom of the screen).
Start New Loan: Tap "Apply for another loan."
Select Term Loan: Select the Term Loan option to continue.

Step 2: Using the Loan Calculator

Select Asset: Use the dropdown menu to designate the cryptocurrency (BTC, ETH, or SOL) you wish to pledge as collateral.
Enter Collateral Amount: Enter the amount of collateral you will commit. Note: This amount must be the number of coins, not a dollar value.
Enter Cash to Borrow: Enter your desired borrowing amount below. You can also toggle between the interest rate tiers to view the maximum Loan-to-Value (LTV) limit for each option:
- 8.91% (9.999% APR)² – Up to 50% LTV (Without Liquidation Protection): Available up to 50% LTV.
- 11.50% (12.615% APR)² – Up to 75% LTV.
  
  The system will automatically calculate and display your available borrowing range directly below the Cash to Borrow field. Additionally, for loans up to 50% LTV backed by BTC or ETH, you have the option to add Liquidation Protection⁴ for an applicable fee (subject to state restrictions). For more details and step-by-step instructions, please see our article on How to Enable Liquidation Protection - Mobile.
Confirm Terms: Select the "Confirm Terms" option to continue.

Step 3: Review and Confirm Terms

Review Offer Terms: Verify your loan details, including the term length, cash to borrow, initial LTV, origination fee, APR, total loan amount, and required collateral. You will also be prompted to review our Electronic Communications Policy, Terms of Service, and Privacy Policy.
Submit Application: If you are ready to proceed, scroll to the bottom and click "Submit Application." If you need to adjust any of your details, simply click the back button in the top-left corner to return to the loan calculator.

Step 4: Review and Sign Contract

Review Contract: On the Review Contract screen, carefully read through your final loan documents.

For your convenience, you can also click "Download" on the contract screen, which will enable you to email, print, or save the contract for further review.
Agree to Terms: Once you have reviewed the documents and are satisfied with the terms, scroll to the bottom of the contract and click "Agree" to proceed.

Step 5: Send Collateral to Secure Funding

Access Wallet Address: You will be prompted to send in the required collateral on the Add Collateral screen. Copy the deposit wallet address by clicking "Copy Address."
- Send a Small Test Amount: You have the option to send a test amount first by clicking "Send a Small Test Amount".
Confirm Transfer: Once you have successfully sent the required collateral, click "I've sent collateral".
- Look out for confirmation: Once you click on "I've sent collateral" you will receive a confirmation that you will be notified once the collateral has been received. To exit, select "Got It".

The collateral should process within 24 hours, and you will be notified once the loan has been funded.

Liquidation Protection⁴ only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. This product allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (“LTV”) ratio is 50% at origination.

Figure Lending LLC dba Figure 5200 77 Center Drive, Suite 400, Charlotte, NC 28217 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org

Opens in a new window.

Equal Opportunity Lender For general customer support, call (888) 819-6388 Monday - Friday, 6am - 9pm PT, Saturday - Sunday, 6am - 5pm PT (excluding holidays).

Equal Housing Opportunity

This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.

Availability:
Crypto loans are offered to U.S. borrowers by Figure Lending LLC. This product is not available to U.S. residents of DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA.
Crypto loans are offered through Figure Markets Credit LLC to residents of the state of New York and to international customers except in the following jurisdictions: Crimea (Ukraine), Donetsk (Ukraine), Luhansk (Ukraine), Afghanistan, Albania, Belarus, Central African Republic, Congo (the Democratic Republic), Cuba, Ethiopia, Haiti, Iran (Islamic Republic of), Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Nicaragua, Nigeria, North Korea (Democratic People's Republic of), Pakistan, Palestine (State of), Russia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, or Zimbabwe.

Lender & Licensing:
Figure Markets Credit LLC. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 926-6259. NMLS ID 2559612. For licensing information, go to www.nmlsconsumeraccess.org

Opens in a new window.

Investing in cryptocurrencies involves significant risks. Cryptocurrency trading is not available in NY. Please click here for risk disclosures on investing and trading in cryptocurrencies.

Figure Payments Corporation offers self-directed investors and traders cryptocurrency services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. Figure Payments Corporation's NMLS ID number is 2033432, and is located at 100 West Liberty Street, Suite 600, Reno, NV., 89501. You can verify Figure Payments licensing status at the NMLS Consumer Access website. Click here for Figure Crypto's state license and regulatory disclosures.

Crypto Loans starts at a minimum of $5,000, subject to state and jurisdiction-specific legal limitations. Your loan amount will ultimately depend on the amount of collateral in your account and your eligibility will be determined by your state or jurisdiction of residence, credit profile, and other personal information available at the time of your application.

¹General minimum and maximum loan amounts may vary subject to state-specific legal limitations.

²Repayment Period (Minimum-Maximum): 12 months
Maximum APR: 12.62% APR (APR includes interest plus applicable fees such as the 1% origination fee). Available interest rates for Figure's Crypto-Backed Loan are 8.91% (9.999% APR) at 50% LTV or 11.50% (12.62% APR) up to 75%.
Representative Example (Total Cost): As an example, a borrower receives a Crypto Backed Loan at 50% LTV of $10,000 for a term of 12 months, with an interest rate of 8.91% and a 1% origination fee of $100, for an APR of 9.999%. In this example, the borrower will receive $10,000 and will make 12 monthly payments of $74.25. Rates will be higher for applications secured by assets with a higher LTV ratio. The Figure Crypto-Backed Loan has a 12 month interest-only repayment term and allows for a maximum initial LTV ratio of 75%. Interest rates change frequently so your exact interest rate will depend on the date you apply and may depend on many factors such as LTV ratio.

³Obtaining a crypto-backed loan generally does not trigger an upfront taxable event. Tax treatment may vary based on individual circumstances. Consult your tax advisor.

⁴Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. Liquidations will still occur if the loan becomes delinquent. More information about liquidation protection can be found here. The Figure Crypto Backed Loan (CBL) allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (“LTV”) ratio is 50% at origination.

Related to