How to Get a Loan Against Your Bitcoin Today

Need cash but don’t want to sell your Bitcoin? A BTC-backed loan lets you unlock liquidity while keeping your assets intact. Whether you’re funding an investment, covering an expense, or seizing a new opportunity, borrowing against your Bitcoin is a smart move. In this guide, we’ll walk you through the simple steps to secure a Bitcoin-backed loan with Lantern Finance—fast, secure, and hassle-free.

How to Get a Loan Against Your Bitcoin Today

Getting started with your bitcoin-backed loan is simple. Follow these steps to secure your funds:

1. Sign Up or Log In – Visit Lantern Finance and create an account or log in to your existing one. This is how your dashboard should look:

2. Click on "Submit a new loan application"

3. Pick a Collateral Type – In this case, let’s pick BTC to take out a loan against Bitcoin to take advantage of the limited-time 13% APR:

4. Check Your Loan Options – Enter the amount you want to borrow and review the loan terms, including the required bitcoin collateral. By default, the loan amount is set to $1000 – that’s the minimum loan amount. Based on the current value of bitcoin, it also shows how much collateral is needed.

Click on “Next Step” and cross-check your loan terms:

If everything looks ok, click ‘Next Step’ or click ‘Back’ if you’d like to adjust your loan terms. Once you click next, you’ll be asked to verify your identity. When you click on ‘Next Step’, you should see that your bitcoin-backed loan is pre-approved.

5. Verify Your Identity – If you’re a first-timer, you’ll be asked to verify your identity. If you’re an individual, select ‘Individual borrower’. If you’re taking out a loan for your business, select ‘Business Entity’ and start your verification process.

Once you start your verification process, you’ll be asked to enter your phone number. Note: Your data with Lantern is encrypted and secured by Footprint. This helps us verify our customers while blocking fraud and ensuring regulatory compliance.

Once your number is verified, you’ll be asked to enter the following details:

Once you click ‘Continue’, you’ll be asked to enter your address:

Once you click ‘Continue’, you’ll be prompted to enter your Social Security Number. Your data with Lantern is encrypted and secured by Footprint. This helps us verify our customers while blocking fraud and ensuring regulatory compliance.

Click ‘Continue’ to complete your verification.

6. Add Your Bank Details – Once you’re verified with us, you can enter your bank information to receive your loan funds. You can choose to receive them via a bank transfer or in stablecoins.

7. Sign Your Loan Agreement – Please read the agreement carefully, and add your digital signature to move one step closer to securing your funds.

Once you sign the agreement, you can choose to send the copy via your registered email id or download it on your device.

8. Submit Your Application – Signing the agreement shown above and clicking ‘Next Step’ asks you to confirm and submit your loan application.

If you’re an existing Lantern customer and have collateral deposited with us, your screen should reflect your current balance as shown below:

9. Deposit Your Bitcoin – Once you submit your loan application, you should see a screen like this asking you to deposit bitcoin as loan collateral if you’re a new customer or if you don’t have a collateral balance with us.

If you’re an existing Lantern Finance customer and have an available collateral balance, your dashboard should reflect your current balance as shown below:

10. Get Approved – Once your collateral is deposited, your loan application will be processed. We generally approve loans within an hour or as soon as possible. Once your loan is approved, you should get an email confirmation. You can also check your dashboard to see your active loans and other deets.

11. Receive Your Funds – Upon approval, the loan amount will be transferred to your designated account promptly.

12. Manage Your Loan – Stay on top of your repayments and collateral value to ensure a smooth borrowing experience.

Market fluctuations can impact your collateral value, so regularly check your Loan-to-Value (LTV) ratio to avoid margin calls or liquidation risks. Need to adjust your loan terms? Your Lantern dashboard makes it easy to manage everything in one place.

Don’t wait—apply today and take advantage of this exclusive 13% APR before it’s gone! If you have any questions or need assistance at any point while creating your loan application, don’t hesitate to reach out to us at [email protected] or book a call with us for live support here.