With the emergence of cryptocurrency and other virtual asset-based financial domains, the demand for crypto-backed loans is also rising. Among the plethora of DeFi platforms that we come across every day, Torque Crypto loans is the most trustworthy. It is also free of unwanted complications. People can easily trade their cryptocurrency here and issue a loan against that. People from any part of the world can take the advantage of Torque Crypto loans through their hassle-free website just by following some simple steps.
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What is Torque.loans?
In this Torque.loans Review, we will be discussing the working mechanism of crypto finance and loaning as the app Torque.loans offers to its customers. As its motto specifies ( ‘Borrowing made simple’), the function of Torque.loans is straightforward. One can get instant crypto-backed loans through Torque Crypto loans, even without a KYC form.
Torque.loans Review – Platform Interface
How Does Torque.loans Work?
One may be intrigued by the concept of cryptocurrency and loaning. However, once an individual checks into Torque crypto loans, the easy-to-navigate layout of the app will make everything look simple.
Why Choose Torque.loans?
So many leading companies would help customers in the crypto finance domain and claim crypto-based loans. But, the best decision is to opt for Torque Crypto loans and make things super easy. This Torque Crypto Review will bring out the best features of Torque.loans that will compel users to choose only Torque.loans when it comes to crypto business.
Apart from being a very convenient loaning app for the crypto finance domain, it offers guided loaning operations for all of its users. Their customer care team is at service 24/7, ready to assist customers who may face issues while using the app. The team of Torque.loans offers a fixed rate of interest. So, customers know precisely how much payback is needed whenever a customer borrows.
The facility of partial liquidation is also a big win with Torque Crypto loans. What if volatility strikes? The users can be assured that Torque keeps the loans collateralized, and the liquidation is the minimum when that happens. That way, the collateral is brought to 10% above the margin maintenance. If one takes decentralization on a serious note, Torque is definitely the place to borrow some cryptocurrency. Here, users don’t have to submit any KYC form before borrowing. There is no verification or AML, and no credit checks are necessary.
Torque.loans Reviews – Why Choose Torque.loans?
In addition to the features discussed above, Torque offers the best non-custodial service. That means users can fully control their assets. It is the user’s own key and loan. All these features make Torque the most approached crypto-backed borrowing platform.
Quick Overview of Torque.loans
- Torque is the first borrowing platform that has the facility of indefinite-term loans.
- Torque has no fixed or rigid interest rate.
- Torque is an App, and also a dApp.
- Torque does not require its customers to fill up any KYC before applying for a crypto loan.
- Torque has top-notch customer service that is at service 24/7.
Is Torque.loans Regulated?
Like other crypto exchange platforms and DeFi platforms, Torque is not yet regulated. However, that does not make it any less efficient and trustworthy.
Features of Torque.loans
- The first and foremost feature of Torque.loans is that it is effortless to work with. One does not have to be technologically sound and efficient to operate this. Even a layman with only a basic knowledge of mobile apps and software can start taking loans here.
- For opening a loan, one has to interact with the Torque.loans interface. First, the user has to specify the amount that they would like to loan. Then they can accept the transaction with their web3 wallet.
- Alternately, users have to send the collateral currency or property to the specified ESN address.
- For instance, if the designated address is dai.tokenloan.eth, the borrower receives a loan of Dai that is collateralized in the ETH.
- The technical function behind this user-friendly interface is a bit complex. The crypto lending comes from the lending pools of Fulcrum iToken. When a user initiates a crypto-backed loan, the targeted iToken contract gets triggered. That, in turn, funds a base protocol of ordering objects. At the time, the expiration parameter of the loan is set to zero.
- After this, the borrowed token is deposited into the user’s online crypto wallet, and an over-collateralized loan is initiated.
- The token of the interest comes when the user borrows slightly more than the requested loan amount. However, the borrower has to pay the said interest.
- The default measure is that three months of interest is escrowed and denominated in the lent token.
- The users can deposit ETH or any other ERC20 supported by Fulcrum pool as collateral property against the loan.
- Different collateral types have different collateral ratios, fully reflected in the initial margin. It is also charted in the parameters of margin maintenance.
Pros and Cons of Torque.loans
Here are some of the conspicuous advantages and disadvantages of the app:-
|The user does not have to fill up KYCs or AMLs, like there are no credit checks and verification before a loan.||It is not yet regulated.|
|Extremely simple interface, only basic knowledge of mobile apps and cryptocurrency will enable the users to use the app efficiently.||Many wallet options. Sometimes it is confusing.|
|24/7 customer care is always at service.|
|The security system of Torque is iron-clad. The smart contracts are secured. The audits are dependable.|
|It is highly convenient to start, maintain, and end a loan here on the part of the users.|
How to Borrow With Torque.loans?
This Torque Crypto Review has covered pretty much how Torque works in earlier sections. It is a very easy thing to do. Users can simply open the app and initiate the borrowing. There is no need for even an account. The three simple steps of borrowing are described below:-
- The first step is to select a crypto asset enlisted in the interface. The assets have a fixed APR.
- The next step is to enter the amount that one wants to borrow.
- Finally, users have to click on submit and ensure that the transaction is done at their wallet, for example, Metamask.
In a word, the user can borrow only with three simple clicks on their smartphone. Borrowing has never been this easy.
Torque.loans Reviews – How to Borrow at Torque.loans?
Crypto-backed Loans with Fixed Interest Rates
Loans are always a headache. But, it is somewhat less when borrowers know exactly how much they have to pay back. Torque gives an exact picture of the borrowing scenario. Users see the payback amount the moment they initiate a loan. All in all, this is an excellent reason to choose Torque. Here, users have multiple choices, i.e., DAI, USDC, USDT, LEND, AAVE, COMP, LRC, YFI, LINK, etc.
Torque.loans Reviews – Benefits of Using Torque.loans
The Future of Torque.loans
With the advent of virtual reality, it is only fitting that virtual money and properties are getting popular by the day. It is no longer 2007, when procuring bitcoin was just a sport for the class nerds. Cryptocurrency is the real deal now. Top people in business are dealing in cryptocurrencies, and industries are built and destroyed on them. So, DeFi platforms like Torque are rising rapidly. It goes without saying that with so many facilities and market demand, loan for crypto like Torque will continue to be the leading name in the domain of crypto loans. And, if you want to know more about Bitcoin loans & how it works, you can read here to learn more.
This review, now, does justice to Torque and its working mechanisms; but in the future, it will shine brighter with its efficiency and surpass every earlier account of its own.
Torque.loans Security Measures
Torque makes user security a top priority. They have:-
Audited Smart Contract
They get their smart contracts audited by trustworthy auditors like ZK Labs.
10% of the total interest given by the user goes directly to an insurance fund, which is used when under-collateralized loans are not liquidated.
They work with top-notch oracle providers, who can deal with related security issues.
Open source and interoperability are the founding principles of Torque.
Torque.loans Reviews – Torque.loans Security Measures
Torque.loans Customer Support
One of the most dependable teams of Torque Crypto loans is their customer service team. They are always available for their customers. If users have any questions or problems regarding borrowing and the app’s function, they can just ping them in the enlisted number, send an email, or just shoot a question in their FAQ section. The best thing is that they get back to users ASAP. Their service is 24/7 and universal.
The app includes a section labeled the ‘Help Center’. The section has a search button for relevant articles and blogs that might address user queries. If nothing else helps, there is always the good old option of ‘Contact Us’.
Torque.loans Review: Conclusion
This Torque.loans Review for the app named Torque includes all the necessary details regarding the app. It explains how the app works and what its advantages are. Here are some of the frequently asked questions about Torque with the best possible answers in hand.
Can a Loan be Liquidated on Torque.loans? How are Under-Collateralized Loans Liquidated?
In Torque, loans are liquidated only if the user’s position goes lower than the margin maintenance. However, the liquidation is partial. It is only enough to bring the margin back to 10% above the point of margin maintenance.
How Safe are Smart Contracts? May I Get to Look at The Audits?
Yes, definitely. The audit of the base protocol is available for the public. And, after such a thorough review, it is safe to say, all custody is retained by it (the base protocol). The users must know that all the audits are done by ZK Labs. The founder and the leader of the auditors at ZK Labs is Matthew DiFerrante, who is a Security Engineer and works at Ethereum Foundation. He is in charge of the audits of the core Ethereum protocol. So, yes, smart contracts are safe.
Is Torque.loans Legit & Safe?
It is cent percent legit and safe. Before using it, please read the instructions beforehand. Although the interface is simple, cryptocurrency might be a bit challenging to understand. Users should not deal unless they know what they are doing.
What Are The Fees Involved When Opening a Loan on Torque.loans?
There is no broker cost, bank, or transportation cost involved for Torque as it is a mobile app. However, there is a moderate origination fee of only 0.09% on the principal to initiate a loan.