Instant Credit lets you borrow money using your cryptocurrency as a "security deposit" (collateral). Instead of selling your assets to get cash, you keep your crypto and get a loan you can spend in the real world.
How to get started
- Tap Start now on the Instant Credit tile.
- Review and accept the terms and conditions.
- Follow the prompts to set up your Exa Credit Card.
- Choose a cryptocurrency to use as your deposit. You can move it directly from your Uphold wallet.
Note: Funds recently deposited via bank transfer (ACH) are subject to a standard cooldown period. Because moving funds to the lending pool functions as a crypto withdrawal from your Uphold wallet, you cannot use ACH funds as collateral until the cooldown period expires.
Borrowing & spending
Add your Card to your Apple or Google wallet to pay directly in stores. You can also purchase online just like with any standard VISA card. When you pay, you automatically take out a loan for the value of your purchase.
Note: You can choose a Credit payment plan for each individual loan you take out. For your everyday spending, you can set a Card payment plan that acts as the default for all your Exa Credit Card purchases.
Understanding your limits & safety
Your spending limit is based on the value and stability of your crypto deposit. Stablecoins (which stay at a steady price) usually give you a higher limit than volatile assets.
The Instant Credit health score works as a "safety meter" for your account:
- High score: your account is safe.
- Low score: this happens if crypto prices drop or if you borrow too much.
Note: If your score gets too low, your crypto might be sold automatically to pay back the loan (this is called "liquidation").