What is Instant Credit?
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 do I set up Instant Credit?
- Tap Start now on the Instant Credit tile.
- Review and accept the terms and conditions.
- Choose a cryptocurrency to use as your deposit.
- You can move it directly from your Uphold wallet. If the Exa Credit Card is available in your jurisdiction, you’ll also be prompted to set it up. This step is optional and only appears where the card is supported.
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.
What are the two ways to take a loan?
Once your deposit is ready, you can take out a loan in one of two ways:
- Spend: Add it to your Apple or Google wallet to pay directly in stores, or purchase online just like with any standard VISA card. Each purchase automatically takes out a loan for that amount. If you don’t see this option, confirm if the Exa Credit Card is available at your location.
- Borrow: Choose to borrow fiat (USD) or a stablecoin (USDC), select your loan amount, and pick a payment date. The funds are sent straight to your Uphold wallet.
Can I set a different payment plan for each loan?
- Spend: You can set a card payment plan that acts as the default for all your Exa Credit Card purchases, with options ranging from paying in full up to 8 installments.
- Borrow: Each Borrow loan currently has a single repayment date (there’s no option to split it into multiple payments).
What determines my spending or borrowing limit?
Your 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.
What is the Instant Credit health score?
The 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.
What happens if my health score gets too low?
If your score gets too low, your crypto might be sold automatically to pay back the loan. This is called liquidation. Learn how to keep your account safe here.
How can I deactivate my account?
- Go to the Instant Credit tile
- Tap Colateral and go to the More (...) menu.
- Tap Deactivate account and follow the on-screen instructions.
IMPORTANT: Account deactivation is permanent and you will no longer be able to access the earn feature.