Nexo Australia launched crypto-backed credit lines after becoming a credit representative under Australia’s National Consumer Credit Protection Act, the company said in a Tuesday announcement shared with Cointelegraph.
The new credit lines allow eligible clients to borrow Australian dollars or stablecoins by using their cryptocurrencies as collateral without having to sell them.
Funds are generally available within 24 hours with flexible repayments, with no fixed term or origination fees. Interest rates range from 0.9% to 21.9%, depending on the credit line and the client’s loyalty tier.
Clients can choose between Smart and Standard credit lines, Peter Stanhope, general manager at Nexo Australia, told Cointelegraph.
