Can I use bitcoin held as collateral to make a payment to my loan?

You can request that Unchained take possession of and sell part of your collateral at our trading desk to pay down your loan balance, which also improves your loan’s CTP ratio.

The steps to accomplish this are:

  1. Sign in to your account and navigate to your loan.
  2. Click Collateral actions, then Surrender collateral to pay down principal.
  3. Fill in the form with the desired amount of collateral to be surrendered for sale and click Review.
    1. If you would like to request your loan to be closed via surrendering possession of collateral for sale, click surrender collateral to close loan. You will be directed to a secure form to authorize this sale.
      1. Note: This alternate process consists of two steps. First, you'll fill out a short form regarding the loan for which you authorize Unchained to take possession of and sell collateral. Then, we will send the authorization to your email for your signature, which must be the email on file for your account, or the authorization will not be processed.
  4. Read the authorization that indicates the terms and conditions of the request.
    1. If you have read the authorization and agree to the terms and conditions, click the two checkboxes and click Submit.
    2. Note: if you do not have two-factor authentication enabled on your account, we will not proceed until we make contact with you by phone to confirm the request.
  5. Once the authorization is received by us, we will take possession of and sell the collateral at our trading desk and apply the proceeds to your loan.
    1. Trading desk operating hours are Monday through Friday, 8AM to 4PM Central Time. Requests received outside this time frame will be reviewed during normal operating hours.
    2. Requests are processed and executed on a best efforts basis upon receipt of the authorization at the prevailing market price.