Celsius's loan system is broken. You need to have collateral above your loan amount before you can use swap. Support just informed me that if I have a 1000 USDC loan, I need to have a collateral balance of 1200 USDC before I can swap 200 USDC. What is the purpose of taking a loan and keeping the loan amount in my account balance?
Loans are not for leverage. They are to use your Crypto to pay off credit cards and other things like that.
I did not leverage. You should know about my case since we communicated via dm. I did not use my loan amount for swap.
1st, I don't generally disclose what individuals dm me in the public forum. 2nd, I talk to a lot of people so I don't always recall everyone's unique situation. The reason is the loan can not be used to purchase coins via swaps.
1. There is no need to and you have asked me to withdraw my previous post. So I would not repeat it here. 2. This is fair. I do not expect you to. I did not use my loan amount to swap. I withdrew it for proper use and deposited new funds from other sources, not violating any tos. I am not able to close my loan early because the loan bonus conditions prohibited this. Support just explained that this is a not so obvious margin mode scenario which I believe is not clearly and correctly reflected in the tos and swap warning notification (which indicated falsely swapping loan coins).
Discuss this with the loan department is your only option. Loans@celsius.network
Thanks. Support took close to 4 months to come to this conclusion. I will forward my email response to support to loans@celsius.network but will not wait for another 4 months. I will close my loan when it matures and not take any more loans after this negative experience. Thanks for your help anyway.
Read the terms of use, you can't use loaned funds for swaps
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