How does the insurance work for lenders of Celsius?

So now, the question that is very often asked is, well, what happens if a borrower does not pay back their loan? So as you remember all of our loans, 100% of our loans, are asset backed Assets is the crypto that we hold either from the person directly or from other people who vouched for him

So we always have 100% or 200% collateral, depending on the type of loan that we're providing against the loan And that's why we don't need to do a credit check because your credit score is completely irrelevant in the case of an asset backed loan So if you are late on your interest or you are not paying the loan back at all, we always can liquidate some or all of that asset that we're holding, the coins, in order to satisfy all the other members, who are waiting to get their payments back So our interest is to protect the whole community, right? If any individuals defaults or does not perform on their duties, our job is to deliver and perform on his behalf to the community by liquidating some of their coins

Source: Youtube

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