XRP can now be used for $2 million instant loans. This is a service is offered by NEXO which charges 8% annual interest. Users can deposit their cryptocurrency into Nexo wallet and get instant loans without credit checks. Its essentially using your cryptocurrency as collateral against the amount borrowed. Aside from XRP, it seems that BTC, ETH, and BNB can also be utilized for the same purpose at Nexo. Nexo even coverts selling to overdraft to cut out tax liabilities. This may be a cheaper option for people who own crypto to get a payday loan like service.