Bitcoin has really changed the way finance use to work. We are no more dependent on the hundreds of year old bank systems anymore.
In the current times where getting an information is just a click away, why we should wait for days to receive the money.
Cryptocurrencies have really taken the finance world by storm and have disrupted the way we used to transfer money, get loans etc.
Gone are the days, when we used to wait for months to get a loan passed. On an average, it takes around 30-40 days to get a loan sanctioned that too is not so easy.
Getting a loan approved counts in the various tiring process like Identity verification, Credit score, Banks statements, mortgage documents and much more.
Doing all this consumes a lot of precious time.
On the back stage..
Lender get a very low return from the bank while the borrower has to pay hefty interest.
But Now Bitcoin Loans are here, which ensures..
Lenders get a good return
Borrowers get loans sanctioned within a day to 7 days.
Isn’t that really remarkable!
How Does Bitcoin Loan work?
Bitcoin has disrupted the financial institution which has been stagnant for decades.
Since Bitcoin is a Decentralized currency, it has made every person the owner of their individual banks.
Confused? Let me explain!
You can instantly lend or borrow money from anywhere around the world with Bitcoin.
There are Bitcoin Lending Platforms which allows you to crowdsource your loan from lenders worldwide. These allow you to set the lending and borrowing interest rates yourself and on the other hand, removes the monopoly of Banks.
In simple words, It is a peer-to-peer lending site which uses Bitcoin for fast and affordable loans.
With the help of Bitcoin loan sites, Lenders to get better interest rates and borrowers can get cheap loans. Thus, It’s a win-win for both.
How Can You Get A Bitcoin Loan?
If you are a legit person, Getting a Bitcoin loan is not at all a tough task. Generally, all the Bitcoin Lending sites follow the following procedure:
- Register on the Platform.
- Get Your account Verified.
- Choose the type of Loan and the lending rates
- Get your loan approved within a few hours, receive your funds anywhere in the world.
What Do You Need For Bitcoin Loans?
Unlike traditional bank loans, you do not need much verification to get your loan approved.
Here are the criteria’s which are generally taken into consideration by a lending platform:
- Government ID card
- Paypal Verification
- Income Verification
- Social Media Profiles (Facebook, Linkedin, Twitter)
- Personal Reference
- Credit Card Verification
Now, Let’s see which are the most reputable and trusted Bitcoin Lending and Borrowing Sites (Bitcoin Loans site).
Best Bitcoin Loan Sites (Lending/Borrowing)
Bitbind is one of the oldest and the most trusted peer-to-peer Bitcoin Lending platform.
It was founded by Radoslav Albrecht in 2013 and claims to be the first p2p lending site for small business loans.
It is based out of Germany and operates in more than 120 countries around the world.
To get your loan, you just need to create an account and get it verified.
|Loan Volume||$1 Million+|
BTCPOP.co is one of the world’s first bitcoin peer to peer lending platform.
They provide loans to small business owners and startup businesses all over the world. They have a huge community of investors who regularly lend money to the borrowers at low rates.
BTCPOP has a great security function and stores their customer’s Bitcoins offline i.e. in Cold Wallets.
They have a really prompt service and a loan gets sanctioned almost instantly. You can borrow from 0.01 BTC to 500 BTC at BTCPOP.
They also give 5% to the users to hold BTC in their account. This ultimately makes them a Bitcoin Bank which gives high returns.
|Founded||2014, United kingdom|
|Loan Volume||$1 Million+|
These are the two reliable ways to lend and borrow Bitcoin at good interest rates.
Both these companies have a good repayment rate and hence your money would be safe and secure.
Some Tips on Bitcoin Lending
Before you jump into lending your hard earned money, I would like to give you some quick tips.
- Check the person profile thoroughly before investing
- Never invest on someone who is a defaulter
- Do not invest more than what you can afford to lose
- Ask questions to the borrower, Don’t hesitate.
- Higher interest rates might end up into higher risk, so take the call accordingly
So, This was it for today, I hope you liked our post about Bitcoin Loans and Lending sites. We would constantly come up with more informative articles on Coinscage, so stay tuned!
Don’t forget to share this post with your friends and family!
Do check out other informative guides:
- How to Buy Bitcoin with Paypal
- Bitcoin Debit Cards – Easy way to spend Bitcoins
- Quick ways to Buy Ethereum with Debit/Credit Card