Bitbond, A Blockachain Lending Platform
Bitbond is one of the major lending platforms in the worldwide markets for a small business loan. It uses blockchain technology to connect borrowers with institutional investors and individuals. Through innovating in the fields of credit scoring and payment, Bitbond makes financial presence a reality around the globe. Bitcoin blockchain is used to conduct payment transactions. Bitbond is a platform to get loans, which offers prospects to small business owners for acquiring a loan to grow their business. They get loans in the form of bitcoin and they pay an interest rate, which depends on the amount they have borrowed. This lending platform also offers an opportunity for investors with bitcoin to invest in these loans and earn an interest rate of 13%. Some of the loan types you can get contain bitcoin loans; prosper loans, private loans, and lending club loans.
What Makes You Eligible for Loan
Unlike a bank, loans applied in Bitbond do not require a collateral in exchange. It means that the platform needs to make deliberate steps to ensure to pay back the investors in full. The platform takes a review of your business to assess whether it qualifies for loan or not. For this purpose, the audited financial statements are not required. It is important to submit a filled borrower’s application. the platform then reviews this information along with business accounts such as eBay and PayPal. Approval or disapproval depends on your credit score, Residence County, personal business accounts, employment and payment history.
Why You Should Use Bitbond
There is some reason why you should use Bitbond. Bitbond charges a very low fee because it uses blockchain. The fees for transfer and exchange are avoided. Operating a Bitbond does not mean that you require a bank account. It is because Bitbond is a peer-to-peer platform where borrowers directly meet lenders. This benefits people in the undeveloped countries where there is a limited access to bank accounts. The platform also facilitates receiving money from investors from all over the world. It increases the possibility of quickly finding the critical money, which is required for the business. When you apply for a bank loan, it does not affect your credit score.
Bitbond Loan Interest Rates
The interest rates accrued on loans are not fixed. They depend on the borrower ratings and the terms on which both parties agreed. The interest rate of the platform varies from as low as 7.7% and as high as 25%. The platform also charges an orientation fee of 1%-3% for the first time on the total amount. This fee also varies with the length of services. Where there is a short loan repayment period, there is a small orientation fee.
Bitbond is an online lending platform whose purpose is to assist small businesses to get the funding they need. It achieves this through fiat currency or by using Bitcoin and meets its purpose rather successfully. Bitbond is growing steadily and is running for over six years, which gives it a confidence vote to company’s future. Bitbond best serve the small businesses who are seeking loans for their business.