An easy bitcoin loan is an excellent alternative to a traditional loan such as PersonalLoans.com because you do not have to have good credit to get a low interest loan. With an instant bitcoin loan you do not have to have a credit score (with a credit bureau), nor you need to prove your creditworthiness. With a bitcoin loan, you don't prove your reputation, you build it. Bitcoin lenders have created internal reputation systems that are independent and you create your reputation within the community.
Getting a loan in bitcoin is not too difficult. Once you established your reputation in a platform, you are likely to be trusted by others and overtime you could even be lending bitcoin yourself. Some lenders offer a fast bitcoin loan. Some offer instant bitcoin loans, with other bitcoin loan sites offering bitcoin micro loans. There is no such thing as getting bitcoins without verification nor a free bitcoin loan. What exists are low cost loans. Bitcoin is so profitable that lenders can afford to offer low interest rates to borrowers.
- Read the table comparing all major bitcoin lending sites below. Some have bitcoin loan interest rate lower than others.
- Make sure you have all the necessary documentation handy, so you can start the reputation building process correctly and get the lowest bitcoin loan rates. To take out the best bitcoin loan online you will go through verification steps which may include a video call with an agent.
- Understand how to build reputation. Built it properly so you can get a bitcoin loan you want. Once all of the documentation is provided and verified, the next step in your bitcoin lending journey is to build reputation in the platform you chose which includes keeping in touch with lenders and answering questions they may have regarding your fast bitcoin loan.
- Buy bitcoin with loan, convert your bitcoin into currency, buy alt coins, do anything you want with your fast bitcoin loan. If you want to borrow bitcoin instantly, do all of the above!
How to get easy bitcoin loans
Remember: you do not have to have a credit history to borrow bitcoin.
Bitcoin loan platforms: a side by side comparison
| What | NEBEUS.COM | BITBOND.COM | GETLINE.IN | BTCPOP.CO |
|---|---|---|---|---|
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| Pros |
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| Con |
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| Location | London | Berlin | Warsaw | Marshall Islands |
| Require-ments | name, last name, country of residence, email, password | name, last name, email, number, password | email, password | user name, email, password |
| Types of loans |
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Pegged to fiat and locked to bitcoin | Line of credit | Personal, personal with collateral, instant loans, business loans, IPOs, bonds, instant with collateral. |
| Fee struc-tures | 10% on profit of lender |
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30% on profit of lender |
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| Rates | 0.01 ~ 3%/day, depends on lender | Depends on borrower's reputation score | 0 ~ 1%/day, depends on lender | Variable, depends on borrower & lender |
| Terms: | ||||
| Min. Invest-ment | 0.001 bitcoin | 0.01 bitcoin | 1 Satoshi | |
| Min. Loan | 0.005 bitcoin | 0.1 bitcoin | 0.01 bitcoin | |
| Max Loan | Depends on the borrower's reputation score. Max first loan is 0.5 BTC, second 5 BTC & third 10 BTC. |
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Depends on the reputation system. Minimum 0.5 BTC | 500 bitcoin |
| % defaults | +40% | +30% | ||
| Risk/Yield | ||||
| Funded Loans | +30/day | 1,850 plus | ||
| Total loans awarded | +2mi USD | +200 bitcoin | ||
| Countries: | Worldwide | Worldwide | Worldwide. Restrictions for Cuba, India, Iran, Nigeria, North Korea, Poland | Worldwide |
| About | Nebeus is an online bitcoin lending platform. It offers lending, trading & remittance services. This is a UK based company. Its founders are Sergey Romanovskiy and Igor Chelnokov. | BitBond is a P2P Bitcoin lending platform. This is a Berlin based company. The founder is Radoslav Albrecht. | Getline is a bitcoin lending platform. It is based in Warsaw. The founder is Kacper Wikieł. | BTCPop is a bitcoin lending platform & altcoin exchange. It is a UK based company. The founder is Lee Bartholomew. |
| Get a Loan | Visit NEBEUS.COM | Visit BITBOND.COM | Visit GETLINE.IN | Visit BTCPOP.CO |
Before you take out a bitcoin loan: Do you know what is Bitcoin?
Bitcoin is a digital currency. It exists online and does not have a central bank monitoring it. This allows the value of the currency to fluctuate with the market. Of course, the value of bitcoin has continued to increase since its inception, and there is no real sign of it slowing down. Of course, because there is no monetary regulations it does mean it can drop, potentially, without any warning. However, without governments becoming involved with the currency or the variables associated with exchange rates, bitcoin has quickly become a favorite for individuals looking to make both purchases online and obtain items internationally where they would typically be charged an international exchange fee. This makes bitcoin especially desirable, so if you want an online currency that likely will increase in value rapidly, bitcoin is the answer.
Bitcoin Lending: What are some of the best platforms?
Bitcoin lending platforms are places one can go to either borrow or lend bitcoins. Similar to normal banks, the borrowing party offers loans to lender at specific interest rates. These loans are P2P (peer-to-peer). It means that the website is a facilitator of these transactions.
- Better rates
Lenders do not pay a fee. Borrowers pay something between 1% and5%. - Faster approval
The money lends on your account much faster. Banks are very bureaucratic and therefore take longer to approve a loan. - More financially advantageous for lenders
A lender gets a better return on investment. With rates being anywhere between 3 and 7% per month, they are impossible to beat with the normal banking world. - Individually approved loans (by hand)
Being a risky proposition, bitcoin lenders approve loan submissions by themselves and checks are manual. This greatly reduces the possibility of a scam.
What do bitcoin lending platforms do that is good?
The job of a good bitcoin lending platform is to make the entire process as easy as possible for people - for example - making the process more secure, transparent and overall helping people to have access to capital.
There are several advantages of p2p bitcoin loans over banks:
- A business idea:
You perhaps have a great business idea and could benefit for a bitcoin loan. You already have a business and needs to invest a bitcoin loan into hiring additional sales staff to take advantage of an upcoming strong sales quarter. Perhaps you need to buy stock but - being an independent business owner - you do not have access to normal credit because your credit history is minimal. These are all real possibilities and they need to be discussed with your lender. - Buying crypto-currency
You have the data to support an idea: that an specific cryptocurrency will go up soon but you do not have the funds to invest. - Crypto mining rigs
You live in a country where energy is low cost but buying GPUs are expensive. Or perhaps you already have a mining operation but you want more hashing power.
What can a borrower do with borrowed bitcoin?
Like with most normal loans, borrowers can do anything but they are usually tying the loan to specific endeavours such as:
All other normal business dealings such as debt consolidation, refinancing credit cards, vehicle financing, medical expenses and so on are not what bitcoin loans are for and your loan request is likely to be rejected.
- Government issued ID
- Verification of a credit card
If you have been paying your credit card on time and you can prove that, it will help. - Social media connections: all your social media accounts will be verified and it is important that they are active. These prove to the lender that you are a real person, with real friends and real activity and purpose.
- Paypal, Transferwise, other online accounts
These help prove that you have been paying your debts and doing normal business dealings with people. - Address verification
Please submit your latest apartment lease, utility bills and so on. The more the better. - Income verification
This is very important. Without proof of income, nobody will lend you money. - Email verification
What do you need to apply for a Bitcoin loan?
You will need to get your account verified and make sure you have a lot of data showing that you are a normal and honest person. After that, you will need to post a convincing loan request and wait for someone to fund it.
Loan sizes and repayment periods vary. You can get a loan as high as a few thousand dollars to (rarely) hundreds of thousands. Repayment can be like a normal loan, such as a 5 year repayment.
Bitcoin loan platforms will only lend money to people living in countries where bitcoin loans are regulated. In order to get a loan cost bitcoin loan, you will have to do verifications of all types and create trust with the community (the platform). You will be ranked and scored against a list of criteria.
You will be required to have a series of documents:
What if a bitcoin loan defaults?
If, as a borrower, you fail to repay your loan, you will be contacted by an arbitration company. Their job is to get lawyers involved and find a way to get the lender's money back. Beware: arbitration is not effective if the borrower and the lender are in different countries.
- Do everything you can do build trust in the community and in the platform. Do your reading.
- Pay off your debts. You won't be successful with bitcoin loans if you have outstanding debts
- You will be investigated. Do not try to fool people. There are some smart people in this business and you may be getting pay back by someone that knows how to expose a fraudster online.
- Don't borrow more than your ability to pay.
- Tell your story in full. Do not lie and add as much detail as possible and try to make sure the lender understands your needs.
Bitcoin lending tips
Bitcoin loans: how do interest rates compare?
Normal banks make the decision of whether or not grant a loan based on your credit score and your history with the institution. If you have a small business that regularly makes money and pay its bills, you are likely to have instant credit in the millions. This is true anywhere in the world: if you have money, you have access to credit. If you don't, access is more difficult.
With bitcoin loans it is the same, except you won't be scrutinized as much using your credit history as a basis. Here is the good news: you can get bitcoin loan rates similar to traditional bank loans if you had good credit score.
Annual interest rates average around 20% or so, which is excellent for most people. It is not only economical, but faster too. Because the loan likely is approved by an individual, it will be approved faster. Instead of taking a month, it may be as fast as a few days.
How to get a bitcoin loan with Btcpop: the basics
- Identify verification: use the same name and address that is shown on your documentation.
- Address+: for some users it will be required that you receive a letter from BTCPop to verify your address. This service will cost $3 and it is mandatory for some score levels and for countries with little access to address verification from federal governments.
- SMS verification
Please verify your phone number correctly and you will be required to have your own number. - Drivers License
- Selfie: Picture of yourself with code
- Passport
- Income (must be with in 3 months)
- Identity card
- Video
- Address (utility bill within 3 months through postal system only)
- Set profile picture. Make sure you have a bio, a picture, some links, anything. The community wants to loan to people that are real and have a history.
- Invest. Loan money yourself, regardless of how small it is. You will learn a lot, get emails with tips and have a history with the platform.
- Comment, chat, interact in the forums. If you help others, it means you are knowledgeable and therefore worthy of some reputation that is based on how much you know. People appreciate attentive, caring and patient people and that should reflect well in your scores.
- Instant and Instant Collateral Loans. It is probably a good idea to start with these since they will build some reputation and they are easier to work with than investor funded loans. The loan will be very small. You can increase your limit by adding collateral. Use the collateral as this will create higher limits. Pay early and on time to get even more reputation points. Note: these are expensive in comparison and they make it the reputation building process more costly.
- Custom loans. GO to the Apply button and select Get a Custom Personal Loan. Make sure that you fill out everything and add all the information that is requested.
- Never cancel the listing. If the market disliked the loan request, let it expire then open a new one.
- Answer questions promptly and correctly. You have to sound intelligent and thorough so you inspire confidence.
- Be thankful. Make sure you comment, thanking investors about loans including a loan that was not approved. Share your plans of how you want to go about creating another request.
- Have funds ready 3 days in advance! Because of how the bitcoin blockchain can have delays (because of backlog), make sure your funds are available beforehand. If possible, pay early.
- Late payments. Avoid them at all costs. There is a late fee and the red mark will be on your profile forever.
- Tell investors if you are going to be late. If an emergency creeps up, make sure you tell people in the comments. Do not be shy as this can make you look good even in a bad situation.
- Make partial payments. Pay anything is better than paying nothing. Even 10% is still better.
If you want to take out a bitcoin loan with BTCPop.co here are the general steps.
Create an account
First create a username and a strong password. Pick a good user name as it gives your credibility. Do not pick a silly name as this will make it harder for people to trust you. After creating an account with your email address, you will login with the username and the password you generated.
Get Verified
A verification process confirms that you are the person you are claiming to be. Nobody will loan you bitcoin without identity verification. To get verified with BTBPop, go to your profile and press the Get Verified button. Do as many verifications as you can as these will dramatically increase your chances of loan approval.
Document uploads
Social media accounts
You need active social media accounts. Without proper accounts you are unlikely to be approved.
Build your reputation
Reputation of a person - similar to bitcoin as a financial exchange medium - is gained with its peers and it is not cheap, quick or easy. See some methods to build reputation within the platform. These won't guarantee a loan. That decision is for the market to make.
Have some collateral.There is no easier way to get your reputation building going like having some skin in the game yourself. Take out some collateral loans and make sure you repay them 100%. If you have 1 BTC, take out a 1 BTC loan. Collateral can be shares or altcoins. With Shares: Companies/users can list their shares on the platform and these are securely held by Btcpop. All shares have a market price, represent a stake, etc, like any other share in a traditional stock exchange. The best kind of share you can have is a Btcpop share. With alternative coins: Btcpop has over 100 altcoins available in its exchange. You can use any of the altcoins as collateral for a bitcoin loan.
Another way to buy some reputation is to port it. If you have already build a strong reputation in other platforms, share that information with Btcpop. Links to loan listings, PDFs, screenshots, etc. The more proof the better.
Get another user to vouch for you.
This is another great way that will help you build some reputation in Btcpop's system. If you know anyone that already users Btcpop and this person has strong reputation in the system, their help will go a long way.
Participate in the community.
Being a community, Btcpop relies on its users to grow. If you are seen positively by your peers, you are likely to easily get approved by loans. This is something that lenders will be looking into.
So here is what you need to do regarding community participation:
When to take our your first bitcoin loan with Btcpop
It is recommended that you wait at least a week before requesting a loan to build reputation. Learn the site, participate in loans and make sure you are in it.
There are 2 methods of taking out a loan:
Managing your loan request
Give it some time and allow investors to review it before making changes. It is a good idea to encourage questions and answer them promptly!
Some tips
Paying back your bitcoin loan with Btcpop
It is paramount that you keep track of dates, so you know when the loan is due. Late payments are harmful and should be avoided at all costs. To access your loan, visit the PAYMENTS OUT tab under your account.
Remember that it is important to realize how expensive a loan can be and how it is important to be responsible regarding your bitcoin loan. Any of these loans, if unpaid, can become financial nightmares as you will never again be able to take out a loan in bitcoin. It is likely that in the near future companies will share data with each other and cross reference everything to avoid fraud and a high default rate.
How to get a bitcoin loan with Bitbond
How to take out a bitcoin loan with Bitbond: first steps
The bitcoin loan with bitbons is done in 3 simple steps. Just follow these and you will be a borrower. It is much faster than a bank.
Register yourself as a user of the Bitbond platform
Enter your name, email and make sure you select as secure password. You must treat your bitbond like you treat your bank account, so a strong password is very important.
It is possible to use 2-factor authentication with bitbond (where you need to confirm the login with your phone). After the initial registration you will be asked to confirm your email address, you you can do by checking your email address. Your email address is also your username and this is what you do to login. Once this is done, you can go to step 2.
Submit personal data & financial information
Bitbond needs to confirm who you are, where do you live and where you are from and if you are able to pay back the loan. Therefore it is paramount that you upload all of the information listed here.
Financial information is particularly relevant because this is what it used to proof that you are trustworthy. The more verifiable your information is, the more trust you have in the system. THis process is very similar to getting a loan with a bank, with the bonus of convenience since you don't have to visit a branch.
Once you upload all the documentation requested, you will need to go through a video verification. This process is done with an agent hired for this purpose. You will be requested to show your passport (or valid ID) and the agent will take pictures of it in various ways and it may even take a video of you as well. Without a webcam or a phone/tablet with a camera you reduce your chances of successfully taking out a loan with Bitbond.
Also, please make sure that you present a utility bill that is recent. Bills older than 3 months will not be validated. Once verification of data is done, you will be informed of the results via email.
Create a bitcoin loan request – this is the last step
One your borrower privileges are unlocked, you can move to creating a loan for yourself. GO to your account and click on Get a Bitcoin loan. You will see a form that you will have to fill out.
Select the loan term, how much you are borrowing. 6 weeks is the shortest loan available. A Single repayment loan is when you pay the entire amount after 6 weeks plus interest. All other loan types have installments.
The amount shown next to the term is the max loan amount and that is calculated for you. Do not borrow beyond that.
There is also a portion of the form that allows you to tell Bitbond what the loan will be used for. There are many categories available. If you are not sure, read the instructions present on the screen.
Finally, you will be asked to describe the reason for needing a loan. Let lenders know your story in detail and make sure you are reasonable and honest. This is a community: if you don't repay you will be carrying a red mark on your profile for life. Be brief and clear which will make things easier for lenders. Provide with background information, links, profiles and anything that creates credibility to your proposal.
After filling in everything, you will see a confirmation form. This is important because it allows you to double check your information. Click on Show Payment Schedule after to make sure you have selected the correct amount and repayment term.
Click the confirmation ‘Get a Bitcoin loan’ then click publish. This means you are done. Now bitcoin lenders will be able to see your listing and decide if they want to invest. In your account, find your loan request under "Loans".
Bitbond: how to get approved
Next Steps
Once your loan is funded, your loan amount is credited to your bitcoin wallet within Bitbond. You can see your funds under the tab "funds". You can also see your payment schedule there. Make sure you have funds on time (2-3 days early).
- Paxful
- LocalBitcoins.com
- Yikes
- Coin Check
- Salt
- Bitfinex
- Xcoins.io
- Kiva bitcoin micro loans
- Bitcoin margin lending with Poloniex. Advanced users can create steady income with Poloniex as explained here.
- Bitcoin loans Reddit. Yes it is possible to get bitcoin loans reddit (here is another sub), perhaps even an anonymous bitcoin loan but that is unlikely.
More bitcoin lending platforms
How to get a bitcoin loan with Getline.ai
How to get a bitcoin loan with Poloniex
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- The best bitcoin loan forum
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- Cryptocurrencies are reinventing credit
- The personal loans blockchain
- blockchain credit lending
- Gambling your life's savings on bitcoin
- Accidentally making 13 million buying a house with bitcoin
