Bitbond is a global peer-to-peer bitcoin (BTC) lending company that allows users to sign up as a borrower or investor. Since Bitbond is exclusively based on the cryptocurrency bitcoin, the entire platform works without centralized banks, and instead, relies on the global P2P network. Borrowers gain access to affordable interest rates while investors receive profitable returns.
Bitbond uses no credit checks when borrowers apply for a loan. Multiple inquiries on your credit report can negatively impact your score. Even if you have no debt, a poor credit score can be the result of hard inquiries which stick around for years, making it more difficult to apply for anything. Loan terms range from 6 weeks to 5 years, with low interest rates starting at 7.7%. Your rating depends on the amount of information you are able to provide which proves your identity and reflects spending-behaviors.
Investors can bid small amounts of their BTC on any number of auctions. Auctions are the borrowers listing which must reach at least 60% of the goal within a 14 days. Investing smaller amounts of BTC on several auctions provides extra security for lenders while still earning a considerable profit. The amount an investor earns depends on each listing. Low risk loans have a lower percentage while high risk loans have a higher percentage.
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