Bitlending Club is similar to other lending companies, the only difference being, loan is funded in Bitcoins. You need not have any collateral, but will need to submit basic personal information such as name, age, ID cards, home address, pay check and pay stubs.
Applying for a loan through Bitlending Club
It is very easy to apply for a loan through Bitlending Club. Once you submit the required documents, the lender verifies your profile through social media or through an online Paypal or an Amazon account. The interest rates charged are lesser as compared to other lenders.
Bitlending Club also uses a bidding system where borrowers can place a request for loan. These loan requests are termed as bitcoins. Borrowers are given loan using bitcoins. It is an ideal way to get money for your startup from lenders. Once your business starts growing you can make small payments and pay-off the loan in full.
In short, Bitlending is a peer-to-peer lending that has made lending simple. With less documentation and quick turnaround time, you can expect the funds to be credited in your account within five working days.
Credit Score Requirements for Bitlending
Being a peer-to-peer lender, Bitlending believes in the present state of the borrower, instead of his/her credit history. Therefore, it approves loan no matter what your credit rating is. There are several online lenders who check a number of things before approving a loan. But, with Bitlending, it is up to the investors to decide whether you qualify for a loan for your business or not.
They are mostly short term loans and unlike traditional loans; you can opt for weekly or bi-weekly payments too. Doing so would make you save on the interest rate and other charges. It goes without saying that a good credit score would definitely fetch you a lesser rate as compared to a subprime credit rating. However, with Bitlending, you are sure to walk out with money provided your documents are in place.
Unfortunately, there is not much information available online. There are no details available on the existing interest rates for borrowers to compare and check. There are reviews that state that Bitlending also provides personal loans for home improvement and other personal expenses. However, it primarily lends for business purposes.
Comparing several lenders and banks before finalizing a loan, is what every borrower does. After all, applying for a loan is a long term commitment. There will be weekly or monthly dues that need to be planned carefully. It is therefore a necessity that Bitlending Club should also give out rates online, so that borrowers can compare and take a decision.
It has also been stated that borrowers who default on making timely payments are heavily charged in the form of late fees and other charges. Before you decide to opt for a loan, make sure you have understood all the terms and conditions of the lender. It is recommended to read the fine print thoroughly and only then apply for a loan.
Apply personal loans at other lenders:-
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- Freedom Financial Network:- Get fixed-rate loans with personalized rates and terms.
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- LendingPoint:- Apply for a Personal Loan up to $20,000 at LendingPoint.com!
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