Borrow on Bitbond in 3 steps
When you want to borrow on Bitbond you only have to complete 3 steps. Follow them through and you will be a happy borrower in no time. Especially compared with the lengthy process when you go to a bank.
1. Register as a Bitbond user
Registering is the easiest step. Enter your name, your e-mail address, your phone number and select a secure password. A secure password is very important because you have to treat your Bitbond account like you would treat an online banking account.
We have two-factor authentication in place but you don’t want other people to get unauthorized access to your account and see your balance. Once you completed the first registration step you receive an e-mail which asks you to confirm it. Again, this is important because your e-mail address is also your username. You will always log in to Bitbond with your e-mail address. After you have confirmed your e-mail, you’re ready for step 2.
2. Submit your personal and financial details
There are a few fields you will have to fill in. The first asks you to submit personal details like your complete name, date of birth, citizenship etc. Afterwards you are asked to connect your accounts. The more accounts you connect during the application, the bigger chances you have for a higher rating. You will also have to provide your employment info and contact details.
This is crucial to your rating because the more trustworthy and verifiable your statements are, the better your borrowing terms get. In this regard, when you want to borrow, a loan actually does have something in common with a bank loan. Your details are just as important. However, you have the advantage that it’s much more convenient to do this entire process online versus going to a branch.
This is how the personal data input form looks like:
The last part is your identity video verification.
3. Publish a loan request – the last step to borrow on Bitbond
When your borrower role on Bitbond is unlocked, you are ready for the third step. Log into your Bitbond account and click on ‘Get a loan’. You will see the following form:
Select over which term you would like to borrow and the loan amount you want to borrow. Note that a 6 weeks loan is the shortest one.
The amount on the far right side of the slider is the maximum amount you can borrow.
Afterwards, you will have to state the purpose of the loan. If you are not sure which category fits best, read the description under each category.
Next comes the description field of the form. Let your lenders know what you need the funding for. Here you have the opportunity to let your lenders know in more detail what you’re going to do with the borrowed amount.
You have a maximum of 1,000 characters for the description. However, the best thing is to be brief and to the point. The more specific you make your description, the easier it will be for lenders to decide if they want to invest in your project or not. Investors are cautious and they should be. So provide some background information. The best thing you can do is give a reference about a website of your business.
When you filled everything in, there will be a confirmation form. Check everything carefully and look over the payment schedule to make sure you have selected the right amount and the right term for your loan.
Please click on 'Next'. In the next step you will be able to select your payout method (Note: Please be aware that this step is only available to users in the SEPA region). Users that select bank account will have their loan automatically disbursed to their bank account. We recommend this option in order to avoid Bitcoin price fluctuations.
The final step of your borrower application will display your loan contract. You will have to sign it digitally. After that you will be able to publish your loan on Bitbond by clicking on 'Submit loan request'.
Mission accomplished – what’s next
When your loan is funded the auction is over. You can see a payment schedule under ‘Loans’. This helps you to fund your account on time before a payment is due.
This is how your payment schedule can look like: