This Bitcoloan Review is meant to show you what the ‘lend and earn company’ is all about. At the end of this review, I will try as much as possible to answer questions related to “Is Bitcoloan legit or scam?. Let’s go!
Table of Contents
What Is Bitcoloan.com All About?
Bitcoloan is a platform that deals with/serves as intermediary between people who are interested in LENDING money in form of cryptocurrency to others AND people who wants to BORROW.
On Bitcoloan.com, you can a crypto loan in just a few minutes with daily interest rate starting from 1.5%.
As determined with calculator on their website, if you borrow $10 from the platform, you have to pay back $13.60 in 30days, $18.10 in 60 days and $23.50.
Don’t get confused, I meant you can choose to pay back in 30 days… or maximum of 90days, the more the number of days, the higher you’ll pay back because of the daily interest adding up.
How Does Bitcoloan Work?
Since this Bitcoloan Review is meant to show you almost – if not everything the platform is all about…Here are just the things that goes on in the platform:
Get A Loan
I think this is the primary work of the platform. You can get a loan with no paperwork . They claim you can get your loan within few minutes.
Earn (By Lending)
When you borrow money from the bank, you won’t pay exactly the amount you borrowed right? Instead, you will pay higher – depending on the interest rate of the bank and also the time you used in paying pack the money. This system works same way.
I sign up there, deposit and then lend someone my crypto asset – In return, I get back some Interest (together with the amount I lent him, of course). So, that’s just how the earning aspect works.
There’s another way you can earn though – and that’s by referring others to join the program. “So how much do I earn for referring people to join Bitcoloan?
When you invite friends to join BitcoLoan.com and become lenders. You will profit from every friend’s loan and loans of those they invited!
How can you get higher chances of being the ‘loaner?’
Simple!!! Increase your rating and get a better offer for loans and profit.
Continue following this Bitcoloan Review to answer your “Is Bitcoloan Legit or Scam?” Question.
Benefits Of Bitcoloan.com
Here are the reasons why the platform thinks you should join them:
Save Crypto: You don’t have to sell your crypto. Deposit it into your account and save its value.
Long-Term Loans: Good for any purpose. Get a loan for a term of 1 to 3 months.
No KYC: No proof of identity or credit history required.
Quick Loans: Thanks to our algorithms, getting a loan won’t take more than 10 minutes.
Low Interest Rate: The lowest interest rate among banks and crypto lenders starting from 1.5% a day.
No Approval: No need to wait until the loan approval since loans are issued instantly.
How To Get A Loan On Bitcoloan.com
Here are the steps involved in getting a loan from the platform:
Create an Account: Create a free account in a few clicks
Make a Pledge: Deposit the desired loan amount into your pledge account in Bitcoin
Apply For a Loan: Fill in the loan form and wait for the money to go into your account
Withdraw Funds: Cash out funds to your wallet in Tether USD
Is Bitcoloan Legit? Well we are yet to find out but we will at the end of the Bitcoloan Review
How To Deposit On Bitcoloan.com
To make a deposit, you will have to visit the “Deposit” section in your Dashboard. Here you can find a special window where you set your own loan terms; then the system finds you a relevant Individual loan.
- Enter the amount you want to invest
- Set the loan term
- Click or tap on “Find Borrower”
The system will automatically find you a borrower and activate the loan.
The minimum loan amount is $10 with between a 10 and 90 days term. Your profit percentage depends directly on your account rating and the loan term.
You can issue an unlimited number of loans. Your daily profit will be automatically added to your Balance and displayed in the Transactions section of your Dashboard.
Once the loan terms has expired, the whole deposit amount will be refunded to your Balance. You cannot withdraw this amount until the loan term expires. However, your daily profit is available for withdrawal at any time.
The Business loan terms are different. The loan term is between 90 and 360 days; the minimum investment amount is $100. Profit percentage may vary depending on a given loan terms. You can always find relevant information about a particular Business loan in its menu.
A Business loan is a group loan – it involves the whole group of lenders that raise the necessary loan amount. You can invest in such a loan an unlimited number of times until the whole amount is raised.
You Business loan profits are also automatically added to your balance and displayed in the Transactions section of your Dashboard. Once the loan terms has expired, the whole investment amount is refunded to your Balance and becomes available for withdrawal.
In order to invest a in a Business loan, you need to select the loan you’re interested in and and enter the the amount you’re willing to invest. Then use the “Create deposit” button. Your daily profits will be credited to your account every 24 hours.
You might have noticed an additional profit percentage added to the loan terms. This percentage depends on your account rating. Every 0.1 rating score gives you an additional 0.01% to your profits. Is Bitcoloan Legit? Keep reading!
To register on the platform is totally free but you will need to provide information such as:
- Email Address/Mobile Number
To login on the platform, you need to provide your:
- Email Address or Mobile Number (Depending on the one you used during registration)
Bitcoloan App Download
For easy tracking of your loans and earnings, you can download the bitcoloan.com mobile app.
Here are more thins you can do with the bitcoloan.com app
- Manage Your Loans Anytime, Anywhere: Fast & convenient access to your account
- Keep Track of Your Portfolio: Review and manage your profile on the go
- Trace Your Performance: Just one glimpse and you’re up to date
- Check Out Your Impact: Find out more about the borrowers you’ve given a hand
Is Bitcoloan Legit? (Bitcoloan Review)
To end my Bitcoloan Review, I’ll summarize what I know. Is Bitcoloan Legit? Continue reading
First of all, they claimed they have 12million+ borrowers from all over the world
- 18M+ Lenders worldwide
- 3M+ Being Borrowed Daily
- $1,200 Average Loan Amount
How could they have generated such huge audience within a short time? Because I checked their domain registration date and found out it was registered on 2020-07-04. Though the domain will expire on 2023-07-04 which means they might have long term plans, but still, they couldn’t have gotten that huge stats within a short period.
Secondly, there are no details about the founder on the platform.
Also, if I want to borrow from them, I have to provide collateral… If I have collateral, why would i need to borrow!!!!? Well…
As with a bank loan, where you provide as collateral your car or apartment that is equal to the loan amount or even exceeds it, crypto loans allow you to preserve your assets while benefiting from its value with no risk of losing it.
Cryptocurrency is, first of all, an investment asset selling of which means losing the potential profits. If you provide it as collateral, you preserve your assets and benefit from them at the same time.
Besides, crypto lending offers you the most flexible terms and saves lots of your time. You won’t have to provide any documents or wait for the approval. The process is quite swift and requires no paperwork.
Okay, what if I lent someone my money and he refuses to pay back?
On BitcoLoan, lenders’ investments are always backed up by collateral frozen in the borrower’s account. If the borrower fails to fulfill their financial obligations, BitcoLoan compensates the investor with the amount invested in the loan.
Borrowers’ funds are protected by the general company’s security measures and are not exposed to any risks is case of timely and complete fulfillment of all financial obligations to the lender and company.
They have pretty good reviews on trustpilot which means they are legit, at least for now… I guess I’ve answered your “Is Bitcoloan Legit” question. Please leave a comment if you don’t agree with my Bitcoloan Review and you have different opinion.
Please note that My Bitcoloan review is not meant to defame or popularize the platform. It’s meant to answer the “Is Bitcoloan Legit” Question you might have.