LendaBit Review

P2P lending platforms are not a new phenomenon now. There is plenty to meet the needs of borrowers and lenders. LendaBit is a fintech startup to change the P2P lending industry. Our LendaBit Review will tell you more about this novel business model.

What is LendaBit?

LendaBit is an automated P2P lending platform that offers P2P lending and borrowing backed by the blockchain and BTC collateral without any credit checking. Loans are available against crypto collateral without any intermediaries. LendaBit imparts an excellent, easy and transparent service to lenders and borrowers by removing all the unnecessary steps in the lending process. LendaBit was launched in 2018, and since then it is providing unmatched flexibility to its clients with affordable interest rates, advanced security, and reliability.

LendaBit deals with financial services, investments, and crypto-backed loans. LendaBit is designed to fulfill the needs of both the borrowers and lenders. The borrowers avoid the hassle of paperwork and long approval times and get the fiat in a few clicks. The investors can earn higher interest as compared to the traditional bank deposits. This fintech startup has partnered with BitGo and provides 100% insurance coverage for all the supported cryptos. With more than 41056 global customers and 24149+ deals and offers, LendaBit is a secure platform with a top-notch IT team, advanced collateral risk management, and continuous product improvement.

Properties

  • P2P lending
  • IT development
  • Escrow
  • Blockchain
  • USDT loan
  • Smart contracts
  • Fintech
  • Bitcoin lending
  • Ethereum
  • Crypto investment
  • Loan against crypto collateral

LendaBit offers different loan amounts for different verification levels. Confused? Have a look at the tables below.

BTC Loan Amounts

Names Verification Levels

 Email ConfirmedIdentity + SelfieAddress
Minimum Loan Amount0.025 BTC0.025 BTC0.025 BTC
Maximum Loan Amount0.03 BTC0.46 BTC535 BTC
No. of Daily Loan Deals1UnlimitedUnlimited
No. of Monthly Loan Deals10UnlimitedUnlimited
Minimum Loan Term1 day1 day1 day
Maximum Loan Term3 years3 years3 years
Minimum Interest Rate0.1%0.1%0.1%
Maximum Interest Rate100%100%100%

USDT Loan Amounts

Names Verification Levels

 Email ConfirmedIdentity + SelfieAddress
Minimum Loan Amount50 USDT (OMNI)50 USDT (OMNI)50 USDT (OMNI)
Maximum Loan Amount300 USDT (OMNI)5,000 USDT (OMNI)200,000 USDT (OMNI)
No. of Daily Loan Deals1UnlimitedUnlimited
No. of Monthly Loan Deals10UnlimitedUnlimited
Minimum Loan Term1 day1 day1 day
Maximum Loan Term3 years3 years3 years
Minimum Interest Rate0.1%0.1%0.1%
Maximum Interest Rate100%100%100%

How LendaBit Works

LendaBit matches the financial demands of the borrowers and the lenders and connects them to enter a deal. Loans are collaterally secured and ensure risk coverage.

Let’s know about the working process of LendaBit for borrowers and lenders separately.

For Borrowers

To borrow loans on LendaBit, you need to:

  1. Sign up and provide all the required information correctly
  2. Get a wallet address for collateral
  3. Transfer collateral to the wallet address
  4. Now, it’s time to select from borrowing options
  • Put a loan request
  • Make a choice from a pool of standard loans
  • Search for the loan offers made by lenders and accept from them
  • After getting the loan, you can exchange the received cryptocurrency
  1. You will return the loan amount and the interest at the end of the loan term.

For Lenders

To become an investor on LendaBit you are required to:

  1. Get registered on the LendaBit platform and provide the identification and contact information.
  2. Obtain your LendaBit cryptocurrency wallet address
  3. Transfer the applicable cryptocurrency to your wallet address. If you do not have the valid cryptocurrency, you can buy it from LendaBit’s partners i.e. Kraken, Tether, Bittrex, Exmo, Remitano, or from any other exchange.
  4. Now, you can go with any of the available lending options:
  • Make a loan offer
  • Add to the pool of standard loans
  • Search for the loan requests made by the borrowers and accept them
  1. At the end of the loan term, you will receive the earned interest and the loan amount. You can withdraw it or lend it further to earn more.

LendaBit Features

Ease of Use

LendaBit renders innovative solutions by introducing an easy P2P loan application process that helps users to get the loan funds in a few clicks. There are multiple convenient lending and borrowing options with a sense of hassle-free accessibility and intuitiveness.

High Security

LendaBit provides high standards of security as all funds are protected by multi-signature technology, BitGo services, and two-factor authentication. All the transactions are verified and analyzed by crystalblochchain.com and DDos-attack deflection system is used to ensure sound protection for the users. Moreover, an email, SMS, or 2SV confirmation is needed to withdraw funds.

Transparency

LendaBit provides its customers with enhanced transparency and global access to P2P lending services. Crypto collateral is a security measure for investors and lessens the risks involved in lending.

Instant Loan Transfer

The lending process is secure and loans are transferred instantly when collateral is provided and both parties agree to the terms of the loan.

Loan and Lending Calculators

The loan calculator helps borrowers to calculate the daily rate per day, interest rate per year, and the USDT repayment amount according to the loan terms. The lending calculator will let the investors know how much they will earn with different loan terms.

Lendabit Calculator
Lendabit Lending Calculator

Affiliate Program

Anyone with an active LendaBit account can participate in the affiliate program. When a new customer uses the referral link and makes a deal on LendaBit, the referrer will win 20% of the system fee received from the deal amount.

LendaBit FAQs and Blog

The FAQs section consists of brief answers to the questions asked most frequently while the LendaBit blog with 76 detailed articles and pictures is a complete guide to use the LendaBit platform.

Unverified Users

Unverified users can also enjoy the loan facility as LendaBit offers a 300 USDT loan to its unverified users.

24/7 Customer Support

A dedicated and efficient customer care team is available 24/7 for timely support. LendaBit offers phone and email services.

Call support: +852 8198 0026

Email support: [email protected]

[email protected]

[email protected]

LendaBit Loans

LendaBit offers loans for:

  • Home Improvement
  • Home Purchase
  • Medical Expenses
  • Debt Consolidation
  • Dream Vacation
  • Auto Purchase
  • Business Improvement
  • Education

LendaBit Products

  1. Loan Wizard

Loan Wizard is an innovative solution that works like a wizard and enables borrowers to apply for a loan in minutes.

How Loan Wizard Works

  1. Amount

You just need to enter the loan amount or the collateral amount and the Lon Wizard will automatically adjust the loan amount. Loan Wizard only offers USDT cryptocurrency for the loan and BTC as the only collateral cryptocurrency to simplify the loan process to the highest degree. LendaBit will add more cryptocurrencies to the Loan Wizard in the future.

For Unverified Users

  • Maximum loan amount – 300 USDT/day
  • Deal per day – 1
  • Deals per month – 10

For Verified Users

  • Maximum loan amount – 200,000 or 535 BTC
  • Deals per day – Unlimited
  • Deals per month – Unlimited
  1. Term

Now, you will set the loan term ranging from 10 days to 1 year.

  1. Interest Rate

After setting the loan amount and loan duration, the Loan Wizard will show you all the necessary information including AIR (annual interest rate), principal loan amount, and the total repayment.

  1. Transfer/Address

The next step is to enter the valid USDT wallet address to transfer the amount, and agree to the Terms of Use. You should be very careful when entering the wallet address because, in case of an incorrect address, the loan will be lost.

  1. Crypto Collateral

Here, you need to send the collateral to the provided wallet address to finish the process.

  1. Checkout

Now, you will click the “checkout” button to complete the process.

Note: You will get a confirmation link via email. You will have to confirm the withdrawal by clicking the confirmation link.

  1. Loan Pool

Loan Pool is a pool where you can quickly access the standard loan offers. This pool is designed to accelerate the loan process as the deal is struck and a loan is made when borrowers accept loan offers or lenders accept loan requests.

How Loan Pool Works

How to Borrow from Loan Pool

Once you select the “Borrow From Loan Pool” option from LoanBuilder, you will follow the following steps.

  1. Amount

First of all, you will adjust the loan amount you want to borrow and the loan duration. You will see the relevant information i.e. collateral, total repayment here.

  1. Get Loan

After reviewing all the loan information, you will agree to the Terms of Use before clicking the “Get Loan” button.

How to Lend to Loan Pool

To place a loan offer to Loan Pool, you are required to follow the following steps.

  1. Go to Lending Dashboard

You will go to the Lending Dashboard by pressing the “Lend” button in the upper right corner.

  1. Lend to Loan Pool

When you are redirected to the Lending Dashboard, you will decide the amount you want to lend and the loan duration. Once you click “Lend To Loan Pool”, you can see all the loan details i.e. interest amount, repayment amount, and the collateral amount.

Before clicking the “Lend”, you need to check all the details and tick “I accept and agree to Terms of Use”.

  1. Credit Line

A credit line is a loan option that allows to borrow and flexibly repay money. LendaBit’s Instant Credit Lines offer a 0% interest rate for 45 days.

The main advantages of a credit line are:

  • Flexibility
  • Interest-free grace period
  • Automated use
  • Attractive annual interest

How It Works

  1. Signup

To use LendaBit Credit Line you are required to complete the signup process first by filling in the registration form, confirming your email address, and completing the verification.

  1. Deposit Collateral

To borrow from the LendaBit credit line, you have to deposit collateral. Once you deposit collateral, the credit line limit will be automatically adjusted and instant withdrawal of funds is available. You can get a loan of any amount within the credit line limit. LendaBit provides a 45-day grace period. When the grace period is over, there is a 22% annual interest rate.

LendaBit allows you to increase your credit line limit. You just need to add funds to your account wallet to increase the credit limit.

  1. Loan Repayment

Press the “Repay Credit Line” to repay the credit line and follow the instructions.

LendaBit Fees

System Fees

LendaBit charges a loan deal processing fee.

  • Borrower – 1% (from the loan amount)
  • Lender – 0.5% (from the loan amount)

Withdrawal Fees

CurrencyValueMin. Withdrawal FeeMax. Withdrawal Fee
BTC0.5%0.001 BTC1 BTC
ETH0.5%0.04 ETH20 ETH
USDT5 USDT/transact.  
USD4%5 USD 

Collateral Transfer Fee

LendaBit also charges a collateral transfer fee from the lender for loan deal processing.

  • Lender – 0.5% of the collateral transfer amount

LendaBit Competitors

PROS
  • No credit check
  • Convenient lending and borrowing
  • High security
  • Unverified users
  • Instant loan transfers
  • Referral reward
  • 24/7 customer support
CONS
  • Not available in the US
  • Loan Wizard supports only USDT and BTC
  • A small number of cryptocurrencies for loans and collateral
Add your review
We will be happy to hear your thoughts

Leave a reply

Finvestup
Reset Password
Compare items
  • Total (0)
Compare
0
%d bloggers like this: