The Basics Of Bitcoin Loans

With interest rates continuing to fall, it can be difficult to get a decent return on your money. Your savings accounts are not going to make much and neither are money market accounts. Real estate can be risky since it is so overvalued in many areas and many stocks are overvalued as well. This makes stocks and real estate risky to invest in. If you are looking for another option to park your money and get fantastic returns, you might want to consider bitcoin. Bitcoin is totally legal and this digital currency can be both borrowed and lent with attractive rates.

Bitcoin Loans For Borrowers

It is easy to apply for a bitcoin loan, but first, you are going to need a Bitcoin account. Set up your Bitcoin account at a Bitcoin loan site. Once you verify your information you will be allowed to go to the next step.

You will enter the amount of the loan that you want and how long you want to pay the loan back. You will also enter the interest rate that you want. The earlier you pay the loan off, the less interest you are going to have to pay.

You can save money by paying the loan off early. It’s often not a bad idea to get a guarantor. Every month you will have to pay interest on the loan and you want to avoid paying too much interest. If a lender is able to lend you the money with the terms and conditions you have specified, the loan will be made. When you take out a Bitcoin loan, it is crucial that you make all of your payments on time so your account remains in good standing. This will allow you to take out more loans in the future.

Bitcoin Loans For Lenders

If you own Bitcoin and you want to make some money with it, you might want to consider becoming a Bitcoin lender. The risk of high volatility is eliminated. Bitcoin, along with other cryptocurrencies, is already high-risk and lending Bitcoin is a low-risk way to use it and earn some healthy returns in the process.

Keep in mind that there is always the risk of the borrower defaulting on the loan. If this happens, you will lose your money. One way to cut the risk of the borrower defaulting on the loan is to limit how much Bitcoin you lend and do a credit and background check on any borrower you are thinking about making a loan to.

Best Bitcoin Loan Websites

With Bitcoin becoming more and more popular, there are more Bitcoin loan websites to choose from than ever before. Some of the best websites are BTCjam, BitLendingClub, and BitBond. BitLendingClub and BTCjam will provide you with updated loan listing information which includes the amount, interest rate, percentage funded, remaining time period and the annual interest rate that is expected.

You will also get information on the ratings and reputation of the borrowers and lenders. Bitbond is another trusted site that has made hundreds of loans all over the world. If you want to make a loan or get a loan, these sites are a great place to start.

Image Source: BitBond

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