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Bitbond Review: 10 Things To Know In 2017

  • 23 August 2017
  • James Njau

Bitbond has been in the business of bitcoins for a while now, leveraging blockchain technology to reach and connect institutional and individual investors with creditworthy borrowers who need small business loans. Some of the loan types you can get include bitcoin loans, private loans, prosper loans, and lending club loans. Frankly, the company happens to be one of the first global marketplaces to offer such a platform, making financial inclusion a reality across the globe.

Founded by Radoslav Albretcht (also the CEO), Bitbond is run by a German company that has been in the business of facilitating loans throughout the globe.

Image result for bitbond

To make it operational and successful, the company relies on an able and experienced team that work in synergy to see that nothing goes amiss. Some of the top managers include Jarek Nowotka (CTO), Mortiz Cremer (CFO), Chris Grudy (Marketing), Gareth Fuller (Developer), and Maciek Chudzinski (Business Developer, Katerina Tredafilova (Customer Support), and Micheal Baspinar (Sales).

You might wonder – just how many people have enjoyed small loans from bitbond? What’s kind of investment has been put on the table? Well, numbers don’t lie! When it comes to the figures, the company serves over 100,000 users, with more than 1,900 loans already funded. Amazing, right? Well, there’s more! The loan volume, by the time of writing this review, was over $3,000,000. Investors who decide to become part of this growing community are able to enjoy a cool interest of 13% with bitcoin lending.

5 Benefits of the Company

There are definitely a lot of things to like about bitbond but we are only going to cover 5 top benefits why this company has been the talk of town recently.

– Let’s start with the the investor’s side, because that’s where all the honey is. That’s right. If you decide to invest with Bitbond, lending bitcoins for small businesses, you are in for a deal of your lifetime. The company offers a cool 13% interest, allowing you to make good money on your investment. And no, there’s no limit; you are allowed to invest as many bitcoins as you can.

– Being an investor, no one controls you on which loans to fund. You have complete freedom to manually choose those that you want, or use a convenient tool called Autoinvest that lets you come up with a diversified portfolio, according to your own preference.

– Transparency is paramount when it comes to such a business, and lenders need to be assured of their returns when they invest. There’s no better way to keep both investors and borrowers happy than operating on a valid license and being regulated by relevant institution. Well, Bitbond is a fully regulated service, operating a license under BaFin, a German financial regulator. So no need to worry about your investment; it’s in safe hands!

– As a borrower, Bitbond gives you an opportunity to lift your ecommerce business, whether it Shopify, eBay, Etsy or Amazon. You can borrow up to $25,000 at 1% monthly, with terms ranging from 6 weeks to around 3 years. 

Loans – Bitbond

The process of application is pretty simple; all you need to do is go the company’s official website, enter your personal details, connect your business account, enter contact details and place of residence, upload proof of income and identification, and you are done!

– Bitbond is based in Germany, but it doesn’t just operate locally; it reaches people to all corners of the world, giving more people an opportunity to grow their businesses and invest in a worthy course. You might not believe it, but yes, the company’s users (those who have already secured loans) come from more than 120 countries worldwide!

Top 10 Questions Asked About the Company

There are common questions that people ask on the platform before they can decide to engage the company for a loan or offer an investment. We have compiled them to provide you with useful information about the company and its operations.

  • What exactly is Bitbond?

Bitbond is basically a lending platform that offers opportunity for small business owners to secure loans to grow their online businesses. They get the loans in form of bitcoins and pay an interest rate depending on the amount they have borrowed. The platform also offers a business opportunity for investors with bitcoin to invest in these loans, earning an interest rate of 13%. In simple terms, the company connects both borrowers and investors using blockchain technology.

  • How does Bitbond work?

In simple terms, Bitbond allows investors to diversify their portfolio and invest in bitcoin loans. Borrowers are then offered these loans at low interest with favorable terms.

  • What’s the interest rate?

The total interest rate varies from one loan to another, and is calculated based on the time over which bitcoins are borrowed. If we take, for instance, a 6 week period, the interest (13%) per annum) is paid to the investor at the end of the period.

Interests – Bitbond

From the borrower’s perspective, one pays a fee calculated as a percentage of the loan amount. In simple terms, it’s just the cost of borrowing, which starts from 1%.

  • How do you earn interest if you have bitcoins?

Simple! Just complete video verification online, making sure you present a valid ID card or a passport. Once you are done with this process, you can then fund your account, browse listings, and use the funds to lend. You have the freedom to spend them or withdraw as you please!

  • How do you get a loan?

Again, this is a simple process. Just go to the company’s official website, enter your personal details, connect your business account, enter contact details and place of residence, upload proof of income and identification, and you are done! You will be informed via email if you are approved and the loan will be funded instantly.

  • Can you replay the loan earlier than expected?

Unfortunately, this is not possible for people under the 6 week term agreement. However, the company allows you to make early repayments ONLY after you make the first loan payment as scheduled (for those with longer periods).

  • What happens when a borrower does not pay or delays payments?

Upon application, Bitbond does a thorough check on the borrowers to ascertain that they are able to make the payments in time. However, in cases where payments are overdue, a member of its team reminds the borrowers frequently, making sure they get in touch with them individually. The company also has a rating system, and borrowers who fail to honor their part of the deal get a negative rating, something that makes their borrowing terms deteriorate.

Should the payments fail to be made for over 90 days, then the loan is considered as default, in which case claims are passed to debt collectors. This means that the borrower suffers negative legal and economic implications.

  • Has Bitbond successfully funded loans?

Bitbond has been in operation for several years now. It has over 100,000 + users, and already disbursed more than 1,900 + loans. According to the company’s statistics, this accounts to more than $3,000,000 in loan volume. So yes, Bitbond lives to its words!

  • Who is Bitbond for?

Good question. Well, Bitbond is a platform for those who have online businesses and are in need of a loan to grow and expand. Those who have bitcoins or want to invest in this ever-growing business can also invest them and fund loans, earning a cool 13% in interests.

  • Is the company regulated

The simple answer is YES! Bitbond is a financial service provider fully regulated by BaFin, a German financial regulator.

About James Njau