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What is LendaBit?
LendaBit is a fintech company that aims to utilise blockchain technology in its lending platform. The platform wants to help lenders maximize their returns from a reliable and secure lending tool whilst also giving cryptocurrency holders access to unlimited sources of cash whilst not having to sell any of their assets thus keeping it for future growth.
How does it work?
Lendabit is a platform that wants to reduce the risks and costs that are related to lending money online for both the lender and the customer. Lendabit achieves this by using a "continuous and robust" collateral process.
Customers and lenders can place loan requests/offers on the site and refine certain aspects including the interest rate, term and loan amount. All loans are secured using cryptocurrency as collateral which is always closely monitored to ensure full risk coverage at all times (as cryptocurrency value can dip at times). If the value of the cryptocurrency provided as collateral ever decreases, then the borrower will be required to add cryptocurrency to the site.
The collateral always remains properly of the borrower and will be returned once the full loan has been repaid to the lender.
Is it worth my time?
If you have cryptocurrency and are looking to get a loan, then LendaBit is a great platform to use as you won't be required to sell any of your assets and you will be able to choose an interest rate that both you and your lender can pick.
Furthermore, the minimum loan amount is 50 USDT, with the maximum being 200,000 USDT which makes the platform great for any user.
Lendabit also has an extremely low system fee for the borrow and the lender with it being 1% and 0.5% respectively, having been lowed from 3% and 1%.
And if you ever come across any issues or have any questions for LendaBit, you will be sure to get a quick response to your query as the customer support is extremely efficient with multiple channels of support available to all users.
Pros & Cons
LendaBit is a fintech company that aims to utilise blockchain technology in its lending platform. The platform wants to help lenders maximize their returns from a reliable and secure lending tool whilst also giving cryptocurrency holders access to unlimited sources of cash whilst not having to sell any of their assets thus keeping it for future growth.
How does it work?
Lendabit is a platform that wants to reduce the risks and costs that are related to lending money online for both the lender and the customer. Lendabit achieves this by using a "continuous and robust" collateral process.
Customers and lenders can place loan requests/offers on the site and refine certain aspects including the interest rate, term and loan amount. All loans are secured using cryptocurrency as collateral which is always closely monitored to ensure full risk coverage at all times (as cryptocurrency value can dip at times). If the value of the cryptocurrency provided as collateral ever decreases, then the borrower will be required to add cryptocurrency to the site.
The collateral always remains properly of the borrower and will be returned once the full loan has been repaid to the lender.
Is it worth my time?
If you have cryptocurrency and are looking to get a loan, then LendaBit is a great platform to use as you won't be required to sell any of your assets and you will be able to choose an interest rate that both you and your lender can pick.
Furthermore, the minimum loan amount is 50 USDT, with the maximum being 200,000 USDT which makes the platform great for any user.
Lendabit also has an extremely low system fee for the borrow and the lender with it being 1% and 0.5% respectively, having been lowed from 3% and 1%.
And if you ever come across any issues or have any questions for LendaBit, you will be sure to get a quick response to your query as the customer support is extremely efficient with multiple channels of support available to all users.
Pros & Cons
- Platform is available to all users from around the world without any restrictions
- Minimum loan amount of using 50 USDT and a maximum loan of 200,000 USDT
- Lendabit has a maximum lending period of 3 years giving you ample time to pay your loan back if the whole 3 years are picked when taking the loan.
