It is happening! Splendid news to all LendaBit.com platform users — a new and flexible-borrowing feature has been rolled out! Meet super convenient and smart Credit Line!

You may wonder — so, what is the difference between traditional P2P loans and credit lines? In the first case, a borrower is able to borrow a specific amount of money (for instance, to make a big purchase) that is repaid with interest in regular payment over a fixed term. Conversely, a credit line is a borrowing option where you are automatically assigned a credit line limit that you can continue to use and re-use based on your credit needs. Here, BitGo, the world’s leader in the storage of digital assets, acts as a guarantor of safe and reliable crypto storage services and ensures $100 million insurance for all supported currencies. You are charged interest only on the amount that you use. It is a more flexible way to borrow and is a great option for home renovations, education, paying off higher interest debt, etc.

Let us outline the main advantages of credit lines:

  1. Amazing grace period — 0% interest rate during 45 days! Grace period is a length of time after the due date during which interest-free Credit Line repayment can be made. No late fees are charged and no risk of collateral transfer!
  2. Credit Line duration — 2 years. Once the borrowed funds are paid back, that amount is again available for you to borrow. You can personally choose when to take out the money, pay it back and repeat, as long as you stick to the terms, including paying off what you borrow on time and in full.
  3. 22% annual interest rate after grace period expiry. You will only pay interest on the credit when you borrow from the credit line.
  4. Fully automated Credit Line limit adjustment. The funds are instantly available for a withdrawal without any additional approvals! Credit lines provide borrowers with access to money “on demand.”
  5. Guaranteed crypto security powered by BitGo services. Advanced BitGo’s custodian services guarantee safe storage of funds and high liquidity.

The main advantage of credit lines is the ability to borrow only the amount needed and avoid paying interest on a large loan. Credit lines possess built-in flexibility and allow to adjust repayment amounts as needed, based on the current budget or cash flow.