How It Works for Borrower

Here are five easy steps to become a borrower:

Step 1: Registration and verification

It is very easy to register on

  • Click “Sign up”
  • Type in your email address and password
  • Click “Create Account”
  • Check your email to activate the account

You may also sign in with your Google Account or Facebook.
Once you register, you need to verify yourself.

Click on “My Account” and “Settings” to open the “User Verification” field.
You need to upload the following photos or scans:

  • A valid identity document
  • A proof of residence
  • A selfie with your ID

All scans must be clearly visible, uncropped, in color and free of objects such as clips and pencils.

You may also add automatic logouts and 2-step verification for more security.
And that’s it. Shouldn’t take longer than 10 minutes.

Step 2: Obtaining wallet address on LendaBit

To start borrowing, you need to have a sufficient amount of cryptocurrencies on your account. You can use cryptocurrencies as collateral for your loans.

To get cryptocurrencies on your account, you need to get the cryptocurrency wallet address first. Here’s how you can easily do it:

  • Log in and click “Wallet”
  • Go to “Deposit” tab
  • Select the preferred type of cryptocurrency
  • Click “Get Address”

Now that you have a cryptocurrency wallet address, you’re ready for the next step.



Step 3: Transferring cryptocurrencies to LendaBit wallet

Here is how you can transfer cryptocurrencies to wallet:

  • Go to your personal wallet and find the “Transfer” option
  • Copy and paste the cryptocurrencies wallet address you got on
  • Send the desired amount of crypto assets to that address

Congratulations! You can now make your first loan deal.

Step 4: Receiving a loan

You have three options as a borrower:

  • You can borrow from the pool of standard loan offers
  • You can review and accept loan offers placed by lenders
  • You can make a loan request on your own terms

Once you receive a loan, you can withdraw USDT from account to your personal wallet. Just go to “Wallet” and “Withdraw”, type in the amount, insert your wallet address and click “Withdraw”. You will then get an email to confirm the withdrawal. Make sure to double check the wallet address you indicated.

After withdrawing a loan, you can exchange USDT into fiat with our partners, such as,,,,, etc. This is how you can usually do it:

  • Register and verify your exchange account
  • Choose to convert USDT to fiat
  • Select a withdrawal option that works for you (direct withdrawal to your bankcard, a wire transfer, etc.)

Please make sure to check the rules of your chosen exchange platform.

Step 5: Repaying the loan

You need to transfer the required principal and interest amount before the loan term expires. Once you repay your loan, you will get the collateral automatically returned to your account.

Enjoy quick and easy loans on – your chosen platform for blockchain-backed P2P lending.