How to Become Borrower on LendaBit.com?
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 LendaBit.com.
- 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 LendaBit.com account. You can use cryptocurrencies as collateral for your loans.
To get cryptocurrencies on your LendaBit.com 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 LendaBit.com wallet:
- Go to your personal wallet and find the “Transfer” option
- Copy and paste the cryptocurrencies wallet address you got on LendaBit.com
- 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 LendaBit.com 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 kraken.com, tether.to, bittrex.com, exmo.com, remitano.com, 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 LendaBit.com account.
Enjoy quick and easy loans on LendaBit.com – your chosen platform for blockchain-backed P2P lending.
Deniss has been in asset and risk management for more than 20 years in one of the top Latvian banks.
He is highly proficient in finance, investing, blockchain and startup development.
Being CEO at LendaBit.com, he is dedicated to solving company problems using impeccable judgment and critical thinking skills.