How to Become Lender on LendaBit.com?
How It Works for Lender
Here are five easy steps to become a lender:
Step 1: Registration and verification
On LendaBit.com, the registration process is almost instant. All you need to do is enter your email address and create a password. You can also use your Facebook or Google Account.
Once the registration is complete, you can proceed to verification. LendaBit.com requires the following photos or scans:
- Valid ID
- Proof of residence
All photos must be in high quality, with all four angles visible, in color and unobstructed by objects such as fingers or pencils.
Do not forget to enable automatic logouts and 2-step verification to enjoy the highest level of security.
Step 2: Obtaining USDT/BTC wallet address on LendaBit
If you want to become a lender, you must first transfer USDT/BTC to your LendaBit.com account.
To do this, you need to get the USDT/BTC address on LendaBit.com. Here’s how you can easily do it:
- Log in to your account
- Click “Wallet” and “Deposit”
- Choose USDT/BTC and “Get Address”
Now that you have the address, you can use it to transfer USDT/BTC to your LendaBit.com wallet.
Step 3: Transferring USDT/BTC to LendaBit wallet
Copy the USDT/BTC address you got from LendaBit.com. Go to your personal wallet and transfer a certain amount of USDT/BTC to that address. Now it’s time for you to make your first loan deal.
Step 4: Making a loan
As a lender, you can:
- Lend into the pool of standard loan offers
- Browse and accept loan requests placed by borrowers
- Make a loan offer based on your own preferences
Step 5: Receiving interest and principal
Once you strike a loan deal, you can enjoy regular interest payments and complete security provided by cryptocurrency collateral.
You receive the total repayment of your principal before the loan expires. If the borrower defaults on payment, their collateral will land in your LendaBit.com wallet.
You can withdraw the principal and interest from LendaBit.com to your personal wallet. Just go to “Wallet” and “Withdraw”. Indicate the sum you want to withdraw and your wallet address. To complete the process, click the link in your confirmation email. Always double-check your withdrawal address!
You can choose to exchange USDT/BTC into fiat with our partners, including kraken.com, tether.to, bittrex.com, exmo.com, remitano.com, etc. Just create an exchange account, convert into fiat and choose the most comfortable withdrawal option such as a wire transfer or bankcard withdrawal.
Enjoy profitable loan deals and guaranteed safety on LendaBit.com – your chosen platform for P2P lending secured by crypto collateral.
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.