LOAN WIZARD Explained
Not so long ago, LendaBit.com rolled out an incredibly useful and innovative solution called LOAN WIZARD to apply for a loan in a matter of minutes. To begin with:
a. Login to your account.
b. Use the toggle switch button “Borrow” in the bottom right-hand corner to apply for a loan.
c. Press “BORROW” in the upper right-hand corner.
d. Select LOAN WIZARD by tapping the “GET STARTED” button.
You will see an interactive and easy-to-use interface where you are able to monitor the whole borrowing process.
Below you will find a comprehensive and step-by-step instruction how to use LOAN WIZARD.
Step 1: Amount.
Here you can set the preferred loan amount you want to borrow. Conversely, you can enter the collateral amount and the loan amount will be automatically adjusted. At LOAN WIZARD, USDT is the only available cryptocurrency for loans since this option has been designed to simplify the borrowing process to the maximum. The same concerns collateral cryptocurrency ꟷ BTC. In due course, the list of supported cryptocurrencies will be extended, at the same time without affecting easiness of the loan application.
NOTE: Currently, there are certain limitations for unverified platform users. Maximum loan amount cannot exceed 300 USDT per day. In this context, unverified users can make 1 loan deal per day or 10 loan deals per month using LOAN WIZARD. For all verified users, maximum loan amount is 200 000 USDT or 535 BTC.
Step 2: Term.
Simply move the slider and choose your preferred loan term. Minimum loan duration is 10 days and maximum is 1 year.
Step 3: Interest Rate.
After setting all parameters, the system momentarily renders all necessary information ꟷ annual interest rate (AIR), loan amount, total repayment.
Step 4: Transfer/Address.
Enter your USDT wallet address to get the loan.
NOTE: Make sure to enter the USDT wallet address in the provided field. The loan will be automatically sent to the provided wallet address. If the provided wallet address is incorrect, you shall lose your loan.
Step 5: Crypto Collateral.
Send collateral to the provided wallet address and you are on the finish line!
After that, you shall see an internal system message in the profile icon regarding your withdrawal (in the upper right-hand corner). To confirm withdrawal, please click the confirmation link sent to your email address.