• BTC / USDT
  • 3 184.87

Frequently Asked Questions

Why use the LendaBit.com platform?
The platform has been designed to remove all unnecessary steps from the lending process, and thus provide more attractive terms for both lenders and borrowers. The customer interface and the data processing behind it are structured so as to support prompt and secure transactions. Normally, making the loan should require just a few clicks.
With LendaBit.com, you unlock the value of your crypto assets in an easy and straightforward process that benefits everyone participating in this space.
How does a LendaBit.com loan work?
LendaBit.com connects lenders and borrowers by matching their financial demands on our platform and helping them strike deals. Prospective borrowers and lenders place loan requests and loan offers, and indicate the loan parameters they prefer: interest rate, term, and loan amount. Interest rate is fixed at a level that should be attractive for risk-free lending for both lenders and borrowers. All loans are secured by crypto collateral, and the value of the collateral is closely monitored to ensure full risk coverage at all times. Collateral remains property of the borrower, and is promptly returned upon loan repayment.
What is the difference between Loan Offer, Loan Request, and Loan Pool?
Loan Offers are made by lenders who indicate details of their lending proposition like loan amount, loan term, currency of the loan. The offers may be accepted by borrowers as soon as they provide sufficient crypto collateral. Loan Requests are made by borrowers who indicate details of their borrowing requirement like loan amount, loan term, currency of the loan. The requests may be accepted by lenders who have provided sufficient deposit to make the loan. Loan Pools are pools of Loan Offers collected in one place for quick access and search by borrowers.
Once a qualified borrower accepts a Loan Offer, or a qualified lender accepts a Loan Request, the deal between them is struck, and the loan is made.
Are LendaBit.com loans secured?
LendaBit.com loans are secured by crypto collateral provided by borrowers. The crypto collateral value is monitored on an ongoing basis to make sure the loan amount is covered by the collateral at all times. Borrowers are requested to add crypto to their collateral if their collateral value decreases.
What is the interest rate on the loans?
Borrowers and lenders set interest rates on their own when they make loan requests and loan offers.
How is the interest on loans calculated?
Interest is calculated based on the formula: daily interest = loan amount * interest rate / 360, where 360 is used for the number of days in the year no matter what the actual number (365 or 366) is.
How quickly can the loan be made?
Lenders are ready to make loans as soon as they have registered with the platform and provided a USDT deposit. Borrowers are ready to make loans as soon as they have registered with the platform and provided a crypto collateral. Normally, this will require just a few clicks.
What are the minimum and maximum loan amounts?
The minimum and maximum loan amounts are USDT 100 and USDT 200,000.
What are the minimum and maximum lending periods?
The minimum and maximum lending periods are 1 day and 3 years.
In which currencies are loans available?
Loans are available in USDT. If you have interest in a specific currency, please advise us details at [email protected].
Can loans be made in another crypto, other than cryptocurrency of the collateral?
At this point, we only offer USDT versus crypto loans that are high in demand. However, we will promptly respond to any emerging demand from the community of lenders and borrowers. If you are interested in crypto versus crypto loans, please advise us details at [email protected]
Are any fees charged by LendaBit.com?
LendaBit.com charges a system fee according to the applicable rates "Loan terms and benchmarks", payable by lenders and borrowers.
In which countries are LendaBit.com loans available?
Our loan services are available around the globe to anyone who has access to our online platform.
Where can we see the details of our loans?
You can view your loan details in Section "Active deals" of your LendaBit.com account.
Which mobile devices and OSes does LendaBit.com support?
LendaBit.com operates through its website platform, and therefore can be easily accessed both on desktop and mobile.
Is online lending secure?
Online lending secured by collateral ensures that there are always funds available to repay the lender. The borrower's collateral remains the borrower's property, is stored in safe custody, and is released at any point when the loan has been repaid.
Is my account protected against malicious attacks?
LendaBit.com provides a platform that enables secure lending most protected against malicious attacks. However, users should remember to make sure at all times that they remain on our platform, namely:
1) check that they have accessed our website that reads exactly lendabit.com;
2) check that they have received an email from our email address that reads exactly [email protected].
Please be cautious when clicking hyperlinks. Remember also that LendaBit will never ask you to provide your passwords via email.
Can crypto transactions be canceled?
Unfortunately, crypto transactions cannot be canceled or altered due to the nature of their protocols. Please double check all details including addresses before making payments.
How does LendaBit.com use lenders' and borrowers' data?
LendaBit.com keeps the lenders' and the borrowers' data, as well as the data of any individuals or businesses visiting our website, confidential, secure, and private. The platform may use the collected information to improve our product proposition or customer service, or provide information and updates to our customers regarding our services.
Who can become a lender?
Any individual or entity willing to lend USDT to borrowers and earn interest.
Which lending options can I choose?
A lender can choose among several options:
1) Make an individual Loan Offer indicating loan amount, loan term, currency of the loan. The offer should be accepted by a qualified borrower and secured by crypto collateral to become a loan.
2) Include a Loan Offer into the Loan Pool indicating loan amount, loan term, currency of the loan, and wait until the offer is accepted by a qualified borrower.
3) Accept a Loan Request placed by a qualified borrower in the system. As soon as the request is accepted, the loan is made on the terms requested by the borrower.
How do I deposit and withdraw funds from the system?
Funds in USDT are deposited to a wallet address provided by us for your LendaBit.com account during your registration. You can withdraw funds to any wallet address of your choice in the specific currency of this wallet.
How do I obtain and operate with USDT?
You can obtain USDT for fiat using the services of our partners:
* kraken.com
* tether.to
* bittrex.com
* exmo.com
* remitano.com
or any other exchange operating with USDT. You can then send USDT from the wallet you set up with the exchange, to the LendaBit.com wallet address that we provide.
To convert back from USDT to fiat, you send USDT from your LendaBit.com wallet address to your exchange wallet address, and can withdraw fiat after the exchange.
How do I pay the system fee?
When a loan is made, the lender is charged a system fee on the loan amount according to the applicable rates "Loan terms and benchmarks"
How often will I receive interest?
The entire interest amount is received at the end of the loan term.
When can I withdraw interest and principal?
You can withdraw both interest and principal after the loan has been repaid.
How long does it take to receive the withdrawn funds?
Withdrawn funds in USDT and other cryptocurrencies will arrive within 24 hours from withdrawal request.
Where can I see my withdrawal information?
You can see withdrawal information and other details of your loan in the "Balance" tab of your LendaBit.com account.
What happens if the borrower fails to repay my loan?
If the borrower fails to repay, your loan will be repaid with the funds obtained from transfer of the borrower's collateral.
What do I receive if the borrower repays ahead of the loan term?
If the borrower prepays, the lender will receive the full interest amount for the entire loan period - same as if the loan was prepaid at maturity.
Who can be a borrower? What are borrower requirements?
Any individuals or entities willing to borrow USDT and pledge crypto as collateral can become borrowers. There are no upfront borrower requirements except for providing collateral. No credit checks are performed, and no credit scores are assigned.
How and how quickly can I withdraw my loan?
As soon as the loan is made, the USDT funds are available for withdrawal. You can withdraw to your wallet address using the services of one of our partners.
How often do I have to pay interest?
There are no regular interest payments. You will have to pay interest only once, at the end of the loan term.
How do I make my loan payment?
To repay the loan, place the USDT (principal and interest) to your account balance at LendaBit.com.
How do I convert from USDT to fiat, or obtain USDT for repayment?
You can convert from USDT to fiat using the services of our partners:
* kraken.com
* tether.to
* bittrex.com
* exmo.com
* remitano.com
or any other exchange operating with USDT. You can then withdraw the fiat from the wallet you set up with the exchange, to any wallet you prefer.
To obtain USDT for repayment, you can place fiat to your exchange wallet, exchange the required amount, and transfer it to your LendaBit.com wallet address.
How do I deposit and withdraw funds from the system?
Funds are deposited to a wallet address provided by us for your LendaBit.com account during your registration. You can withdraw funds to any wallet address of your choice in the specific currency of this wallet.
How long does it take to receive the withdrawn funds?
Withdrawn funds in USDT and other cryptocurrencies will arrive within 24 hours from withdrawal request.
How do I pay the system fee?
When a loan is made, the borrower is charged a system fee on the loan amount according to the applicable rates "Loan terms and benchmarks"
Can I change the loan terms?
No, you cannot change the loan terms. Loan terms are agreed upon by the borrower and the lender before the loan is made, and cannot be modified afterwards.
What happens if I fail to repay my loan?
Should you fail to repay the loan, the loan collateral shall be transferred to the lender in full amount (excluding the collateral transfer fee).
Can I take out more than one loan at a time?
Yes, you can. Once you provide sufficient collateral, you can take out further loans.
Can I prepay the loan?
You can prepay. However, you will pay full interest amount for the entire loan term.
Why is collateral provided?
Collateral is provided to assure the lender that loans get repaid under all circumstances. This has its benefits for the borrower, too. If, for any reason, the borrower lacks funds to repay in USDT, they may simply wait until their collateral is transferred, and their loan repaid.
How much collateral is required?
Crypto collateral is required in the amount that is twice the amount of the USDT loan. Excess crypto collateral will cover the price fluctuations in cryptocurrencies that are highly volatile. Besides, sufficient collateral will minimize the number of collateral calls when the borrower is required to add crypto to their collateral due to substantial decrease in its value.
Which cryptocurrencies are acceptable as collateral?
Please visit Loan terms and benchmarks and there you will find a complete and comprehensive list of cryptocurrencies available as collateral.
Do I still own my collateral? Can I sell it?
The borrower still owns the crypto asset. However, you can sell the crypto collateral only after it is released upon the loan repayment.
What address do I send my crypto collateral to?
The crypto collateral is deposited to a wallet address provided by us for your LendaBit.com account during your registration.
How is my collateral stored for the duration of the loan?
The crypto collateral is stored in a smart diversified system over a pool of exchanges.
What happens if the market value of the collateral changes substantially?
If the collateral value rises, the borrower can withdraw the amount that exceeds the requirement. If the collateral value drops, the borrower should add crypto to the collateral.
What is a collateral call?
The collateral call is an automated notification generated by the system requesting the borrower to top up their crypto collateral. The notification is sent by internal LendaBit.com message and by email.
How am I notified of a collateral call?
The notification will be sent by internal LendaBit.com message and by email.
How do I meet a collateral call?
You can choose between these options:
1) Add crypto to the collateral you pledged for the loan
2) Repay the entire loan amount, and thus release the crypto collateral
What happens if the crypto collateral forks while it is tied up in a loan?
Forks will not affect loans unless the collateral value is substantially changed. If the collateral value drops, the borrower will be requested to increase the collateral.
What happens when my collateral is transferred?
The collateral will be transferred in full amount to the lender's account, of which both the borrower and the lender will be notified. The lender can use these funds as loan repayment.