Bitbond Small Business Loans review October 2020

What makes Bitbond Small Business Loans unique?

Bitbond is a peer-to-peer lender that offers a unique way to get the funds you needs to grow your business. You submit an application with Bitbond, and investors around the world review your profile to decide whether to finance your loan in whole or in part. Bitbond loans can be funded in bitcoins, US dollars, euros or Kenyan shillings.

What are Bitbond Small Business Loans?

Bitbond introduces businesses to investors and borrowers willing to fund small business loans from $1,000 to $10,000. Repayment terms can range from 1.5 months to 5 years. You can use these loans to buy inventory, expand marketing, invest in equipment, hire staff and more.

What are the benefits of Bitbond Small Business Loans?

• You're funded by investors. Bitbond Small Business Loans are funded by investors worldwide.
• Fewer and transparent fees. Bitbond uses bitcoin blockchain for its payment network to avoid transfer and exchange fees, typically resulting in lower-than-average fees and interest rates.
• Bank account not required. Because Bitbond doesn't require a bank account, Bitbond can fund small businesses even in underserved regions.
• No credit check. Loans do not have a minimum credit score requirement and don't affect your credit.

What to watch out for

• One-time origination fee. Expect to pay 1% to 3% of the total loan amount, which is slightly lower than fees charged by competing companies. Bitbond can charge a lower origination fee because it allows borrowers to connect their eBay, PayPal, LinkedIn, Twitter and Facebook accounts to access creditworthiness.
• Interest rate. Your rate will depend on the terms of your chosen loan and your borrower rating.
• Peer-to-peer. Bitbond does not directly fund the loan but instead connects small business owners to funding sources.

Is my business eligible for Bitbond?

Bitbond reviews your business revenue to determine whether you qualify for a business loan. You don't need to provide audited financial statements or a minimum credit score. You complete a borrower application, and Bitbond reviews it along with your connected business accounts such as eBay, Amazon and Paypal. The application takes around 15 minutes to complete.

To determine approval, Bitbond considers:

• Your credit score.
• Your type of employment and country of residence.
• Your personal business accounts.
• Your eBay feedback score, if available.
• Your payment history of bitcoin loans, if such a history exists.

What do I need to apply for a loan with Bitbond?

Applying is simple and quick and can be completed by clicking the "Go to Site" button on this page. You then submit your contact information and confirm your email.

I got a Bitbond Small Business Loans. Now what?

Once you're cleared for a Bitbond loan, you'll provide your loan requirements. Pending approval, you'll be funded after you've requested your small business loan and chosen your terms.

It takes from one to five days for your investors to crowdfund your small business loan. But once it's funded, your cash is deposited into your specified account instantly.

Bottom line

If you're an entrepreneur or sole trader looking to expand your small business, Bitbond may be able to help you get a loan of up to $10,000 that come with repayment terms of up to 5 years.

If you're looking for a more traditional loan, explore other business loan options that may better suit your needs.

Frequently asked questions about Bitbond

• Does Bitbond offer phone consultations?

  Yes, Bitbond offers free phone consultations to discuss your loan options. Set up your appointment online, and Bitbond will confirm your date and time.

• How many loans have been funded by Bitbond?

  Bitbond has originated more than 1,700 loans with users from over 120 countries. The company has more than 90,000 users and over $1.4 million in loan volume so far.

• How many Bitbond loans can I have open at once?

  You're able to have only one ongoing loan open at a time. Once you've fully repaid your loan, you're welcome to apply for another.