Supported Collateral Cryptocurrencies
Currently, one of the most popular and scalable cryptocurrencies — Bitcoin (BTC), Ethereum (ETH) and Tether (USDT-OMNI) — are accepted as collateral on LendaBit.com. Collateral is provided to assure the lender that loans get repaid under any circumstances. To make all platform users feel comfortable, a useful and easy-to-understand Loan Calculator is available for quick calculations, thus the whole process is transparent and automated to the maximum. Simply choose your preferred amount to borrow, loan term, collateral currency and the rest of calculations (daily rate, interest rate and interest amount) will be displayed immediately.

https://lendabit.com/credit_line 

Sensitive Data Protection
P2P lending platform LendaBit.com is based on the best practices and recommendations from recognized experts, notable models and OWASP guidance. All customer sensitive data is securely encrypted and protected at all times. Due to deployment of DDoS preventative measures, intrusion detection and prevention tools, system monitoring and multiple levels of protection, the chances of cyber-attacks or cyber-bullying are eliminated. An additional layer of security is provided by 2FA and inactivity logouts.

https://lendabit.com/credit_line 

How to Make a Loan Request?
For a borrower to make a loan request on LendaBit.com, it is necessary to make a few simple actions, namely:
• Go to LoanBuilder.
• Opt for “Make a Loan Request” by pressing “Get Started.”
• Select your preferred loan currency (USDT or BTC), set the loan amount, loan duration, interest rate and collateral currency.
• Once the above outlined parameters specified, you can adjust your preferred LTV ratio (Low, Middle, High, Critical) and submit your loan request.
• Don’t forget you are required to have a sufficient amount of collateral on your LendaBit.com account to finalize the loan deal.

https://lendabit.com/credit_line 

What is AML & KYC?
KYC (“Know Your Customer”) is the process of verifying a customer’s identity. In KYC, each client is required to provide credentials such as ID documents in order to use a company’s service. The stringent regulatory environment establishes KYC as a mandatory and crucial procedure for all fintech companies. AML (“Anti-Money Laundering”) practice is broader than KYC, and it refers to measures used by financial institutions and governments to prevent and combat financial crimes especially money laundering and terrorism financing.

https://lendabit.com/credit_line 

Lending Process Explained
For all interested in lending crypto and earning interest on loans, it is necessary to:
• Register an account and complete simple verification.
• Top up your LendaBit.com wallet with crypto.
• Initiate a loan deal, lend to the Loan Pool or choose any preferred loan request placed by the borrowers.
• Receive interest and loan amount at end of loan term.
• Withdraw crypto or use it for further loans.

https://lendabit.com/credit_line 

Borrowing Process Explained
In order to borrow funds on the LendaBit.com platform, it is necessary to:
• Complete registration and verification (if you have not done it yet).
• Choose the collateral currency and make a deposit.
• Receive your loan or start using the credit line feature.
• Repay the loan and you can borrow again.

https://lendabit.com/credit_line 

Multiple Loan Applications
All platform users are able to apply for and receive multiple loans (or use credit lines, respectively) once a sufficient amount of collateral is provided. You can withdraw loans in crypto (BTC, USDT) or fiat (USD). Credit lines possess built-in flexibility and allow to adjust repayment amounts as needed, based on the current budget or cash flow.

https://lendabit.com/credit_line 

Can I Cancel Blockchain Transaction?
Confirmed transactions on the blockchain are permanent and irreversible. Cryptocurrency transactions on the Bitcoin network are designed to be irreversible and we have no control over them. Considering this, it is of utmost importance to make sure your transaction details are correct before you click “Confirm.”

https://lendabit.com/credit_line 

What is Tether (USDT)?
Tether is a blockchain-based platform designed to facilitate the use of fiat currencies in a digital manner. Its native cryptocurrency (USDT) is a stablecoin issued on the Bitcoin blockchain through the Omni Layer protocol. It can be issued via the Omni Layer (OMNI), Ethereum (ERC20), EOS (EOS) or TRON (TRC20) protocols. LendaBit currently supports USDT (OMNI) only. It is pegged to traditional fiat currencies (1:1 ratio). It is globally used for lending and borrowing, storing and trading on crypto exchanges due to reliability, transparency, low transaction fees and wide acceptance.

https://lendabit.com/credit_line 

How to Repay Loan?
At LendaBit, loan repayment is automated and does not require much efforts. All you need is to have a sufficient amount of crypto (loan amount + interest) on your account balance for loan repayment. For your convenience, LendaBit offers multiple and easy-to-use lending and borrowing options with a primary focus on accessibility and intuitiveness.

https://lendabit.com/credit_line 

How Often Do I Have to Pay Interest?
There are no regular interest payments for traditional P2P crypto-backed loans. You will have to pay interest only once, at the end of the loan term or you can prepay the interest amount. Withr egrad to credit lines, you are automatically assigned a credit line limit that you can continue to use and re-use based on your current credit needs. You are charged interest only on the amount that you use.

https://lendabit.com/credit_line 

How Fast Can I Withdraw My Loan?
As soon as the loan is made, the funds are available for withdrawal. In turn, by using the Credit Line option, the funds are instantly available for withdrawal without any additional approvals! Credit lines provide borrowers with access to money “on demand” — fully automated credit line limit adjustment! Credit lines possess built-in flexibility and allow to adjust repayment amounts as needed, based on the current budget or cash flow.

https://lendabit.com/credit_line 

Who Can Be a Borrower?
Any individuals or entities willing to apply for a loan and pledge crypto as collateral can become borrowers. The same concerns credit lines. There are no upfront borrower requirements except for providing collateral. No credit checks are performed and no credit scores are assigned.

https://lendabit.com/credit_line 

Loan-to-Value
Generally, crypto collateral coverage depends on loan amount, loan duration and it should meet the Initial Loan-to-Value (LTV) ratio (50%) at the date of striking the loan deal. Loan-To-Value (LTV) ratio is a percentage calculation that helps measure the ratio of a loan to the value of pledged collateral. The value of pledged collateral is directly contingent upon current exchange rate dynamics and correlations, hence it can either increase or decrease in due course. he Initial LTV ratio can be personally adjusted when making your Loan Request – from 50% to 80%. The borrower has to duly keep abreast of the current LTV ratio and avoid its upsurge to ensure flawless reputation.

https://lendabit.com/credit_line 

Why Use LendaBit?
Peer-to-peer (P2P) crypto lending is a useful instrument to line up demand and supply of digital assets. LendaBit.com allows users to lend and borrow funds in a matter of a few mouse clicks. All the registered platform users benefit from the services provided by LendaBit.com since online crypto lending is tax-free, there are neither geographical barriers (access to the Internet is a requisite) nor never-ending paperwork accompanied by expensive bureaucratic procedures. The main advantages of LendaBit are:
• Multiple borrowing and lending options.
• Flexible credit lines in fiat.
• Reasonable fees for the services.
• Low risk loan lending with high returns.
• Attractive interest rates.
• Secured lines of credit.
• Industry-leading BitGo wallet services
• Advanced security standards & crystal blockchain analytics

https://lendabit.com/credit_line 

Calculating Interest on Loans
Interest on a loan is the cost the borrower pays to the lender for receiving and using the crypto-backed loan. 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. The fastest way to calculate your expenditures on a loan is by using the online Loan Calculator on the LendaBit homepage.

https://lendabit.com/credit_line 

Crypto-Backed Loans
At LendaBit, all P2P loans are secured by crypto collateral so as to guarantee the investors safe storage of lent funds, interest and loan repayment at all times. Get a loan against your cryptocurrency instead of selling it. You can also apply for a cash loan against your crypto collateral — the option is available for credit lines. The main benefit is that you don not need to sell any of your crypto in order to receive a credit line or loan. Moreover, your crypto-backed loans do not involve any taxation, thus more flexibility and diversification.

https://lendabit.com/credit_line 

Margin Call
Margin Call is an automated notification generated by the system requesting the borrower to top up pledged crypto collateral. Margin calls protect the interest of the lenders from the downside risk. As the value of collateral decreases, the borrower is liable to add further cryptocurrency in the software to maintain the desired balance. The notification is being sent via the internal system messaging system and by email.

https://lendabit.com/credit_line 

Collateral Value — Increase & Decline
Collateral is an asset(s) that a borrower pledges as security for loan repayment to a lender. Cryptocurrencies are volatile by nature, so what is happening if the value of your collateral changes (rising or falling)? If the collateral value rises, the borrower can withdraw the amount that exceeds the requirement. Accordingly, if the value of your collateral goes up, your LTV (Loan-To-Value) goes down (the so-called overcollaterization, or a financial cushion). Conversely, the declining collateral value negatively impacts your LTV — the higher the initial LTV, the higher the risk of loan non-repayment. No worries, you can quickly and easily deposit additional collateral. By doing so, you are choosing to lower your LTV by increasing the total value of the underlying collateral.

https://lendabit.com/credit_line

Compliance Officer
A compliance officer is an authorized individual who ensures that a company complies with all applicable regulatory and legal requirements as well as internal policies. It is the compliance officer’s responsibility to supervise all aspects of our anti-money laundering and counter-terrorist financing requirements, inclusive of OSHA regulations and proper data governance. The compliance officer helps develop and deliver training programs to increase understanding of regulatory requirements, compliance policies and ethical conduct within business lines and across the organization.

https://lendabit.com/credit_line