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Get A Small Business Loan With Bitbond.

Updated: Feb 20, 2019

bitbond - borrow and invest without borders

There are countless types of loans that get taken out everyday by ordinary people. There are person loans, small business loans, school loans, no matter what kind of loan it is, it has become necessary in most cases because most people will need one at some point in there life. Besides some of the reasons we described above, other reasons for a loan might include unexpected bills or emergency, consolidating debt, or maybe your trying to buy a new house. One of the big reasons that we want to discuss today, is taking a loan to get a start your own business with a small business loan.

When starting your own business, there can be heavy start up costs associated with your business depending on what your business entails. For a lot of people out their who want to start their own business but can't get the loan they need or maybe can't get a loan at all. Maybe they don't have the credit needed that big lenders and institutional banks look for. Unfortunately, a big problem everyday people encounter as we all grow up from teenagers to becoming young adults is lacking the importance of credit. I know when I was in school credit scores, credit reports, and even CreditKarma were never got brought up in my classes when i was attending high school. Even once I entered the college years, unless your taking some type of business course, the importance of credit and what it is exactly, does not get taught to us. I think most of us most likely learned the basics from our parents. This is very troubling however because without credit, it becomes extremely difficult to accomplish important goals we set for ourselves throughout life, like buying a car, your first house, or starting your own business. Well Fear No More.

Introducing Bitbond, the first global marketplace lending platform for small business loans. Bitbond is a platform which runs off blockchain Technology, with the use of Bitcoin. What is blockchain technology you ask? Well It's a continuously growing list of records called blocks which are linked and created using cryptography. You really don't need to know the technical aspect behind blockchain tech to use this platform, so don't worry.

Bitbond States: "By innovating in the fields of payments and credit scoring, Bitbond makes financial inclusion a reality around the world. All payment transactions on Bitbond are conducted via the bitcoin blockchain. Therefore our service is available worldwide via the internet and is independent of banks."

Bitbond is slowly becoming a very popular platform for both users who are looking for a loan and users who want to invest their bitcoin on this peer-to-peer lending platform. Bitbond is completely run on the blockchain, leveraging its technology by connecting creditworthy borrowers with investors of all kinds, both individual and institutional investors.

bitbond - small business loans

BORROWERS If you would like to apply for a Small Business loan the process is pretty simple -

1. You will first fill out your loan details like how much money your looking to borrow and what you will be using it for, how you plan to pay back the loan and so on. These details are important though because the lenders will be reviewing this information to determine if they want to fund your loan as it is a peer-to-peer lending platform.

2. You will then be asked to connect all your social accounts such as Facebook, Linkedin. etc..

Just to give a heads up, your social accounts will also have to be active for a certain amount of time as well meaning if there a week old then don't bother applying.

3. The third step, you will need to connect your associated business accounts that show your making an income such as ebay, Shopify, and Etsy. You want to show that your making money with your business for the best possible chance of getting the loan you desire. That doesn't mean you will automatically disqualify if your not making money yet but it will increase your odds. Now in order for Bitbond to score borrowers who are not covered by conventional credit bureaus, they will use alternative data for credit scoring. This includes transactions of small business owners from the established accounts we mention above like eBay, Amazon, Etsy, Mercado Libre, Shopify, PayPal, LinkedIn, bank accounts and other methods. The data then gets evaluated with our proprietary machine learning algorithm. I must say i am curious as to what algorithm they use.

4. The last part is to pass verification which proves your a real person with proper credentials. You will connect to a support member through live video and chat with them for about 2 minutes. During this time you will show them your I.D. so they can verify your identity. This step is really simple to complete. Once that is completed then you just wait for Bitbond to make its decision on whether to approve your loan.

bitbond - get 13% interest on your bitcoins

LENDERS As for Lenders you have two different options when choosing the loans you want to invest in. You can either manually go through the different loans and choose what you believe is the best choice for your needs or you can use their AutoInvest Tool. The AutoInvest feature lets lenders create a diversified portfolio of loans according to your preferences in an automated way. A great benefit for investors who use Bitbond is that you can create a portfolio of loans that is diversified across many different countries. Plus each borrower is graded from a scale( A - D) with "A" being the most creditworthy with the highest probability of getting your investment back on time. A "D" grade is means the loan is more risky and has a higher chance of default. AFFILIATES Bitbond offers a great affiliates program for those who are interested or maybe have a friend who might be interested in getting a loan. They offer 20% of the origination fee for borrowers and 30% from lenders. Visitors will be considered your invite for 3 months and your visitors who register will pay out commissions to you for a total of 2 years. CONCLUSION Bitbond is becoming a very usable platform for both lenders and borrowers. The platform increases in popularity daily and I wouldn't be surprised one day it stands side by side with their competitors like Lending tree. Bitbond is the only platform offering this loan market integrated with blockchain and we recommend to visit their website if you haven't already.

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