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Bitbond small business loans review
A peer-to-peer lending marketplace specializing in online sellers.
Through Bitbond, you can borrow up to $25,000 to fund your small business. Applying is simple and free and comes with no credit inquiry or obligation to accept.
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Details
| Min. Amount | $1,000 |
|---|---|
| Max. Amount | $25,000 |
| Loan Term | 3 to 12 months |
| APR | Starting from 1% |
| Requirements | Bitbond reviews your application and connected business accounts — like eBay, Amazon and PayPal — to determine your risk rating |
What are Bitbond small business loans?
Bitbond introduces businesses to investors and borrowers willing to fund small business loans from $1,000 to $25,000. Repayment terms can range from 3 months to 1 year. You can use these loans to buy inventory, expand marketing, invest in equipment, hire staff and more.
What makes Bitbond 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.
Who’s Bitbond best for?
Bitbond is best for online sellers on platforms like eBay and Amazon who make between $50,000 and $1.5 million per year. Borrowers tend to get financing for things like making bulk purchases, bridging cash flow gaps or trying a new product line.
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 minimum. Loans do not require minimum credit score and applying doesn’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.
- Middle man. Bitbond does not directly fund the loan, but instead connects small business owners to funding sources.
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Am I 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 — like 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 can I expect when I apply?
Application process
Applying is simple and quick from Bitbond’s website. Simply click the Go to Site button on this page, submit your contact information and confirm your email.
You can connect your business account, such as eBay or Amazon, to demonstrate your sales and have your application processed easily.
After you apply
Once you’re cleared for a Bitbond loan, you’ll publish your loan requirements. You’re funded by individual investors after you’ve requested your small business loan and chosen your terms.
It typically takes from one to five days for investors to fully fund your small business loan. Once it’s funded, your cash is deposited in your specified account.
Bitbond has a repayment header in the borrower account dashboard that displays how much you need to pay and by when.
Bottom line
If you’re an entrepreneur or sole trader with an ecommerce business looking to expand, Bitbond may be able to help you get a loan of up to $25,000 that come with repayment terms of up to three years.
If you’re looking for a more traditional loan, explore other business loan options that may better suit your needs.
