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BTCpop is a crypto loan platform that allows you to find secured and unsecured financing in bitcoin. As a reputation-based lender, your credit and financial history don’t factor into your eligibility. But details about how it works aren’t readily available, making it difficult to compare it with other crypto lenders.
15% (As low as)
APR
Product Name | BTCPOP Peer-to-Peer Bitcoin Loans |
---|---|
APR | 15% (As low as) |
Interest Rate Type | Fixed |
BTCpop is one of a few platforms that offers loans in bitcoin, rather than backed by a cryptocurrency. Like other crypto loan providers, it doesn’t base eligibility on your credit score or other requirements typical for a personal loan with a bank. Instead, it considers your online reputation.
Part of your reputation is based on your history of repayment through the platform, and so you might not get the best deal at first. But it could be a good option if you’re interested in taking out multiple loans or plan on getting involved in bitcoin lending.
Based in the Marshall Islands — a sparsely populated country in Oceania — BTCpop is a peer-to-peer (P2P) platform that offers loans in bitcoin. You can get both unsecured and secured personal loans backed by shares of bitcoin or a wide range of altcoin.
Like with other crypto platforms, BTCpop doesn’t quite work like traditional P2P connection services. Loan amounts, rates and other factors vary depending on who you borrow from. And because you don’t have to worry about bank transfers, your funds are instantly transferred to your wallet.
BTCpop charges a fee that depends on the type of loan you apply for:
You’ll also pay a 1% fee for listing your loan application and a 2% fee for any late payments.
Lenient credit requirements and fast turnaround are just a few of the perks for borrowing with BTCpop:
Consider these potential drawbacks before taking out a BTCpop loan:
BTCpop earns a mixed online reputation as of January 2019. It gets an 8.8 out of 10 rating from Trustpilot users based on nearly 200 reviews. But multiple bitcoin forum users and blogs claim that BTCpop is a scam.
Several users praise the site’s tight-knit community, though few provide details about their personal experiences. One user complained about a locked account: They couldn’t access their funds or get in touch with customer service. Another couple claimed the site’s new owner is breaking several UK financial regulations.
Before signing up, make sure that you understand the terms and conditions of both the site and your loan.
With BTCpop, eligibility is based on reputation: Your credit score, income and other factors about your personal finances in fiat currency don’t matter. Instead, BTCpop verifies your identity and assigns you a reputation score that allows you to qualify for a loan.
You have four ways to build your reputation on BTCpop:
You’ll need to follow several steps to sign up and apply for a bitcoin loan through BTCpop — starting with verification.
BTCpop recommends that you wait at least a week after you’re verified to get to know the site before you apply for your first loan — unless you have collateral.
Check if you’ve been verified or denied from the Documents tab on the verification page. After you’re verified, you’re free to apply for and invest in loans — or use any of BTCpop’s other services.
Repay your loan according to the terms and conditions of your investor. If you’re having trouble with repayments, talk to the person you borrowed from. While defaulting on a bitcoin loan might not hurt your credit score or affect your ability to get a loan in fiat currency, it’ll damage your reputation in the crypto community.
If you have trouble with the site, reach out to customer service by clicking Support in the left navigation bar. There, you can chat live with a representative or email for support.
BTCpop is more than a platform for lending. It’s a trust-based community — and a small one at that. While not ideal for getting a loan right away, it could be a resource for those interested in borrowing and investing in bitcoin in the future.
Find out how it compares to the competition in our guide to crypto loans and our page on bitcoin loans.