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Loan terms of Biterest crypto-backed credit line
Last updated: August 3, 2020
Welcome to Biterest! Open the credit line to receive instant USD loans against your Bitcoin.

It is possible to receive a loan only backed by collateral. To provide collateral, top up your account balance with Bitcoin.

You can send any quantity of Bitcoin to your balance. The loan limit calculation is based on your current account balance.

You can withdraw bitcoin without repaying the loan, if there is more bitcoin on your balance than is currently required for the collateral.

In order to unfreeze your collateral amount, you need to repay your loan. If your current balance amount is more than 20% higher than your used loan limit, you can withdraw an excess of Bitcoin from your balance without repaying the loan.
In order to receive a loan, your account balance amount must be at least 20% more than the requested loan amount.

Loan limit
is the maximum amount of funds that can be loaned at the current account balance.

Used loan limit is the amount of funds that are currently using in a loan.

Available reflects the amount of funds that you can receive in a loan or withdraw from the account balance within current loan limit.
The loan amount is fixed in US dollars (USD), regardless of the currency of receipt..

Currently the loan can be sent to you in the following currencies:
Bitcoin (BTC), Ethereum (ETH), Tether (USDT).

Loans on Biterest crypto-credit line do not have a mandatory repayment term. You pay only for the actual loan days, from the moment of issuing to repayment.

The annual interest rate is 12%, which corresponds to 0.033% per day or 1% per month.

Interest is accrued on a daily basis and recorded in the used credit limit. The interest for the first loan day accrues after issuing a loan. If the amount of accrued interest per day is less than 0.01 USD, they will be automatically rounded up to 0.01 USD.
You should repay the accrued interest on your loan for the past month by the 4th day 00:00 GMT of the current month. If you do not repay the accrued interest by yourself, they will be automatically withdrawn from your account balance. Three days before the automatic repayment date, you will receive a reminder by email.

You can repay the loan partly or in full. In a case of the partial repayment of the used loan limit, each payment covers the accrued interest first, and anything left is applied to the principal.

You can repay the loan with Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and immediately from your account balance.
LTV (loan-to-value ratio) is calculated by dividing your used loan limit by the current value of bitcoin stored on your balance.

Margin Call occurs when your LTV reaches 90%. In this situation, your loan is automatically repaid using the bitcoin from your balance.

You can control and regulate the risk of Margin Call occurrence. To reduce the risk of Margin Call, additionally top up your account balance or make a partial loan repayment. On the "Notifications" page, you can manage the settings to decrease or increase the LTV level and the frequency of the notifications.

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