How it works?
You place a loan application
When creating your loan application, the Borrower set the parameters at its choice
(amount, interest rate, period, etc.). We recommend evaluating the parameters of other applications
already placed on Biterest - lenders choose the most profitable applications for themselves.
You can choose when to secure a loan application with collateral. There are two available ways.
On the one hand, you can place the collateralized loan application which is more attractive for creditors.
On the other hand, you can transfer the necessary amount of the collateral after the lender accepts your application.
When placing the loan application, you need to pay a transaction fee in amount of 0.5% of the loan
amount depending on the loan period.
Lender accepts your loan application
All creditors guarantee to fulfill their obligations for the accepted applications.
After the lender accepts the application,
Biterest will generate a special multisig-address where your collateral (bitcoins) will be stored until the end of the loan period.
Each party owns only one Private key for the multisig-address.
Multisignature (multisig) refers to requiring more than one Private key to authorize a Bitcoin transaction.
It guarantees that no one is able to access the collateral owning just one Private key.
The lender transfers the loan amount to you
You will receive the loan amount directly from the lender by payment option indicated in your loan
The entire procedure starting from placing loan application till receiving loan amount may take as
less as couple hours, depending on how attractive your loan application to lenders, as well as on
preferred option of money transfer.