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 will need to transfer the amount of the pledge (bitcoin) after the creditor accepts your
application. When placing an application, you must pay a transaction fee of 0.5% of the application
amount - this fee is a guarantee of the borrower's fulfillment of its obligations to place
collateral and prevents the creation of unscrupulous applications.
Lender accepts your loan application
Lenders pay a transaction fee to be able to accept loan applications and issue loans. This fee is a
guarantee of the fulfillment by Lender of its obligations under the accepted applications.
After the Lender accepts the application, we automatically create a multisig-wallet for collateral
and the Borrower transfers bitcoin there. Three keys are created for the wallet (for the Lender,
Borrower and Biterest). To dispose of funds on the wallet, you must have 2 of 3 keys simultaneously.
Neither party to the transaction can dispose of the pledge and this is a guarantee of the security
of the pledge.
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.