A couple of words about Biterest
The main goal in a bitcoin-backed loan is to receive money without having to sell the Bitcoin.
On Biterest, there is no mandatory identity verification, no credit and other documents checks compare to how it works on the other platforms. Therefore, immediately after the bitcoin collateral was deposited to the account balance, the user can make an instant loan request for any amount within their loan limit.
Is there a minimum loan period
There is no minimum loan period on Biterest. The loan period starts at the time of loan issuance and has no fixed maturity dates. You can use the money as much as you need and repay the used loan limit at any time.
It is available to pay off the loan partly or in full. In the case of partial repayment, the accrued interest will be paid first, then the loan body.
How the interest accrues on the loan
The annual interest rate is 12%. After the loan is issued, the interest will be automatically accrued for the first 14 days of the loan. Starting from the 15th day, interest will be calculated daily, in the amount of 0.033% of the loan.
The accrued interest is taken into the used loan limit, but there is no interest capitalization (in other words, no interest is accrued on interest).
Consider an example:
Loan amount: 1000 USD;
Interest rate: 12% per annum or 0,033% daily;
Minimal accrual amount: $ 1000 * 12% * 14 / 365 = $ 4,6
How to repay the loan
To proceed to repayment page, click the “Repay a loan” button on the “Instant loan” page. The button is available only to users who have a outgoing loan.
There are two repayment methods: directly from the account balance or by sending cryptocurrency to the specified address. Once repaid, your loan limit will increase your LTV and Margin Call risk will decrease.
Bitcoin redemption from the account balance is carried out instantly by clicking on the “Repay” button.
In case of making a self-repayment with cryptocurrency, please copy the address which will be indicated to you in the window and send the calculated amount to it. Immediately after the that, click the “Confirm” button.
The available crypto currencies for loan repayment: Tether (USDT), Bitcoin (BTC), Ethereum (ETH).
How to pay off the interest on the loan
The methods to repay the interest are the same as to repay the loan.
The interest accrued for the previous month has to be repaid by the 4th day of 00:00 GMT of the current month. If you do not pay off the accrued interest by yourself, they will be automatically debited from your account balance. Three days before the due date, you will receive an email reminder.
