Bitcoin Lending Resources – Who is the best?

This article will be your in-depth guide to exploring the top bitcoin lending platforms.

The traditional system

For all the technological progress we have made to make life easier and more efficient, there are admittedly still some areas in which efficiency is lacking. One of these includes taking out a loan from a bank. Conducting such a task is a tedious and tiresome feat. In this modern world that is otherwise very fast, it will usually take up to 45-60 days under the right conditions for a loan to successfully reach the borrower’s account.

Even then, it will only work out if you are approved for a loan. To get approval, you need to have a good credit score rating, the basic history of bank statements, identity verification, and collateral among other things. All of this, of course, take a very long time.

Within the established system, lenders need returns on their investments and deposits. However, in this situation of economic turmoil wherein interest rates are too low or negative, it is difficult to come across good returns.

Bitcoin lending is a system that helps borrowers receive loans in the span of a few hours. Not only that, but lenders may have the opportunity to get good returns.

How does it work?

Bitcoin has effectively transformed the way capital lending markets work. Having been dormant for several decades, now this market is seeing revolutionary change. This creates a chance for everyone to be their own independent bank for lending and borrowing.

By utilizing bitcoin, you are able to borrow and lend almost immediately. Additionally, there is no unnecessary intervening from banks and government regulations. You can also crowdsource your loans from lenders all around the world, a system powered by a bitcoin economy. You do this by selecting an interest rate that you are able to afford. As a bonus, there is no processing fee for the borrower or the lender for this.

With this system, lenders, may garner profitable interest rates and borrowers have access to cheap loans without a lot of red tape. It all happens in a hassle-free manner by way of peer-to-peer lending. This leverages bitcoin technology as a means to make everything both fast and cheap. Looking back, it’s clear to see that none of this would be possible with conventional banking. With that traditional method, it is much slower and more expensive by comparison.

Getting a loan

So, how does one go about getting a loan using bitcoin? Well, typically, all peer-to-peer lending platforms follow this specific procedure:

1 – Register on a Bitcoin lending platform, then go through their verification process.

  • Identity authentication (any form of government-issued ID)
  • Income verification
  • PayPal verification
  • Social media authentication (Facebook, Twitter, etc.)
  • Personal reference
  • Seller account verification (eBay, Amazon, etc.)

2 – Choose the correct type of loan. This derives from lending rates that the platform claims is preferable. Either that, or it was agreed with the lender directly.

3 – Receive approval in as little as a few hours and also receive your funds from any place in the world.

Recommended services

Having said all of this, there is something important that should be noted. There’s been a recurring issue concerning the shadiness of some lending websites and companies. This shady nature could potentially put you in a tight spot.

Be that as it may, stick with the sites listed below to begin your search for bitcoin lending services. In the grand scheme of things, the fact that so many of these services exist in the market nowadays makes it difficult for the average consumer to differentiate the good from the bad.

While a majority of these companies may be safe to use and legitimate, there is the possibility of some existing solely for the purpose of taking your money. These, unsurprisingly, are the ones you need to watch out for.

To help you weed out the unsavory sites, we’ve provided a list of some of the top bitcoin lending platforms as of 2019. Each one provides consumers assurances on the quality of their services, as well as the safety of your money. But as always in the crypto world, do your own due diligence and research the service before engaging.

bitcoin lending

1) Bitbond

Bitbond permits both investments and loans using bitcoin. The entire procedure has been perfected and is now completely effortless, taking very little time to use. The company has existed for a few years now, but the amount of success it has achieved during that time is something to behold.

The brand is constantly developing to a high quality and thus, the amount of trust that the customers place in the service has escalated. Aside from being a borrower, you are able to be a lender on the platform, so long as you have the right resources.

If you have an appropriate collection of bitcoin at your disposal or you would instead like to assist those who are looking for bitcoin, you have the option of signing up as a lender. Whenever there is a match between you and a borrower, you can lend your bitcoin to them. Moreover, you could make some decent money in the process.

Regardless of whether you are looking to help other people or are interested in making some quick money, you are able to sign up as a lender on the site. Either way, you won’t be disappointed. Plus, there is no limit on the amount of money you can invest.

BitBond’s simple onboarding process

The process of this platform is quite simple. Anyone who has basic knowledge of bitcoin can use any of the services provided. First and foremost, a match is set in place between the lender and the borrower. As soon as a perfect match is found, the initiation of a contract promptly follows. This contract clearly lists the number/amount of bitcoins that the borrower is receiving.

The duration of the loan can usually be less than six weeks and can go up to roughly six years. Furthermore, in order to make absolutely certain that there aren’t any frauds occurring within the system and there are no dishonest individuals engaging, the website maintains strict surveillance over all of its users. The borrowers, in particular, have to go through an identity check by way of providing basic details of authentication. They even submit a basic financial assessment.

As soon as they are done with all that, the service provides them with a rating. This rating is the ultimate scale that they judge the borrowers on while also clearing them for loans. The higher the rating is, the higher your chances are of receiving clearance for a loan.

The borrowers who have yet to be given a rating are forbidden from applying for any loans. Following the completion of the formalities, the load request will usually take up to 14 days to obtain real results. After a specific time duration has run its course, the loan will be cleared. Both the borrower and the lender receive a repayment schedule that is put on display as per their convenience in their user account page.

bitcoin lending


While there are a lot of loans that can be of use on this service, perhaps the most common form of bitcoin loan that essentially dominates all other transactions on this platform is peer-to-peer loan service. The website developers put forth a method of building trust among customers for the platform.

This particular mechanism involves live chat among an array of members of the site itself. This chat box is present on the homepage of the website and it allows members to discuss aspects of the platform. Such aspects include the risks associated with lending or borrowing, certain members on the site, and many other topics.

To make sure that the lender never feels insecure about the bitcoin they give away and that the faith in the website never falters, collateral supports some of the loans. This will ensure that the lender always holds a guarantee against the loss of the primary amount.

bitcoin lending

3) XCoins

Do you have a PayPal account or a credit card? Then you may opt for XCoins for bitcoin loans. This service specializes in assisting their customers to acquire bitcoin via PayPal by using their credit cards. Unlike most other services and platforms, XCoins embraces the use of PayPal and is therefore suitable for those who prefer to use it.

The process behind obtaining bitcoin involves a few relatively simple and basic steps:

  • Sign up/register on the service
  • Provide your identification details
  • Verify your identity
  • Deposit your country’s currency equivalent of the bitcoin you need to borrow.

You may need to submit a specific processing fee, so be ready for that to potentially occur.

The service is now open to lenders as much as it is to borrowers. If you want to lend some of your bitcoin to borrowers in exchange for whatever fee the website agreed on, then you can sign up for this feature. BitCongress explains that:

The first step for lenders, however, begins with deciding the amount which they are ready to lend. This is an essential part of the process since based on this very information, matches will be made between the borrower and lender. After the amount is agreed upon, a search is conducted and whenever a perfect match between a borrower and a lender is found, the borrower is expected to deposit the money into the lender’s Paypal account.”

Regarding customer support, XCoins provides contact to administors and/or support staff. However, it could take up to several days to receive an effective response.

4) Poloniex

This is a famous exchange service, known for being one of the best bitcoin lending sites. It also happens to be the undisputed leader among a variety of cryptocurrency exchange websites or services. This is a diverse platform that has become successful for a number of reasons. One of them being it provides great liquidity options for a solid amount of altcoins, which can be traded for bitcoin.

Dating back to 2014 and operating out of San Francisco, the Poloniex developers have decided to make US residents the key focus of their campaigns. That being said, they are starting to expand their business. Moreover, they aim to support other countries in the near future.


Now that you have been given some solid suggestions for bitcoin lending, you can start looking into which of these platforms – among others – is properly suited for you.

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