in Business Loans from Bitbond
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Where does Bitbond do business?
Bitbond is a business financing offering by Bitbond, a marketplace lender based in Berlin, Germany, . Founded in 2015, Bitbond offers access to business loans in 50 states (and Washington, DC).
What are Bitbond’s rates?
Bitbond offers a fixed APR business financing product that ranges from 7.7% APR up to 25% APR.
Does Bitbond charge an origination fee?
Yes, Bitbond charges a loan origination fee starting at 0.5% of the loan amount. Bitbond deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Bitbond set on the purpose of the loan?
Bitbond considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Bitbond offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Bitbond provides access to the following business loan types:
- Unsecured term loans
Does Bitbond charge prepayment fees?Yes, Bitbond charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
What is the maximum loan term you can get with Bitbond?
Bitbond offers business loans with terms ranging from 1 to 36 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Bitbond?
Applicants with a credit score of at least 560 can apply for a loan via Bitbond. Bitbond does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via Bitbond?
Bitbond can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Origination Fee||Starting at 0.5%|
|Credit Score Range||
560 - 850
|Immigration Status Considered||
|Verification Documents Required||
|Loan Amount||Up to $25K|
|Loan Term||1 - 36 months|
|APR (Fixed APR)||7.7% - 25%|