BitLendingClub is a peer-to-peer Bitcoin lending platform. They help borrowers get Bitcoin loans online for the lowest rates and the lowest transaction fees. BLC, for short, relies on the free market and group wisdom to provide the most competitive interest rates. The lenders compete in a dutch auction style in order to assess the risk of each loan and offer the lowest possible rate for a given borrower.
- Country: United States
- Headquarter: San Francisco
- Type: Financial Services
- Round: Seed
- Cost: $0.25 million
- Date: 24-Oct-2014
- Investors: LAUNCHub
BitLendingClub boasts some of lowest fees in the industry at 1% of the loan value. The lending fees are paid by the borrower as part of the loan payments, which means that BLC does not make a commission on default loans. Furthermore, ther are no withdrawal fees, aside from the recommended BTC tip (roughly 0.0001 BTC). In essence, BLC only gets their commission when the borrower pays back the loan.
BitLendingClub was founded by Kirill Gantchev and Yasen Yankov in October of 2012. The website was officially launched on July 13, 2013. BitLendingClub, LLC registered in the State of Illinois.
The lender can access the personal information provided by the borrower upon registration, in the event that the borrower does not return the issued Bitcoin loan in time. Usually, small misunderstandings can be worked out in personal correspondence. In the event that the borrower makes contact and does not shy away from fulfilling its obligations, the creditor may agree to extend the loan term. The service administration sends warning letters to the borrower on the tenth and twentieth day from the date of the agreed deadline for refund. If the borrower within 20 days will not be able to return the loan to Bitcoin or agree with the lender on its restructuring, the package of documents with information about the borrower needed to file a claim in court, the administration sends to the creditor.
In order to start working on the service, you need to register in advance. The system will ask you to specify your personal data and email address, which will then be sent an email to activate your account. Due to the fact that the service pays special attention to the security and security of transactions, the borrower who wants to take a loan in Bitcoin, after confirming the account will have to undergo a verification procedure. It consists of the following steps:
- In the ID window, you must specify the number and series of the document confirming the identity, for example, passport or driving license. Additionally, you will need to attach the scan of this document.
- In the Income window you need to specify the amount of monthly income and attach a scan of the confirming document. You can, of course, specify that you do not work anywhere, then the documents do not need to attach. However, when the creditor considers applications for a Bitcoin loan, information on the availability of additional income will be an additional positive factor.
- In the Address window to indicate place of residence. This information should also be supported by an appropriate document. This may be a receipt for payment of utilities or the Internet, which must be present in your name and address that matches the specified.
- In the next window you need to specify the cell phone number. On this number you will be sent an SMS message with a confirmation code. After this code is entered in the appropriate field and accepted by the system, the phone number will be considered confirmed.
- In the e-mail window, you need to specify the e-mail address that was specified during registration.
- In order to get a loan in Bitcoins, the borrower needs to create an application. However, he will be able to do this only after the service checks all the data provided, and in the personal account of the borrower there will be a green inscription "approved", which means "confirmed".
Board of directors
- Kiril Gantchev - CEO
- Kiril Gantchev is a software engineer, Bitcoin investor and an entrepreneur. With over 7 years of experience in developing software and holding two degrees from DePaul University, a B.S. in Computer Games Development and an M.S. in Software Engineering, Kiril serves as the CEO of BitLendingClub and is responsible for developing a strategic business model, providing a clear vision for the company and promoting the platform.
- Yasen Yankov - CTO
- Yasen Yankov is a software engineer, entrepreneur and all-around technology guru. Yasen has over 7 years of software development experience in top tier companies, holds a BS in Computer Systems and Technology from the Technical University Sofia and is solely responsible for managing the development of BitLendingClub. Yasen manages all the aspects of the technical implementation of the platform and serves as the CTO of BitLendingClub.