Need Bitcoin fast? Btcpop has you covered.
Get instant Bitcoin loans without identification or verification in just minutes!
Convenience and speed matters. In today’s fast moving world we have gotten accustomed to being able to get things quickly. Convenience stores, walk in haircuts, payday loans, and a variety of other services get us what we want quickly.
The tradeoff of course is a slightly higher price for convenience. Sure milk cost most at the convenience store, but it’s worth the extra $0.90.
Btcpop gets that… Which is why it offers Instant Bitcoin Loans for those times you need Bitcoin quickly.
How to get an Instant Loan at Btcpop with Collateral
The only way you will be able to get a truly “Instant Loan” is using Altcoins as collateral. This feature is called a “Instant Collateral Loans” on Btcpop. The process is very simple
No identification? No verification?
Depending on what collateral you deposit (some altcoins take longer to reach required confirmations) you can get your Instant Bitcoin Loan in minutes.
Below is a table with the current forms of Collateral Btcpop accepts for instant loans and how much you can borrow against that collateral. If you are not familiar with the term, collateral is simply something pledged as security for repayment of a loan, to be forfeited in the event of a default.
So if for example you deposit 1 ETH, you would be able to instantly borrow 25% of that coins value in BTC in an instant loan. At current prices (.04 Btc) you would be able to instantly borrow .01 BTC using that 1 ETH as collateral .
|Altcoin||Percentage of Coin value you can borrow in instant loan|
Btcpop offers set terms for non verified Instant loans.
- 30 Days
- 25% APR
The 2 choices you get to choose from are:
- What collateral you want to lock
- What percentage of the maximum loan you want to take.
When you select collateral, Btcpop will automatically fill in the maximum loan its willing to lend you. You then can select the % of the maximum available you wish to borrow.
There are 2 fees for this process
- A flat 3% loan fee taken out of borrowed amount
- Interest at the 25% APR
Btcpop then calculates those terms out and gives the costs denominated in BTC as well as a total repayable amount.
Instant Loans against P2P Shares
Btcpop.co has the feature of P2P Shares and IPO’s. The shares can then be bought and sold on Btcpop’s exchange. These shares can also be used as collateral for instant Bitcoin loans.
|P2P Share Ticker||Percentage of share value you can borrow in instant loan|
Users if they choose can lock a combination of Altcoins and P2P shares as collateral for Instant Bitcoin loans. There is a current maximum of 2.5 BTC for instant loans. Higher loans require verification and need to be borrowed P2P through a custom bitcoin loan.
Verified Instant Collateral Loans
If you don’t need a Instant Bitcoin loan instantly their are other options. If you verify your Btcpop account by submitting identification documents, link phone number, and get a letter in the mail. Once verified at Btcpop users are able to do a much wider variety of P2P lending. Completely Custom loans, bonds, and even P2P Shares. To learn more Follow the above links.
Once verified your instant collateral loans terms are reduced to:
- A flat 2% loan fee taken out of borrowed amount
- Interest at the 15% APR
However, if you are able to wait a few hours you will most likely get funded at the same or a lower interest rate using the same collateral by listing a custom loan with the same high % of collateral.
How it works behind the scenes:
How the process works is pretty simple but their are a few layers of complexity.
Instant loans are linked to Btcpop’s “Instant Account” which acts as a risk free savings account for depositors. However, in the end Btcpop’s owner funds your Instant loan request at a set rate against your collateral and assumes risk of default. In default owner sells the altcoins on exchange to repay the loan.
As a promotion, all interest earned by the Instant loans is paid out proportionately to funds invested in the “Instants Account” (savings like account). In this way depositors in the instants account is risk free and never at risk.
The interest is promotional and not compensation for risk which is why its claimed to be risk-free as the only risk it holds is platform risk and Btcpop is a very stable platform.