My review today is about the website Bitcoloan. It is a place where you can loan out your Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin, Tether, Dash, and Monero. You loan out crypto for 30 to 90 days to individuals. You earn interest on the loans you give out. There is an app that you can download from Google Play.

Now I found this place I think with a notification from the Brave browser. I took a look at the website and gotta admit what they’re promising sounds enticing. I put in about $50 and was given a 118% return. Now I start to get paid back the day after I give the loan. I will receive this portion of my loan daily until the end of my loan term as repayment.

You can start a loan with only $10 USD. This was one of the reasons why I chose to try this out. I didn’t have any Bitcoin but I did have some other cryptos I was investing. I decided to use my Cosmos cryptocurrency. On Coinbase my Cosmos was earning me interest as well. I was earning 5% APY. But the loan I gave out earned me 118% so yes I went with the better deal.

I bet your like me and thinking ok so what happens if my borrower defaults or doesn’t pay it back. According to the website I am totally insured and will still receive my money. That right there is totally awesome and well worth the time and effort for this place. I really think this website will take off.

You can also apply for a loan. Now I just found this website a couple days ago. I wasn’t really looking for a loan so I never applied. At the beginning page of the loan application it looks as though the rules for getting a loan are similar to rules of loaning to people. You pay back a little bit of the token you borrowed every day. I have no idea what happens if you should miss a payment or if you should default on your loan.

Unfortunately I don’t think by loaning people Bitcoin or by borrowing Bitcoin and paying it back on time will help your credit score. I just don’t see Bitcoloan as a US company that can help with a credit score. Now I could be wrong about this but I seen no mention of it on the website.

Now I seen something about doing staking. So I think that if there is no one to take your Bitcoin loan the company just holds onto it and stakes it for the time of the loan. This makes sense because then it would be kinda like a savings account with a normal bank.

One of the options I like about Bitcoloan is the fact that I can loan my crypto to a business and actually get an even better return on your crypto. Now a business loans gives you better interest but they keep the money longer. A loan to an individual is from 30 to 90 days. I’ve seen a business loan last up till 1 year. I have yet to see a business loan that is under 6 months.

Now with most Bitcoin apps and websites there is a referral. Here is mine if you would care to use it. https://bitcoloan.co.uk/?ref=358811&utm_source=referral_share This referral is only if you use it to loan out your crypto. It will not help you if you want to borrow money.

Well I hope everyone is doing good and have learned a thing or 2.