In this tutorial we are going to explain, step by step, how to create an account, how to verificate documents, how to increase reputation necessary for you to get investor’s trust and trust for your project and finally how to get a bitcoin loan.
By clicking on the option “Credit Rating”, the base stone of this entire system, in sub-menu we gets to site like this one, where we can find our actual rating and options like:
Rating is calculated in points and letters, from E+ up to A. E is the worst and smallet rating you can get (0-30 points, red), D (30-55 points, orange), C (55-75 points, green), B (75-85 points, clear blue) and we ends in the highest and biggest possible rating A (85-100 points, dark blue). This rating, together with your reputation and references, shows to pther peoples “Who are you” and its your presentation card whenever you want to get a loan or invest.
The first thing you need to do is verify your identity and direction, just like connect your social networks and if you have then Ebay, Paypal, Coinbase and Localbitcoin too. Its necessary to say that if you don’t have created for example your Paypal account yet, then it doesn’t help you to create it now because the system only accepts informations at least three months old.
In this tutorial we are going to talk only about How to verify your identity and address, what changes you rating from E to D and it allows you to get a loan. then you can add for example your bank informations, payments, accounts, wallets, phone, references, etc… it simply increase your rating.
We click on the “Verify identity” button and after the notification that every data has to be true they send us to this page:
On the image it can’t be see entirely but in the part that is missing they are telling us that they will verify the documents in two work days. Then we got here the Date when you were borned, sex, type and number of document what we are sending and three necessary images, you have to take a photo of your self from one side and then from the other side with the passport in your hand and your head so it can be seen. We send it and the status will change to “Verifying”.
Creating an easy business loans on BTCJam is extremely easy but what’s not easy is getting someone who is going to invest in you. I am proposing, that those who can borrow you, are private investors and your only ace is your rating card, reputation, verified accounts, your last projects and mainly the interests you offer.
In these days there are about 330 project asking for money on BTCJam and some of them are really great. From person that need 0,2 BTC so he can finance small business, to the person who wants 40 BTC for his car title loan. A lot of fast business loan are for business lending purpose in the bitcoin mining but you have to pay attention on the 14 days quote. If you don’t get your project 70% funded in 14 days, the business loan will be cancelled and investors get their money back. So don’t start with 10 BTC limits but start with small pieces.
Okay, so lets create a business loan request. We can do it simply by clicking on the green button “Get Loan” in the top part of our page. That brings us to this page:
In the part of the image that cannot be seen is only displayed date of the project, language and feature image. On the right side there is a calculator of payouts, where you can fill the date and it calculates you how much the potential investor will get, with what profit and what they gets in total.
The form is really simple: Name of business loan Request, purpose or with what objective you are asking for money (Vacations, business, house rebuilding, room redesign and plenty of other options), in which currency we want the money, bitcoin or other currency, how much and when we are going to pay, how long it will take (1 day, 7 days, 1 month, 1 year) that types us the type and quote of interest, the description and that’s all. In the window of this individual loan we can see the form for investments and comments. Of course, we can share our project on our social networks.
I know, that getting an investment is not easy. There are plenty of other projects, investors doesn’t want to lose their money so they are playing safe. They are choosing the best business loans and logically projects with good risk-profit-time analysis. Its the most important thing to get the best possible credit rating a good reputation too. Its better to start with small amounts, pay good and on time and step by step build a name.
BTCJam seems to be one of the greatest trading platforms and excellent opportunity for small business financing and for peoples that need to borrow money and, because of this or that reason, doesn’t want to enter the business loans bank circle. Commissions are not small but they are not the biggest ever, its a global P2P system.