3 mins

How Repayments Work on Bitbond

Daniela Cherkova
Jun 18, 2018

Congratulations on getting funded on Bitbond.

Now that you have the funds you need to grow, you might be wondering exactly how repayments work. This blog post has got you covered, with a brief explanation followed by a comprehensive FAQ. Should you have any additional questions, please get in touch.

How can I repay my loan?

The easiest way of repaying your loan is by setting up a standing order with your bank. This will ensure that your repayments are made automatically and on time.

To do this, log into your Bitbond account and head over to the “Funds” section. Here you will see the bank account to which the funds need to be sent. Please ensure that you include your unique payment code in your payment reference. Otherwise we may not be able to allocate the funds correctly and the payment will bounce.

To find your repayment schedule, log into your Bitbond dashboard and navigate to the “Loans” tab. Now you will be able to see your full repayment schedule.

With this information you will be able to set up your standing order, so that the correct amount is sent to your Bitbond account at the end of every month.

Important: Please allow for 2-3 business days for the funds to arrive in your account.

Frequently asked Questions

Q: Do I need to send money from my bank to Bitbond?

A: Yes. In order to make a repayment you will need to transfer funds to your Bitbond account. The easiest way of doing this is by setting up a standing order.

Q: Where can I see my repayment schedule?

A: Log into your Bitbond account and navigate to “Loans”. Here you will see your repayment schedule.

Q: When should I send the funds to my Bitbond account?

A: You should send the funds 3-4 business days before the due date. As soon as the funds hit your account, they are used to make the repayment.

Note: please be aware that if you hold funds in your Bitbond account, we will start using them for repayments three days before the due date.

Q: What if I do not have enough funds in my account to make the full repayment?

A: We will use the available amount to make a partial payment. Should you not be able to make the full repayment by the due date, please get in touch.

Q: Where do I transfer the funds to?

A: You can find the bank information in your “Funds” section of your Bitbond account.

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