BitLendingClub is delighted to announce that due to expanding interest in Merchant Integrated Loans, BitXatm has joined as their new Merchant partner. The new partnership demonstrates a growing trend: an increasing global demand for crypto-currencies and BitLendingClub is happy to say that BitLendingClub has managed to increase greatly the number of borrowers that will now be able to purchase Bitcoin ATMs.
Through this exclusive partnership that teams the market-leading strengths of each company, BitLendingClub has created a new type of loan which is that much closer to making smart property a reality! BitXatm will form the basis of the largest BTM network on American soil and that will help more and more businesses to accept bitcoin as a legitimate option to conduct transactions of all kinds. Together with BitXatm, BitLendingClub is building bridges that allow customers to buy Bitcoin ATM with no up-front costs.
This loan type nearly eliminates the risk of default due to borrower malfeasance.
There are no up-front costs for the borrower
Under the agreement BitXatm guarantees the following:
The ATM will send 50% of the operator fees to BitLendingClub’s payout address.
The ATM has a shut-off option in case of non-payment.
The ATM shut-off option has been tested and is functioning prior to product delivery.
BitXatm is not responsible for any losses which may occur due to fluctuation of exchange rates, issues with delivery, lack of profitability of the ATM, or any other factor which may affect the ability of the ATM equipment to make payouts. The Terms and Conditions of BitXatm apply to the relationship between the customer and BitXatm under each relevant loan contract. If the ATM equipment is not profitable and the loan is still not paid off, then the borrower is still responsible for any remaining balance.
How it works:
The platform allows borrowers from all over the world to request a loan for the purpose of purchasing a Bitcoin ATM. When lenders fund the loan and the borrower accepts the funds, then BitLendingClub sends the funds directly to BitXatm.
This ensures a level of security which has not been previously provided: the borrower cannot use the funds for anything else but the purchase of the ATM! If the borrower defaults on the loan, then BitXatm provides the option to remotely shut off the ATM via a block-chain transaction.
BitLendingClub conducts a small Bitcoin transaction which tells the ATM to shut off. As long as the ATM is turned on and processing Bitcoin transactions, then the termination transaction will be processed. Essentially, it allows BitLendingClub to place a digital lien on a physical asset!
Automatic payments from the borrower’s balance to the lenders are enabled and the borrower is not allowed to disable the automatic payments. When the loan is repaid, BitLendingClub allows the borrower to invest and withdraw funds from his account.
Please note that when you choose “ATM Purchase” loan type, you won’t be able to use your account to withdraw BTC, invest or create new loans until the loan is repaid.
Altogether, this is a strong step in boosting what has already become a powerful Peer-to-peer Bitcoin Lending community. BitLendingClub is excited to be working with BitXatm and to provide a solution to people who are in need of a loan to purchase Bitcoin ATM machines.
We encourage all members to contact BitLendingClub if any further questions or concerns occur. The BitLendingClub Team will gladly help you. Meanwhile, BitLendingClub is continuing to work hard to spread the word to more and more investors and borrowers that they can get a better deal at BitLendingClub purchasing an ATM