FAQ

Getting a credit line

How to get a credit line?

Step 1. If you are a new user, sign up for a new account.
Step 2. Deposit assets in the currency you will use as collateral.
Step 3. Click one of the buttons requesting to get a credit line.
Step 4. Choose your terms and follow instructions.
Step 5. If your application is successful, the credit line will be instantly issued to your wallet on Bankera Loans.

Who can use Bankera Loans?

Our services are available to both individuals and businesses that own crypto assets.

Why choose us?

Credit sizes: We understand that different clients have different needs. We offer flexible credit lines starting from 25 EUR up to 1M EUR.
High LTV: clients can get a credit as high as 75% of the collateral value.
BNK token: Banker (BNK) token was created by Bankera. There are lower interest rates when paying with BNK.
Competitive rates and transparent pricing: You can always see our current rates here.
No repayment schedule: There is no repayment schedule and no early repayment fees. The credit must be repaid before the maturity date.
Global reach: Our credits are denominated in Euros, but they can be withdrawn to almost any place in the world by withdrawing in cryptocurrencies, including stablecoins.
We know the market: Our team consists of the same people that have been operating SpectroCoin brokerage for over 6 years and keeping the assets of 1 million clients safe.
XEM support: NEM platform has a strong community, but limited options of where assets can be used. At Bankera Loans, clients can take a credit line with XEM collateral, withdraw, repay, or pay interest in XEM.

In what currency can I borrow?

All of our credit lines are currently denominated (accounted) in Euros. It means we issue a credit of X EUR and you are required to repay X EUR, plus the interest on the credit. However, each credit can be withdrawn in cryptocurrencies as well: BNK, USDT, BTC, ETH, XEM, and DASH.

We are planning to add USD denominated credit lines soon.

Can I use Bankera Loans if I do not have a EUR bank account?

Yes. You can withdraw and repay a credit line in a number of cryptocurrencies: BNK, USDT, BTC, ETH, XEM, and DASH.

What are your interest rates?

We have excellent credit line rates and there are no hidden fees. Clients can enjoy lower interest rates when paying with BNK tokens. You can always check our latest interest rates in our Rates section.

What crypto assets can I use as collateral?

The available options for crypto assets that can be used as collateral are BTC, ETH, XEM, and DASH. Support for more cryptocurrencies will be added in the future.

How long does it take to get a credit line?

We can issue a credit almost instantaneously if you are borrowing in cryptocurrency. In case your withdrawal currency is EUR, it largely depends on KYC and AML checks. Typically, funds will reach your Bankera Loans wallet within one business day.

What is the minimum and maximum I can borrow?

The minimum amount you can borrow is 25 EUR. The maximum amount is 1M EUR.

What is the maximum credit duration?

The standard term is one year. If the credit is not repaid by the end of the term, it is extended for another year but at a higher interest rate.

Are there any additional fees?

There are no additional fees related to the credit line. The only other fees you will pay are for withdrawing funds to an external wallet.

What are deposit and withdrawal fees and limits?

Bankera Loans business is associated with credits, not deposits and withdrawals. We do not charge any deposit fees while withdrawal fees are deducted to cover the blockchain transaction confirmation fees. The fee to withdraw EUR from the platform is charged by a payment provider for processing the payment.

Withdrawal fees and minimum withdrawal amounts:
BNK - 1000.00 BNK | Min 5000 BNK
USDT - 1.00 USDT | Min 10.00 USDT
BTC - 0.0005 BTC | Min 0.001 BTC
ETH - 0.005 ETH | Min 0.05 ETH
DASH - 0.0001 DASH | Min 0.1 DASH
XEM - 0.100000 XEM | Min 250 XEM

EUR - 0.04% (min. 2 EUR).

How long do external withdrawals take?

External crypto withdrawals depend on blockchain confirmations which typically take less than one hour. EUR withdrawals take 1-3 business days.

Can I have more than one credit at the same time?

Yes, you can have multiple at the same time.

Repaying a credit

How to repay the credit line?

There are two types of payments that have to be made to service the credit line:

1. Interest payments. The interest payment is debited automatically every month from your Bankera Loans wallet and start a month after you take a credit line. The payment is deducted on the same day when the credit was issued or on the last day of the month if the month does not have enough days at 00:00 UTC. Interest payments are debited from the assets you keep in your wallet on Bankera Loans. If you have enough assets in your BNK wallet, the interest payment will be charged from there, and a lower interest rate will be applied. If you do not have enough assets in your BNK wallet, the interest payment will be charged from your other wallets, granted you have enough assets there. If there are not enough assets in the mentioned wallets, the interest amount will be added to your credit.

2. Credit line principal repayments. You can repay the credit by logging in to your account, going to your loan page and clicking the repay the loan section. You can repay the credit in EUR (verified users only), BNK, USDT, BTC, ETH, XEM, and DASH. There is no minimum repayment amount or schedule. Ensure that the credit is repaid before the maturity date, otherwise, we will extend the credit line for another year, but at a higher interest rate.

How do I pay interest?

Interest is debited automatically every month on the same day you took out a credit at 00:00 UTC or on the last day of the month if the month does not have enough days. You can always check the next interest payment date by going to the Loans page.

Our system checks your wallets for interest payments in the following order:

BNK (for lower interest). To get a discount, you must have the full monthly interest amount (EUR equivalent) in the BNK wallet.
EUR (verified users only)
USDT
BTC
ETH
DASH
XEM

If there are not enough assets to pay interest, interest will be capitalized (added to the credit) automatically.

Can I make an early repayment of the credit line?

Yes. There are no early repayment penalties.

What happens if the value of my collateral falls in value?

Our Loan-to-Value percentage is set so it balances the available credit size and the risk of collateral losing its value. If the value of your collateral falls significantly, our system sends automatic warning(s) via email and on our platform - we highly recommend you take action after getting one to prevent collateral liquidation. There are two methods to lower the LTV:

1. Repay part or all of the credit line.
2. Increase collateral.

You can also choose to do nothing (not recommended), but that increases the risk of LTV reaching the liquidation level. If the value of your collateral falls so that LTV level reaches 90% or more, we will liquidate a portion of your collateral to repay the credit line and bring down the LTV ratio to 70%.

Note: automatic liquidations are done until the potential credit size after liquidation is above 10 EUR. After that, the credit line is covered in full and the remainder of your collateral is returned to the wallet.

How do LTV warnings work?

Warning notifications are sent via email and shown on the platform when LTV reaches 70% (for credits that were issued with LTV lower than 75%) and 80%. If these warnings are not dealt with by you personally, the collateral will be liquidated to cover a portion of the credit line, bringing the LTV to 75%, or to 70% (for credits issued before November 2019).

What happens if I miss the maturity date?

Make sure to repay the credit before the maturity date. If you miss it, your credit is extended for one year at a higher interest rate.

What happens if I am not able to repay the credit?

Please contact our support at [email protected] and we will try to figure out a solution.

Verification

How long does KYC verification take?

Individual verification usually takes no more than one business day. Business verification may take longer and will depend mostly on how quickly you are able to provide the required documentation.

General

What does it mean that your credits are denominated in Euros?

It means that your credit is accounted in Euros. For example, if you take a 1000 EUR credit line, the same 1000 EUR amount has to be repaid. For your convenience, this 1000 EUR can be withdrawn (paid out) in different currencies: EUR, BNK, USDT, BTC, ETH, XEM, and DASH. Similarly, your credit can be repaid in the same currencies, not just in EUR.

What are interest rates?

Interest rates are the cost of borrowing the principal credit amount, expressed as the percentage of the principal. In traditional banking, they can be variable or fixed. At Bankera Loans we only use fixed interest rates. See the table for how to get the best interest rates at Bankera.

What is the Annual percentage rate (APR)?

The Annual Percentage Rate is the annual cost of borrowing, which includes not just the interest rate but also any other fees (loan issuing, loan management, etc.). At Bankera, we do not have any additional fees, so the terms APR and interest rate are used interchangeably.

What is collateral?

Collateral at Bankera Loans is the crypto asset a client places as a guarantee that the credit will be repaid. It is returned upon full repayment of the credit. Our credits are denominated in Euros, so the value of the collateral is always regarded as its value in Euros. In traditional banking, a common example of collateral is mortgage – the asset (house, apartment) that is being financed is usually the collateral that secures the credit.

What is the Loan-to-Value (LTV) ratio?

The Loan-to-Value ratio is expressed as the percentage of the remaining loan value and the current value of the collateral in Euros. E.g.:

You take a credit of 1.000 EUR and pledge 1 BTC as collateral, which is, for example, worth 2.000 EUR at the time. Your initial LTV% is 1.000/2.000=50%.

Time goes by, and the value of BTC depreciates. The 1 BTC collateral is now worth 1.250 EUR. Your LTV increases to a dangerous 1.000/1.250 = 80%.

You repay 400 EUR of your initial credit, bringing the remaining value to 600 EUR. Your LTV is now healthy again at 600/1.250=48%.

Who is your custodian?

Our custodian is SpectroCoin, which is part of the Bankera's ecosystem. SpectroCoin uses advanced authentication methods and stores 90%+ of digital currencies in protected offline storage (deep cold wallet).

Will you offer deposits?

It is in our plans to offer our community the ability to deposit tokens and earn interest on them.

How is taking a credit different from margin trading on an exchange?

With a crypto-backed credit, you can use funds for multiple purposes — e.g. investments, diversifying your portfolio, and buying different crypto assets.

Also, if you use a crypto-backed credit to leverage your existing crypto position, say in BTC, it is usually a cheaper option than leveraging it on a margin account on an exchange.

BNK token

Can I use BNK tokens as collateral?

No. The BNK tokens can be used to repay a credit, withdraw a credit, and to pay interest.

What are the benefits of using BNK token?

With BNK tokens you pay lower interest rates. Moreover, BNK token holders are entitled to commissions from Bankera and SpectroCoin. You can read more about it here.

Where can I purchase BNK tokens?

You can purchase BNK tokens at SpectroCoin or Bankera Exchange — both products are part of the ecosystem of Bankera. Our token is also listed on several external exchanges, including HitBTC, IDAX, IDCM, and Hanbitco.

Do I get commissions for BNK tokens when they are in Bankera Loans wallet?

Yes, they will be paid to your ETH wallet on Bankera Loans.

Security

Is Bankera Loans secure?

Our team aims to provide top-level security by implementing a variety of measures, including offline cold wallets and advanced authentication methods. Similar safety tools have been successfully used at our related company SpectroCoin for over 6 years, and our security experts are constantly working on improving them even further.

How to enable Two-Factor Authentication?

We highly recommend having Two-Factor Authentication (2FA) enabled for your account at Bankera Loans. We have two 2FA options available — email and Google Authenticator. When you sign up, the default email option is enabled. To edit it your 2FA options or disable it entirely (not recommended) go to "Profile" > "Security".