FAQ

Getting a loan

How to get a loan?

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 take a loan.
Step 4. Choose loan terms.
Step 5. If your loan application is successful, the loan 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 have crypto assets as collateral.

Why choose us?

Competitive rates and transparent pricing: You can always see our current rates in the Loan Terms section.
Loan sizes: Our loans start as small as 100 EUR, and they go up to 1M EUR for larger clients.
BNK token: Banker (BNK) token was created by Bankera. There are lower interest rates when paying with BNK.
No repayment schedule: There is no repayment schedule and no early repayment fees. The loan must be repaid before the maturity date.
Global reach: Our loans are denominated in Euros, but they can be withdrawn to almost any place in the world by withdrawing in cryptocurrencies, including stablecoins.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 created SpectroCoin brokerage over 6 years ago; we have been keeping the assets of 1 million clients safe.
XEM support: NEM platform has a strong community, but limited options with where assets can be used. At Bankera Loans, clients can take a loan with XEM collateral, withdraw, repay, or pay interest in XEM.

In what currency can I borrow?

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 However, each loan can be withdrawn in cryptocurrencies as well: BNK, USDT, BTC, ETH, XEM, and DASH.

We are planning to add USD denominated loans soon.

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

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

What are your interest rates?

We have excellent loan rates and there are no hidden fees. Paying with BNK tokens provides the lowest interest rates. You can always check our latest interest rates in our Loan Terms 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 loan?

We can issue a loan almost instantaneously if you are borrowing in cryptocurrency. In case your withdrawal currency is EUR, it largely depends on KYC and AML checks. Typically, a loan 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 100 EUR. The maximum amount you can borrow depends on the currency you choose as collateral. Please see the table.

What is the maximum loan duration?

The maximum loan term is 24 months.

Are there any additional fees?

There are no additional fees related to the loan. 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 loans, not deposits and withdrawals. There are no fees for deposits. The fees to withdraw cryptos are 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 amount:
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 takes less than one hour. EUR withdrawals take 1-3 business days.

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

Yes, you can have multiple loans at the same time.

Repaying a loan

How to repay the loan?

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

1. Interest payments. Starting a month after you take a loan they are debited automatically every month from your Bankera Loans wallet on the same day when the loan 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 loan.

2. Loan principal repayments. You can repay the loan by logging in to your account, going to your loan page and clicking the repay the loan section. You can repay it in EUR (verified users only), BNK, USDT, BTC, ETH, XEM, and DASH. There is no minimum repayment or a loan schedule. Ensure that the loan is repaid before the loan maturity date, otherwise, we will extend the loan for a 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 loan at 00:00 UTC or on the last day of the month if the month does not have enough days) from your wallet on Bankera Loans. You can always check the next interest payment date by going to the loan page.

Lower rates are achieved by paying with BNK tokens. Wallets for interest payments are checked in this order:

BNK (for lower interest)
EUR (verified users only)
USDT
BTC
ETH
DASH
XEM

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

Can I make an early repayment of the loan?

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 loan size and the risk of collateral losing its value. If the value of your collateral falls significantly, our system sends automatic warnings (via email and on our platform) when the LTV reaches both 70% and 80%. There are two methods to lower the LTV:

1. Repay a portion of the loan.
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 loan and bring down the LTV ratio to 70%.

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

How do LTV warnings work?

Warnings are sent via email and shown on the platform when LTV reaches both 70% and 80%. This information is relayed as soon as possible in order to avoid any inconveniences. If these warnings are not dealt with by you, the collateral will be liquidated to cover a portion of the loan, bringing the LTV to 70%.

What happens if I miss the loan maturity date?

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

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

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

Verification

Do I need to verify my profile?

Unverified users have a total active loans limit of 8.500 EUR, and they can only withdraw a loan, repay it and pay interest in cryptocurrencies. In order to remove these restrictions, a client has to be verified.

How long does KYC verification take?

Usually, it takes no more than one business day for individuals. For businesses it will take longer and will depend mostly on how quickly you could send required documentation.

General

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

It means that your loan is accounted in Euros. For example, if you take a 1000 EUR loan, 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 loan can be repaid in the same currencies, not just in EUR.

What are interest rates?

Interest rates are the cost of borrowing the principal loan 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 other 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 loan will be repaid. It is returned upon full repayment of the loan. Our loans 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 loan.

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 (in Euros) of the collateral. For example:

You take a loan of 1.000 EUR and pledge 1 BTC as collateral, that is worth (for example) 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 loan, bringing the remaining loan 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 loan different from margin trading on an exchange?

With a crypto-backed loan 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 loan 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 loan, withdraw a loan, 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 of them are part of the Bankera's ecosystem. Our token is also listed on some other 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 or disable 2FA (not recommended) go to "Profile" > "Security".