For those new to FiFit
What is FiFit?
FiFit offers crypto backed business loans allowing you to borrow against your Bitcoin to unleash your assets liquidity without selling.
What does my business need to qualify?
You will need
How is my Bitcoin stored?
The Bitcoin held as security is
What happens if I fail to repay?
If you fail to meet your payment obligations, FiFit will liquidate the amount of security required to settle the amount owing and any transaction costs. The remaining bitcoin will be returned.
Can I make cash deposits to pay?
Yes. FiFit accepts same day Electronic Fund Transfers (EFT) and cash deposits as payment.
Can I pay down my loan using Bitcoin?
No. FiFit only accepts Australian Dollars (AUD) as payment on loans.
What is LTV?
Loan to Value. For example, if you have $100,000 worth of Bitcoin as security and take out a Loan of $50,000 the LTV is 50%.
What happens if the LTV exceeds the agreed limit?
If the LTV exceeds the agreed limit the borrower will have to rectify it within 24 hours by adding additional security or paying down the amount owing to bring the LTV back to the acceptable limit. If it is not rectified, FiFit will liquidate the amount of security required to settle the amount owing and any transaction costs. The remaining bitcoin will be returned.
What does a FiFit Business Loan Cost?
2% Establishment Fee
7% Flat Interest Rate
Does FiFit have an Australian Credit License (ACL)?
No. FiFit only provides business loans for business purposes. In accordance with section 5 of the National Credit Code (the ‘NCC’), the NCC does not apply for business loans that are not for personal, domestic or household purposes.