FiFit offers crypto backed business loans allowing you to borrow against your Bitcoin to unleash your assets liquidity without selling.
To qualify you must be an active Australian registered company and have Bitcoin assets to pledge as security.
To eliminate any risk of hacks to the exchange your Bitcoin is stored in a cold wallet offline.
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.
Yes. FiFit accepts same day Electronic Fund Transfers (EFT) and cash deposits as payment.
No. FiFit only accepts Australian Dollars (AUD) as payment on loans.
Loan to Value Ratio. For example, if you have $100,000 worth of Bitcoin as security and take out a Loan of $50,000 the LVR is 50%.
If the LVR 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 LVR 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.
2% Establishment Fee
7% Flat Interest Rate
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.