We’re really excited to tell you about a new feature developed by our hard working Jam Engineers. Without any further ado, we’d like to announce that BTCJam users will now be able to Refinance their loans — right here on BTCJam!
Having trouble paying back a loan? Refinance your loan on BTCJam today!
Q: What is refinancing?
A: Refinancing is a way for borrowers to restructure their current debt under different terms.
Q: How does BTCJam’s refinancing work?
A: If the borrower chooses to refinance a loan, the new loan amount will be set to guarantee the repayment of this loan. A refinance loan is a special type of loan that cannot be activated by the borrower. The funds raised for this loan are sent directly to the investors of the previous loan.
Q: Can I refinance my loan?
A: Yes, any borrower with an outstanding loan can attempt to refinance their loan.
Q: What do you mean attempt?
A: The refinancing process is much like the process for funding your original loan. Investors will decide whether or not to fund your refinancing based upon the completeness of your profile, the diligence you show in describing your loan, how you intend to pay it back, the reasons for your refinancing, and of course, our proprietary credit score.
Q: What happens if my refinancing attempt is successful?
A: If your refinancing loan reaches a point when the sum of investments is enough to repay the original loan, your loan will automatically activate and the investors of your previous loan will be repaid.
Q: What happens if my refinancing attempt is unsuccessful?
A: You can attempt to refinance again, perhaps with more favorable rates for investors, but if the investors choose not to fund you two times in a row, perhaps it’s time to continue paying off the original loan.
Thanks for reading about our new feature, Refinancing Loans on BTCJam. We hope you like it. If you have any questions or suggestions for a new feature or anything about BTCJam, we’d love to hear from you at support@BTCJam.com.
Until Next Time…. Keep on Jamming!
Having trouble paying back your debt? Refinance your loan today with BTCJam!