How do I refinance my existing loan?
If you would like to refinance your BTCjam loan, you can do it right on the platform!
To Refinance your loan please go to your Loans tab, and a list of your loans will appear. The refinance button will appear next to the loan listing. By clicking this refinance button you will create a new loan.
The new loan amount will be set to guarantee the repayment of your loan that is overdue or a loan that has remaining payments. A refinance loan cannot be activated by the borrower. The funds raised for this loan are sent directly to the investors of the previous loan.
Investors will decide whether or not to fund your refinancing loan just as they would with any other available loan. Basing their investment 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.
If the refinancing loan reaches a point where 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.