BTCpop review: Bitcoin Loans

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Instant funding based on your online reputation, not your credit. This is our BTCpop review.

BTCpop is a crypto loan platform that allows you to find secured and unsecured financing in bitcoin. As a reputation-based lender, your credit and financial history don’t factor into your eligibility. But details about how it works aren’t readily available, making it difficult to compare it with other crypto lenders.

BTCpop Review – Table of Contents

What makes BTCpop unique?

BTCpop is one of a few platforms that offers loans in bitcoin, rather than backed by a cryptocurrency. Like other crypto loan providers, it doesn’t base eligibility on your credit score or other requirements typical for a personal loan with a bank. Instead, it considers your online reputation.

Part of your reputation is based on your history of repayment through the platform, and so you might not get the best deal at first. But it could be a good option if you’re interested in taking out multiple loans or plan on getting involved in bitcoin lending.

What is BTCpop?

BTCpop Review: BTCpop's homepage
BTCpop Review: BTCpop’s homepage

Based in the Marshall Islands — a sparsely populated country in Oceania — BTCpop is a peer-to-peer (P2P) platform that offers loans in bitcoin. You can get both unsecured and secured personal loans backed by shares of bitcoin or a wide range of altcoin.

Like with other crypto platforms, BTCpop doesn’t quite work like traditional P2P connection services. Loan amounts, rates and other factors vary depending on who you borrow from. And because you don’t have to worry about bank transfers, your funds are instantly transferred to your wallet.

BTCpop charges a fee that depends on the type of loan you apply for:

  • No-collateral loans — 4% of the loan amount
  • Loans with unverified collateral — 3% of the loan amount
  • Loans with verified collateral — 2% of the loan amount

You’ll also pay a 1% fee for listing your loan application and a 2% fee for any late payments.

What are the benefits of a BTCpop loan?

Lenient credit requirements and fast turnaround are just a few of the perks for borrowing with BTCpop:

  • Instant funding. BTCpop users can deposit funds into your wallet the instant you’re approved.
  • Good credit not required. Your loan is based on your reputation on BTCpop and other crypto platforms — not your credit score.
  • Offers other crypto services. BTCpop is also a platform for IPOs, bitcoin exchanges, and staking.

What to watch out for

Consider these potential drawbacks before taking out a BTCpop loan:

  • Best rates go to repeat borrowers. You must build your reputation on the platform before you’re eligible for the most competitive rates.
  • Little regulation. BTCpop is based in the Marshall Islands, and your lender can be from anywhere in the world. It means there’s not much the federal or local government can do if something goes wrong.
  • Difficult to compare to other platforms. BTCpop doesn’t reveal much about how its platform works unless you register. And you likely won’t know the rates and terms you might qualify for until after you get an offer from an investor.

What does the Internet say about BTCpop?

BTCpop earns a mixed online reputation as of January 2019. It gets an 8.8 out of 10 rating from Trustpilot users based on nearly 200 reviews. But multiple bitcoin forum users and blogs claim that BTCpop is a scam.

Several users praise the site’s tight-knit community, though few provide details about their personal experiences. One user complained about a locked account: They couldn’t access their funds or get in touch with customer service. Another couple claimed the site’s new owner is breaking several UK financial regulations.

Before signing up, make sure that you understand the terms and conditions of both the site and your loan.

Am I eligible?

With BTCpop, eligibility is based on reputation: Your credit score, income and other factors about your personal finances in fiat currency don’t matter. Instead, BTCpop verifies your identity and assigns you a reputation score that allows you to qualify for a loan.

How can I build my reputation?

You have four ways to build your reputation on BTCpop:

  • Take out and repay a secured loan. BTCpop recommends repaying a small loan using altcoin or shares of bitcoin as collateral before you borrow the full amount you’re interested in. Collateral allows you to qualify for more favorable rates and terms while establishing that you can pay back a loan on time.
  • Transfer your reputation from another platform. If you’ve borrowed on another crypto loan platform in the past, port over your reputation by linking to your borrower profiles and providing proof that you own those accounts.
  • Have someone vouch for you. If you know someone already on BTCpop, ask that person to confirm your good character.
  • Participate in the community. The bitcoin lending community is small. And the more you participate on BTCpop, the more likely you’ll get to know investors and build trust. Add a profile picture, invest in a loan and chime in on forum discussions.

How do I sign up?

You’ll need to follow several steps to sign up and apply for a bitcoin loan through BTCpop — starting with verification.

BTCpop recommends that you wait at least a week after you’re verified to get to know the site before you apply for your first loan — unless you have collateral.

How to get verified

  1. Go to the BTCpop website and click Sign Up Today.
  2. Create a username, enter your email address and create a password. Click Register.
  3. On the menu at left, select Profile. Click Get Verified.
  4. Enter your name, birthday and mailing address. Click Verify.
  5. Upload such documents as your driver’s license, a selfie, your passport, utility bills and other records showing you are who you say you are.
  6. Click SMS and enter your phone number. After you receive a verification number, click SMS again and enter the code before clicking Submit.
  7. Go to the Social tab and click Google, Facebook, Twitter and LinkedIn to sign in to and link your social media accounts.
  8. Wait for BTCpop to verify your identity.

Check if you’ve been verified or denied from the Documents tab on the verification page. After you’re verified, you’re free to apply for and invest in loans — or use any of BTCpop’s other services.

I got a loan through BTCpop. Now what?

Repay your loan according to the terms and conditions of your investor. If you’re having trouble with repayments, talk to the person you borrowed from. While defaulting on a bitcoin loan might not hurt your credit score or affect your ability to get a loan in fiat currency, it’ll damage your reputation in the crypto community.

If you have trouble with the site, reach out to customer service by clicking Support in the left navigation bar. There, you can chat live with a representative or email for support.

Bottom line

BTCpop is more than a platform for lending. It’s a trust-based community — and a small one at that. While not ideal for getting a loan right away, it could be a resource for those interested in borrowing and investing in bitcoin in the future.

Find out how it compares to the competition in our guide to crypto loans and our page on bitcoin loans.

Frequently asked questions

Address+ Verification is a way for BTCpop to confirm that you live where you say you do.

With Address+ Verification, you receive a letter in the mail with an activation code for your online account. You can also pay for this step for an extra bump to your reputation score.

Follow the repayment instructions in your loan application package, found under the Payment Details tab. After you make a repayment, leave a comment to let your lender know.

Yes. In addition to secured and unsecured personal bitcoin loans, BTCpop offers business loans in bitcoin.


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