When can I start lending or borrowing?
One of the frequent questions we have received from our potential customers or investors about our platform is… “When can I start?”
It is essential to be noticed that borrowers are not able to enter borrowing process right away only after registration. Upon registration, clients will be required to provide basic KYC documents such as your passport/driver license/national ID. Moreover, evidence of on-time bill payment for 2 months back will be required to complete up to 40% of the Decentralized Scoring bar.
Next, clients should be entering the credits enhancement process, which requires them to fulfil their previously set goals in order to gain support from their community, and rated by Decentralized Scoring.
Once one has achieved 70% of the DS bar, one will be able to start borrowing for up to $50 (USD). The level goes up if one could achieve 81%–90%, the limit increases to $100 and so on.
Lenders require the same set of evidence on personal identity verification, namely: passport/driver license/national ID. However, the requirements for lender is slightly lower than those of borrower’s. It is only up to 40% of the Decentralized Score bar then a lender is allowed to enter the platform and start lending.
How to enhance my credit?
There are many different factors in which one can increase Decentralized Score on their profile. The first method, one should be connected to 4 neighbours/colleagues who have completed their KYC, in order to enhance their social scoring. Moreover, they should set habits they would like to create on BFEX’s Spotlight and work towards the goal until succeed, which will be supported by their neighbours/colleagues.