Email from Unchained:
You are receiving this email communication because you have taken a bitcoin-backed loan through Unchained. Despite having originated thousands of consumer loans and the positive feedback we’ve received about the service while to this day experiencing zero loan losses, we have a significant update regarding the availability of this product for consumers.
Due to external requirements, new loan originations to individual borrowers will be paused beginning January 1, 2024. We will continue originating new loans for legal entities such as LLCs or corporations after January 1 for business or investment purposes.
This means that Unchained will not be able to refinance or “roll over” existing loans beginning January 1, 2024 unless a refinance application is submitted by an entity (not individual) borrower with a stated business or investment purpose.
While consumer lending services will not be available for a time, please know that we are actively working on updating and expanding our consumer loan products and services during this pause. Although a significant project remains ahead in that regard, we look forward to delivering an enhanced borrowing experience upon restart of our consumer lending program.
If your loan has either an investment purpose or a business purpose, you may submit a loan application (for either a new loan or a refinance of an existing loan) to Unchained as those will remain eligible loan types, even after January 1. In the case of a refinance, the loan purpose must be indicated on your new refinance application.
By way of example, a Wyoming limited liability company (including but not limited to a limited liability company not taxed separately from its sole owner) would remain eligible to apply for an Unchained loan for any investment purposes or business purposes, even after January 1.
As always, loan applications are subject to approval. Unchained cannot guarantee the results of any loan application or credit availability. Future availability of credit products is never guaranteed.
We realize this is an unexpected announcement. We know that everyone’s individual situation is important to us and we are available to help. We appreciate you choosing Unchained as a trusted partner in your bitcoin journey.
If you have any questions regarding your options, please email us at lending@unchained.com or call us at (844) 486-2424, option 2 during business hours, which are 9:00 AM to 5:00 PM Central Time, Monday through Friday. Our team is available to help you and will respond as quickly as possible to emails and calls.