Virra Coin (Virracoin.com) is a money lending program wherein anyone above 18 years can take loan if they provide certain documents to prove their eligibility. This platform is very simple in terms of design and straight forward.
The exact interest charged depends on the loan amount but the maximum cap is at 30% which is definitely on the higher side when compared to other alternatives. Before dealing with them go through our review to know exactly how they work and other kind of documents you should hold in order to get the loans processed.
Company and Contact Details
Firms which provide retail group of clients with financial services have to follow and comply guidelines which central authorities have imposed Virra Coin falls in the category of investment firms which generates their revenue from the masses.
When we checked their certificates, it appears like they are registered but we can’t confirm whether they are authorized. A big concern regarding their incorporation is the fact that they state that they are licensed in the UK but provide the clients with address of their office which is situated in Romania.
So, we encourage everyone to speak with the support staff of this firm before taking any loan because it is always better to know what you are dealing with. here are thee contact details of this firm ;-
Address – Bld Mihail Kogalniceanu, Nr 8, 7652 Bucharest Romania
Phone – +1 (319) 462 – 1402
How does Virra Coin work?
The business model this firm follows is similar to most of the lending programs. Basically they ask you to make a minimal deposit and use that funds as collateral. So they might be putting their own money or getting the amount from other institution and they are lending it a point higher which is more commonly known as financial turn.
If you are someone who works in banking sector then you know exactly how this system works. To get your loan approved the users have to submit few documents to verify your address and certain other details. Once you have submitted them then you can expect the support team to process your loans within 48 hours only if everything is done correctly.
Testimonials are used as a confidence boosting factor by many online services. It is something which instills trust among the investor and clients as long as things are not twisted for ill motives. A few comments from early users about this service are triumphant and whenever we see too much nice comments then we get a little suspicious about them.
There is no way to verify if the testimonies are from actual users. So until we gather enough evidence to prove otherwise, we won’t comment anything about them but in general question everything you come across online which involves money.
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Deposit and Withdrawal
Before the client takes a loan, he/she is required to keep aside some amount for the collateral. The exact amount you need to keep with them depends on the loan amount but it is usually around 10%. The only payment system supported by this service is Bitcoin.
We do not know if there are any fees imposed on transactions. The time taken by them to process your withdrawal is anywhere from 30 minutes to 48 hours.
This service is very new so there isn’t much information about them but according to alexa.com this website has a global rank of 12,312,814. We are not able to determine the exact regions they are trying to gain popularity in but that will be updated later on.
According to the data provided by whois.com this domain was registered on 23/03/2018 and it expires on 23/03/2019.
Is Virra Coin a Scam ?
We do not know for sure,
There are few things which caught our attention while we were going through their website. Their website is registered only for one year usually services like these prefer to go with at least 5 years + terms. the level of anonymity maintained by all the personnel involved in this firm is awkward and alarming at the same time.
Transparency is a very important factor when it comes to online business. there is no information about how the funds are collateralized and the terms of the loan are many, so take your time to go through the agreement because the last thing you want to do would be to accept something without being aware of it.
Virra Coin Review Conclusion
The idea behind Virra Coin is interesting but unless perfectly executed it does not mean anything we were not able to find any real user testimonials so far about this company.
There are many loopholes surrounding this service like once you send the fees for withdrawal process if it gets rejected or cancelled all together then we do not know if they will refund the fees or hold it for themselves.
As of now the level of mysteriousness covering this platform is disturbing and confusing so we recommend all our readers to avoid this service or at least use extreme caution while dealing with them.
Have you tried Virracoin.com or LocalBitcoinLoan.com? How was your experience, share your feedback by commenting below.