Ever applied for a bank loan and wondered, “Will they even approve my loan?” Let’s face it: traditional banking puts you at their mercy from the start.

Terms like “credit check” and “late fees” are designed to favor the bank, making you feel like they’re doing you a favor by lending—even though that’s their entire business model.

We get it. Some of us at Firefish have worked in those very banks, which is part of why we built Firefish. We’re redefining lending with Bitcoin at its core—trust-minimized, non-custodial, and built for the future.

Here are 5 terms you can forget when you borrow against your BTC on Firefish—and why that’s a game-changer for you.

1. Credit check

In traditional banking, your credit score decides if you’re “worthy” of a loan. Fail a credit check for the smallest of reasons, and you're loan will not be approved.

On Firefish? We don’t care about your credit history.

Your Bitcoin is your collateral — its value secures the loan, not your past. Borrow up to $30K in USDC instantly, no questions asked about your credit.

2. Late fees

Miss a monthly payment with a bank, and you’re hit with late fees.

Firefish operates differently. You can pay back the loan in entirety at the end of the tenure.

What's more? You can keep a check on your loan's health. If your collateral’s value dips too low (e.g., due to a BTC price drop), our Collateral Health Indicator (CHI) alerts you to top up.

Liquidation happens at 95% LTV—no late fees, just clear rules enforced by code.

3. Bank approval delays

Traditional loans mean waiting days (or weeks) for approval. And, with the possibility of your loan approval getting rejected after the wait.

With Firefish, there’s no middleman. Our fastest loan was issued in 15 minutes and 23 seconds!

Borrow in USDC, EUR, CZK or CHF against your BTC instantly for up to $30K, or via our P2P marketplace for larger amounts. It's your choice.

4. Custodial risk

Banks hold your money—and that comes with risks. They can freeze your account, limit withdrawals, or even face financial trouble, putting your funds in jeopardy.

Firefish is non-custodial: your Bitcoin stays in secure on-chain escrow with multi-signature contracts. We don’t hold your BTC, and there’s no rehypothecation—you’re always in control, not a bank.

And, we've even prepared for what we call a Zombie Apocalype scenario. In a highly unlikely scenario of a complete meltdown of Firefish infrastructure you have at your disposal a text file with a ‘Recovery transaction’ which gives you (the Borrower) the ability retrieve your Bitcoin from the escrow. (Know of a bank that prepares for such a situation, let us know)

5. Rehypothecation

In traditional finance, banks can reuse your collateral (WTF, right? But, that's how it is) for their own loans or trades, a practice called rehypothecation. If they fail, your assets are at risk.

Firefish eliminates this: your Bitcoin stays locked in escrow, never reused. Your BTC, your control—always.

In conclusion

Traditional banking is full of friction — delays, fees, and loss of control.

Firefish cuts through that with a Bitcoin-native approach: secure, transparent, and user-first. It lets you borrow cash without the baggage of old-school finance.

Get started now and see the difference for yourself.