I've never been a fan of loans as I prefer to save up and take care of issues when they arise. I literally got into a big message when I took a loan from a commercial bank once.. But with the way things have been lately, i'm beginning to reconsider. So, I'm opting for a crypto loan as a potential option.
I understand the risks involved with this kind of borrowing. Crypto volatility, platform security, these are all factors I'm weighing carefully. That said, I'm hoping to lessen some of that risk if possible. Please I need pointers in the right direction.
Does anyone have experience with crypto loans? Are there platforms known for having better terms and lower interest rates?
- I only see these crypto loans on centralized exchange platforms, which, of course, are only applicable to their users who have a large fund on their platform because their exchange is based on that as collateral if the borrower is qualified. But if you don't have a large fund in an exchange that doesn't meet their requirements, they won't be able to give you a loan. It's that simple to understand.
But on the other platform, there is a lending section of individuals who also lend crypto, but of course the reputed lenders also have requirements or criteria based on them, and that's normal because those who want to borrow are anonymous. In this part, I borrow crypto from the other platform.