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Cryptocurrency discussions / Re: Have you got any personal experience with crypto loans?
« on: April 28, 2024, 11:06:14 PM »So to get $1000 I need to deposit $1500 in crypto, I'm getting liquidated if a drop is larger than 15% and I'm paying 26% annualized interest, that's 3 times higher than a bank that would only ask me to have a job! Common.....OMG, this is too much.
These are not loaning companies, this is loan shark material!
I don't know, but fortunately I'm not interested in taking out loans for anything. Yes, because I wasn't brave enough to do it, not only because of the risks, but also because I was worried about what if I couldn't do it on time. Wouldn't that also cause problems for me, right?
Indeed, for some people, they are really brave and willing to take out loans and use them for trading or investment capital. Some of them succeeded and I was really amazed by that. However, there are not many who fail and actually become like gambling with these loans.