Have you got any personal experience with crypto loans?

[XFinite]

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?

[Lucius]

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.

It's a little strange that you want a crypto loan considering that you had problems with a regular bank - and everything that has to do with cryptocurrencies potentially has x times greater risk than a loan you would take from a bank.

~snip~
Does anyone have experience with crypto loans? Are there platforms known for having better terms and lower interest rates?

I personally have no experience, but I think it's a bad idea in any case. In addition, if you want a loan, you must have something that you will give as a guarantee for the loan - maybe I misunderstood and you want to take a crypto loan based on your crypto deposit?

[robelneo]

Does anyone have experience with crypto loans? Are there platforms known for having better terms and lower interest rates?

I'm currently on a loan, not on a platform but on a person on the other forum Bitcointalk the member has a loan business, and the interest is low compared to banks, when making a loan choose USDT so you will never have an issue with volatility and the transaction fee is not that high.

There are times when you need to pay the loan but you cannot because of the high cost of transaction fees and the loan coin has already increased its value that you end up losing.

[Stompix]

I'm currently on a loan, not on a platform but on a person on the other forum Bitcointalk the member has a loan business, and the interest is low compared to banks, when making a loan choose USDT so you will never have an issue with volatility and the transaction fee is not that high.

How high are rates in your own country if that's the case?
Not anything against the loans on BCT as I took a quick one from shasan a year ago too but, usually the rates here are 5-7.5% per year in EURO.
There is nobody giving you a loan on 1% a month on BCT.

It's a little strange that you want a crypto loan considering that you had problems with a regular bank - and everything that has to do with cryptocurrencies potentially has x times greater risk than a loan you would take from a bank.

If you manage to get into trouble with a commercially regulated bank, now imagine the troubles you can get with an online platform outside your jurisdiction!
Plus with a bank you owe them money, with a crypto loan they already have your money, it's up to them if they give you back!

 

[Aanuoluwatofunmi]

No, I don't have any and will not encourage anyone to go for that, if you're interested in cryptocurrency, then it's either you earn it, exchange your fiat for it or mine it, if you're that lucky enough to have those around you who are into cryptocurrency, they may wish or decide to give you for free, taking loan or borrowing it is never a good idea to take, because you're dealing with a volatile digital currency, in which you may loose or earn from investing on any.

[MrSpasybo]

It's a little strange that you want a crypto loan considering that you had problems with a regular bank - and everything that has to do with cryptocurrencies potentially has x times greater risk than a loan you would take from a bank.

I personally have no experience, but I think it's a bad idea in any case. In addition, if you want a loan, you must have something that you will give as a guarantee for the loan - maybe I misunderstood and you want to take a crypto loan based on your crypto deposit?

I have never used a bank loan either, but I may need them in the future when I decide to expand my business. I have also never used a lending platform in the crypto market. I think I should only invest with my own capital instead of taking on the additional risk of liquidation of collateralized crypto assets.

There are many popular lending platforms in the crypto market such as Aave or Nexo, but I often see investors using margin on Binance: they lock up their tokens and borrow 70% of those tokens value, and then pay interest on the loan. This model is really interesting if investors can take advantage of financial leverage and earn more money in bullrun, but I'm afraid that just an unusual market movement could also cause me to lose all of my crypto assets. I will not touch margin, I know that my ability is still lower than my own greed.

• Quick Look: The 10 Best Crypto Loan Platforms

[Captain Corporate]

Never did it myself because ther eis really no need for anything like that. I get that loans are nice, but not crypto loans for me because thats a little different. I mean it literally requires you to get some collateral to make it work and if I have enough money to provide even more then I do not "need" debt. You can do it for some test purposes or if you like doing that but I personally won't. The type of "loan" that I deal with is the one that I get from the banks because in that case I do not have any money and I need money and thats what banks gives me, thats the way banks work and I believe that getting loan when you have zero is the way loans should be. Not any other way and that doesn't really work if I am putting %120 of what I am getting.

[joniboini]

Does anyone have experience with crypto loans? Are there platforms known for having better terms and lower interest rates?

If you don't have any collateral I think things will be difficult. Almost all lending platforms that I know of require collateral, some require KYC if you plan on using centralized services. I guess it depends on how much you want to borrow too. Are you sure there are no alternatives near where you live though? Since a crypto loan will likely need you to keep track of your collateral manually to prevent any liquidation or something similar. I believe this type of loan is suitable when you want to get more capital to trade instead of buying things for your daily needs. CMIIW.

[Baofeng]

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?

No, never had experience taking a loan, but as you have said there is a potential downside of taking a crypto loan like the one you mentioned. But maybe you can check this link: https://coinledger.io/tools/best-companies-for-crypto-and-bitcoin-loans

• Aave: Best for flash loans
• Alchemix: Best for self-repaying loans
• Bake: Best for instant loan approvals
• Binance: Best for non-US customers
• Compound: Best for no minimum loan requirements
• Crypto.com: Best for CRO stakers
• Unchained: Best for high net worth individuals
• Wirex: Best for no deadline repayments
• YouHodler: Best for high LTVs

I'm not connected to any of the platform mentioned, so DYOR.

[Hatchy]

And how will you manage crypto loans, when you couldn't do so with fiat loans? Though most time  a I get nervous when I see people giving out crypto loans as anyone can do away with your money and I'm not sure there's much that can be done to retrieve. I'm not the loan kind of person as thankful my maker(God) provides all I need. Just try to figure out normal bank loans first before thinking of taking crypto loans because if you aren't well recognized or an active on a  loan platform, you may be limited to small amounts.

[Mr. Magkaisa]

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.

[AvatarSiri]

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?

Like always, I'll advise to dyor, but I think crypto loans is better than DeFi lending. You can read this and probably ask questions if you've got any.
https://www.bitget.com/academy/introducing-bitget-crypto-loan-for-smart-financing

[LogitechMouse]

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'm afraid nobody can help you with that because of how volatile the crypto market is.
When I read what you shared here, what I understand is that you borrowed money from a bank and used it to buy cryptocurrencies. Turns out, it's a complete opposite. You took a crypto loan so that you can use it to pay the loan that you have on your bank.

TBH, this is way riskier than what I understood at first because of how volatile the market is. As for platforms, I think centralized exchanges are giving out loans to their users, but you can't do it without any collateral of course so at the end of the day, you still need money or something that can be a collateral so that the risk of loan default decreases. Good Luck OP I guess.

[0t3p0t]

Nah, never had one, though I was planning to get a loan from trusted and highly reputable members in the other forum before but I was hesitant because I don't know if I can repay on time or not since I don't have any stable job yet.

[UNIVERSE]

Does anyone have experience with crypto loans? Are there platforms known for having better terms and lower interest rates?

So far, never did it.
For, I personally have determined myself regarding several things that may be related to loans, that I will never use loans for investment. More investment in crypto. Investing means we use free money to do it, that's my principle. so I will be much calmer and more comfortable doing it. The way to do this is to work first to earn money and in the end you can start investing in installments, even if little by little. However, if you really want to get a loan, make sure you understand the consequences and also how to return it. Don't use loans to invest in bad projects or to pay off other debts.