Have you got any personal experience with crypto loans?

[Primo1760]

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 don't like loans. Many people may like loan which is why they often end up in loans. It is always better to invest and save, never to lead a life of loans because loan always leads people to destruction and never to prosperity. But when you eliminate loans and invest or save, you have the potential to improve. Because investment can bring success to people anytime. I have no experience with loans as I have never taken a loan. But even if there is a loan system in cryptocurrencies, I may not have that experience so I can't give you accurate information. If I had taken the loan maybe I could have helped you with the correct information.

[Stompix]

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

Broswing though that:
8% interest rate
more than 16% at the time of writing

so I went to Binance and they charge 10% for flexible rates, and.....god!!!!!!



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.....
These are not loaning companies, this is loan shark material!

[vegasus]

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.....
These are not loaning companies, this is loan shark material!

OMG, this is too much.

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.

[Fivestar4everMVP]

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

Well, I have no experience with crypto loans, but I am actually a user of several platforms where crypto loans are one of the services they offer, and what I have to say about this is that, different platforms have their different rules, criterias that must be meet and as well as requirements, and most Importantly, the collateral is what matters, for sometimes, the interest rate is always very friendly if you ask me, but being able to provide the type of collateral the platform request for is mostly the hardest part of getting crypto loans.

But again, I think you should also reconsider what you said about saving up to solve your issues instead of taking a loan, this is actually very good if you can discipline yourself well to abide by this, nothing is good as having no loan repayment schedule bugging your mind, most especially when you are not able to meet up.

[bitterguy28]

never that i did take a loan from any of those who gives loan to member , i have an active signature campaign so i am illegible to take but nope Have no plan at all.
but lets see in the future if i will be needing , since i can directly  give my weekly payments in campaign lol.

[MCcabe Rory]

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

Broswing though that:
8% interest rate
more than 16% at the time of writing

so I went to Binance and they charge 10% for flexible rates, and.....god!!!!!!



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.....
These are not loaning companies, this is loan shark material!

Don't know much about crypto loans but check this. https://www.bitget.com/earning/loan interest rate for BTC, eth, sol seems good imo.

[bayu7adi]

I have never had experience with loans using crypto assets, but it seems like I have the right place for anyone who wants to apply for a loan, whether without collateral or using collateral. in the bitcointalk forum there is a sub forum that provides loan services where the interest and time period can be determined by the loan applicant himself... for those who want to apply for a loan without collateral, at least he must have a good reputation on the Bitcointalk forum, while ordinary people usually borrow with collateral equivalent to the amount of money borrowed.

Even though it is not regulated by the government, until now some borrowers are still willing to provide loans according to the portion of their trust in the person applying for the loan.

You can check it here: https://bitcointalk.org/index.php?board=65.0

[examplens]

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?

A banker-economist told me the rule, "Always take a loan in the currency in which your earnings (regular income)". It is very logical because this way you reduce the possibility of risks that can be caused by fluctuations in the currency in which your loan is made.
For example, you took a loan in BTC a year ago, when BTC was $30k. Now it is 2x more, but your income is still tied to USD and certainly not twice as much. It is clear that the situation causes a lot of pain here for you.

[XFinite]

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.

Okay so how do you even get a loan from them on Bitcointalk then? I mean it's very risky in my opinion. And thanks I'll take that in mind to choose USDT, hopefully it won't do any bad.
The only fact I asked is that I wanted to look around the loan options. So far I have got a lot of options for CEXs from you guys here. So thanks to all of you.

[hugeblack]

Cryptocurrency prices fluctuate greatly, and since currencies are irreversible, you use a collateral token, and if the price of the token moves sharply downward, the collateral may be liquidated.
Or you can borrow from someone you know, or you can be lent based on confidence in your account. Here, any delay in paying the fees, or if the price rises sharply, will lead to negative confidence in your account, or at least make you pay higher costs than a regular loan.

[Tribalchief]

I haven't taken a single loan from the bank, as I haven't been in a situation where I needed one, and I don't want to be. Relating a loan to cryptocurrency is totally a NO-NO situation for me, especially when it's clearly for investment purposes. The issue of interest might complicate things, especially when there is a dip or otherwise.

If I were to take a crypto loan, then it should probably come from someone very close to me, or someone I can maintain physical contact with. I would surely suggest that there shouldn't be any interest rate, and I might even repay the exact amount I took in Dollar price.

[Zed0X]

I would suggest what examplens said above too (borrowing in the same currency). Instead of looking for alternatives, perhaps you could work on improving your credit standing in order to increase your chances of loan approval. You also said you've had one before from a commercial bank, have you looked at other banks? There may be smaller ones that offers loans with better terms.

[Haidar]

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?

Crypto loans can be an alternative, especially considering the hassles with traditional banks. Caution is definitely the right approach, especially with the crypto market's volatility and platform security being a concern.

To minimize those risks, I've been focusing on two things: only borrowing what I can comfortably repay regardless of price swings, and researching platforms with a strong security reputation. Had a go once at Bitget's Crypto Loan service. They offer fixed interest rates for budgeting and avoid gas fees. but like you said, your own research is key! Crypto loans can be a tool, but proceed with caution. Exploring secure platforms could be a good first step.

[SamReomo]

I'm totally against the concept of crypto loans, the main reason for that is the volatility of the market and the amount of interest one has to pay in return on crypto loans is way higher than even bank loan interests.

I have seen many people taking crypto loans on Bitcointalk, but personally I don't prefer it at all. I used to think about taking some loan a few months back but I gave up on the idea after observing it deeply.

[Stompix]

Don't know much about crypto loans but check this. https://www.bitget.com/earning/loan interest rate for BTC, eth, sol seems good imo.

Good?
Imagine Bitcoin goes up 20% after you have taken the loan, you will pay 5 times what a bank is charging you in USD!
Of course, if you think the BTC price is going down you can risk it but can you really afford to play with loaned money when you're indeed off?

If your collateral is some token and you get BTC, they only need to go 6% in the opposite direction for you to get liquidated.