Have you ever taken crypto loan?

[Nomad]

I recently took a crypto loan for the first time in my life. I needed money immediately but I could not sell my assets because the market was low, so I decided to take crypto loan. I borrowed $120 USDT on Binance. Have you ever taken crypto loan?

 

[deucher]

I also tried to get a crypto loan, but not because I needed assets, but because I just wanted to check how this process works in order to deal with it better in the future. I decided to only get 50 dollars

 

[Nomad]

I also tried to get a crypto loan, but not because I needed assets, but because I just wanted to check how this process works in order to deal with it better in the future. I decided to only get 50 dollars

What platform did you use? how much interest did you pay? On Binance, your interest rate depend son assets you have used for collateral. It is usually 5-7 percent

 

[EMMANUEL]

Crypto loans use cryptocurrency as collateral. They come in collateralized (requiring crypto as security) and less common uncollateralized forms. People use them for further crypto investments, expenses, or debt consolidation. Platforms like BlockFi and Celsius offer these loans. However, they carry risks due to crypto volatility and potentially high interest rates, requiring careful consideration before borrowing.