For some perspective, on a 6 month loan you would have taken it out with Bitcoin in the $5000's. Depending on how much cash you took out and spent, Bitcoin trading in the mid $8500's today means your loan could already be fully paid off just by the increase in bitcoin's value - then you get all your crypto back, you still own it.
Someone explain how the hell everyone isn't doing this?
So I browsed several crypto themed online communities trying to gather what some misconceptions may be. I spotted many people seeking a bitcoin loan shark, or try to get a bitcoin loan without collateral. Well, that won't happen, there's no anonymous bitcoin loan or way to get an instant bitcoin loan from someone offering one when you have no collateral.
There is instant bitcoin loan verification however - moving into 2020 the number lenders to choose from is growing fast.
Also growing in popularity - people getting a loan to buy bitcoin, with bitcoin! It's a trick those who use generally keep quiet about.
While you'll never find crypto loans without collateral, there's so many quality crypto lending platforms you don't need to worry about putting the collateral up. Because of smart contracts and blockchain, there's no such thing as an 'unsecured crypto loan'.
However, the thing that shocks people who have taken out loans, or earned interest on funds they lent out - the flexibility in the crypto loan world.
No penalities for paying a loan off early, and in most cases if you're doing an interest earning program - the profits become available every month! No waiting for an investment to 'mature' - you get paid as you go.
As for where to start, we're still currently recommending:
If you're outside the US: YouHodler.
Inside the US: BlockFi.
Both have solid reputations, and enough past/present users saying everything went as described on their websites.
Author: Matt Miller
London News Desk
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