First of all, I hope I'm posting this in the right place. If I'm not, please let me know and I'll delete the post and move it to the appropriate forum.
I got involved in buying BTC and other altcoins in early July 2017. If I had made a substantial investment at the time (in BTC which was at $2,400 at the time) i would be a lot better off now - financially. I've been thinking about taking out a small personal loan (about $12k) and using it to either buy BTC or invest in the Bitconnect lending program where I can make about 40% per month. I can get the $12k loan at 10.97% APR, no origination fee, 36 month term at $393 per month, and no prepayment penalty. If loan goes to term the total interest would be $2,031.74.
If i were to invest it in BTC, I would need a 12% jump rather quickly in order for this to payoff. However, an investment into BitConnect's lending program with their 40% average monthly return would allow me to pay the loan off in less than 3 months and after that nothing but profit.
I know it's risky, but I wanted to see if any of the members have every tried this and what was the outcome. Any advice is welcome and appreciated.
The best advice I can give to you is to not do it you are only thinking of the positive outcomes you can get, what are you going to do if the price of bitcoin crashed overnight because it was banned in China or the US, you are going to ruin your life or at least make it a lot more difficult than already is, so please reconsider and do not do it, even if you are successful you will only be tempted to do this again and eventually you are going to lose your money.