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Quote from: JeromeTash on January 21, 2021, 09:55:56 PM

Yes, it's possible to get a loan if you are a new member, so long as you provide accepted collateral that can be sold to recover the money plus interest in case you default the loan. The most used and preferred form of collateral is usually in the form of high market cap altcoins that can easily be exchange
Read this thread for more information - [EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!

Thank you so much! I am glad to know it's possible even for a new member to get a loan, let me read that thread. I didn't expect to see a Hero member replying to my article, be blessed dear friend 😭

You may not be aware that the high ranked member of this forum is friendly and willing to the new user who asks a genuine question about the rules and regulations of this forum. However, if you're planning to get the loan you also need to be careful from your end by getting the loan from a green trusted member who's currently active on the forum.

Thank you. Sorry, I have one more question if you won't mind.

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

It depends on what you want to use the loan for (maybe you are going to use it for short trading or investment and asking for the loan will give you the chance to maintain the ownership of your ETH and also earn some profits through the loan you request.) but the lender will require a collateral from you just to be sure the full repayment of the loan and most lender collateral that's within 100%-120% of the loan requested.
But, if you believe selling your holding is best for you then there's no reason for you to request for any loan.

Now I understand. You mean, like maybe I need a certain amount of money and I'm holding altcoins waiting for the bullish, so instead of selling them at a lower price, I can use them as collateral to get the money I want. This is great! Thank you so much bro for your information.