Talking about myself here, everyone has different terms.
So my question here is, what kind of altcoin is acceptable as a collateral?
Anything that is listed on a big exchange (i.e Binance) and has enough liquidity so I can liquidate the collateral if you default on the loan.
And also, if the collateral is approximately 110% of the loan amount, is that good enough?
For a shitcoin, it's probably not enough. I could maybe accept it but chances are that the shitcoin dips and I have to liquidate you before I can even ask for more margin or recall the loan.