Can anyone explain if I'm on the right track? How do crypto loans actually work, and what should I watch out for? Any tips or personal experiences would be really helpful. Thanks!
Yes you are actually on the right track already and pretty much things you said are all there is. Choose a platform, deposit your collateral then input and specify how much you want to borrow and of course how long will it be for you to pay it. The key here is to choose carefully. You want a trusted and established platform to use and beware of scams.