Quote from: avikz on Today at 03:29:03 PM

Quote from: xiver88 on May 21, 2024, 11:27:53 PM

Hey guys. I don't want to sell my btc, but I need some money for my family vacation. I looked around several DeFi platforms where I can lock wrapped BTC and get stablecoins, also looked to companies like SALT and Unchained. I don't like 2 things: high interest rate and liquidations. Anyone took BTC backed loans? What is your experience?

There are such products available in the market but I have never used it ever. The only reason is the high interest rate. So if I take loan from my local bank, the interest rate is lower. That's why crypto backed loans never appealed to me.

There is a website called Sovryn which claims to lend bitcoin at zero interest rate. But as I have never used such services, I can't vouch. Do your own research.

It's a must for personal research because many of us have never used the loan service on many exchanges yet, perhaps due to high interest rates and the fact that one's account or wallet can be tempered with upon failure to redeem the loan after the grace period.
Even with the local fiat banks, taking out loans comes with heavy interest rates that if one ain't careful, can't be paid back. The loan service options for BTC will only serve those with a certain amount of BTC in their HODLings and those who constantly receive payments for transaction and services via cryptocurrency.