Taking loan for investment can be life threatening - page 8.

sheenshane

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Quote from: lovesmayfamilis on March 16, 2023, 07:51:21 AM

We each live our own lives; those who do not listen to others should learn from their mistakes.

I tend to agree with this line and I like it.

Only care about those people who are willing to listen to you even if that's your relative, at one point, you can't control your uncle's actions or decisions, and he has the right to make his own decisions. But it sounds good as a relative if shows him to be supportive and offers guidance and you could explain to him how meme coins and pink sale projects are often very high-risk investments and that there's no guarantee that they will succeed.

It seems your uncle wants to gamble his money, but if he can afford to pay with it, there's no problem with that at least, he might learn from a costly mistake like this and we hope they will get a profit on that project before it will collapse.
IMO, guiding him is the best solution if he is willing to listen to you.

michellee

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I won't do anything because I already advised as you told him. Maybe I can give another solution to invest the money that is still in your uncle so that if the market can start to rally, your uncle can also benefit and that he can use to repay the loan if something happens to his friend.

This is a risk that maybe your uncle doesn't understand and only trusts his friend. And if I were your uncle, maybe I would trust you more than my friend because you are my nephew whom I can trust. Hopefully, everything goes smoothly as expected so your uncle can return the loan.

letteredhub

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Same circumstance a childhood friend of mine dating back then in secondary, a few months ago he told me about taking a loan to fix his house rent that's just about two months to expires counting from the day we had the discussion. Of which I advised him not to, but he said his intention is not to direct use the loan money to pay for the house rent but to use the loan money to trade and use the profits to pay the rent and then return back the loan in good piece. I was shocked to hear him talk that way cause from my own angle the market is like a jungle and risky to place our plans on it.
As it stands right now he has lost almost half of the money he took as loan to multiples of unfavourable trades and the rent is over due, he's now struggling between regaining the total loan amount and paying the rent. He thought he could make it out through altcoins but he only got into a deep ditch. So entirely I don't advise taking a loan to trade or investment in crypto
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348Judah

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Quote from: ANSEL_2.0 on March 16, 2023, 03:41:12 AM

I find out that his friend is focusing on meme coins only, he invested in crypto projects

Well i can say that two were wrong here, both the lender and the recipient of the loan, your brother is very wrong and took the most dangerous part of it all because he went ahead in taking loan for his childhood friend who only is after the chase of bounties, if they were unable to make it through all these then your brother has the fine to pay back the loan he took, if his friends made it through but refused to pay back in refunding the loan, your brother will still be held responsible because he took the loan, now he needs to pray hard that the projects invested on yield positive results and that his friend has the mind of refundment.

salad daging

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It's a shame that your uncle has already fallen asleep with his own friends and he believes he can be relied on in crypto trading, even though he doesn't know how to work, what's even worse is on meme coins and also the initial project, which is clear, we know the risks there are too much big and if his relatives fail to return what your uncle wants then he will have to bear the brunt of it all.

There's nothing you can do unless you keep advising him and never repeat this stupid thing because there's nothing practical, let alone involve other people to get bigger profits while the biggest risk is that we ourselves will pay for all the loans.

I am against any investment from loans for the sake of crypto then that is a very big mistake.

Hyphen(-)

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Your uncle made the mistake of trusting; when it comes to cryptocurrency investment, trust no one. Furthermore, it is extremely risky to take out a loan to invest in cryptocurrency; it would have been preferable if he had invested in Bitcoin, but as you mentioned in the OP, his friend invested in meme coins, which are not guaranteed because the Bitcoin price, which controls the entire crypto market, has yet to stabilize; thus, your uncle should begin planning on how to repay his loan.

Zaguru12

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Firstly Your uncle was wrong to had loaned money to invest into cryptocurrency even if it is bitcoin I don’t support investing in it either with loans. Now as to why he loaned that money, I am pretty sure that he was convinced or persuaded by his friend that there’s huge profits on it and you know most less educated people (mostly those in Africa) believe people in the US are way too smart than anyone. My advice is for you to continually persuade your uncle to get back his money before they all turn to dust if at all it is still available.

lovesmayfamilis

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I can tell you in advance that your uncle will screw up his investment in meme coins, lose everything, and then what? That's when he will come to you for help, saying that you are his relative and that close people should help each other.
If I were you, I would act the same way as you. Don't give anyone free advice when they don't even want to listen. But there is no need to rush to help such people either. We each live our own lives; those who do not listen to others should learn from their mistakes.

Ahli38

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Well there isn't much to do at the moment. because your Uncle has already entrusted his money to his friend. Have you advised him about this? but to be honest it would be very difficult to give Advice to someone who is old. I have experience in dialogue with people who are interested in crypto but they are not young anymore. moreover, he had only just heard about crypto from television advertisements, which are currently often present on local television advertisements advertising an exchange. then asked me because he seemed very interested. but it was indeed very difficult to explain in detail to him. making as many analogies as possible is also not enough. and I think your situation is almost similar to that. I hope your uncle's friend is a reliable person. and can provide maximum benefits to your uncle. but after that I hope your uncle withdraw the money. because after all, making loans for crypto is a very, very risky thing. and I'm worried about your uncle's health if it turns out that the money he entrusted to his friend has suffered a loss.

ultrloa

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Your uncle is so unfortunate for trusting his friend which he don't actually know if he is reliable trader. If you can still do some action to save up the money of your uncle then tell him about what you notice so that he can slowly pull out his money if there are still left to minimize the damage done. Also give him an advice to not take a loan if he just invest it on crypto because this is so risky decision to do.

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There are two types of loans people have in circulation. Consumer loans and investment loans.
The first type of loan is very negative and is not recommended at all. Generally, people resort to this type of loan during difficult times such as illness.
The second type is investment loans, which are the most widely circulated, and they are the ones that a large group of people started their working life by relying on these loans. Investment loans are generally carefully studied and require scrutiny.
Borrowing for trading is like borrowing for gambling, and it is like investing in any of the encrypted currencies because the degree of risk is very high. As evidence of this, you will not find any financial institution that accepts giving loans for such bets, even if the borrowers will bet on its own shares.

cryptoaddictchie

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This is something anyone who doesnt have experience or even has experience should do with their loan. Pulling investment in crypto is good but borrowed money isnt the best idea cause iy could ruin you. Expect always bad will happen on the market and you might caught up with a big mistakes if you could earn out what you loan. Yes defi is good but those people are expert and know hows the god move for that.

MIner1448

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Taking out a loan to invest in cryptocurrencies can be a dangerous and risky decision.
If you take out a loan to invest in cryptocurrencies, you risk not only losing your investment, but also having additional debt that needs to be repaid. If you fail to repay the loan, it can lead to serious financial problems, including debt, credit history problems, and even loss of property if the lender goes to court.
Credit for cryptocurrency is like betting in a casino, experienced traders or users of cryptocurrencies will never take a loan for investment.

ANSEL_2.0

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It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

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