Topic: What's your favorite crypto loan platform? (Read 223 times)

I think this is their main purpose and this is why they have a name like that (defi) which is short for decentralized finance. When we hear the word finance, we can automatically think of lend, loan or borrow money. Their only difference from the traditional financing service in the real world is they are decentralized because this is what is crypto all about or supposed to be. It skips the hassle of KYC and stuffs but this can also be risky as criminal minds will have more confidence on doing their thing because of that fact. So, do not say that it was their centralized counterpart is the one that is bad. After all, it is still better if we are free from debts.

People who have no knowledge of the space will always come out making irrelevant decisions that will liquidate their main account. Do what makes you comfortable and always live up to achieve goals already mapped out. The market will always go against our plans. I'm not acquainted with this particular sector of the market because there's vast sector that has to do with bulky information. Loan? I don't subject to such idea because it's never going to be prosperous and the risks involved are high.

not really, they come back like cycles. as of now, there are still lots of users investing in DEFI platform, most probably the ones they know not a scam. one platform that i know was the SOV which investors are flocking and kept sending messages to users whether they wanna sell because investors are wanting to buy higher than the market price.  

memecoins are also cycling, they've already been making hypes since Shib and they are back once again. i once thought they were just created to test the network's capability but they are making millionaires. but loaning is not quite what users wanted to do on Defi.

Before considering a loan app to be the best, there are some quality you need look at for and they includes the following
1. Automation of contracts: automation of contracts is a very important aspect to look into before recommending a crypto loan platform because most platforms still uses smart contract,  Self moderated contracts, where the terms of the contract are written into code, enhancing the security of lending process.

2. System valuation: most of these platforms often monitor the values of the pledged crypto , and when they notice the value has dropped they will call the borrower to come add collateral,

3. Vast lending options:  some lending options provide interesting rates, good durations, loan to value ratios, ensuring the security of a borrower's collateral.
 After putting all this into consideration I will recommend Youhodler as one of the best crypto loan app,
And also my favourite.

Cryptos are not really loan friendly, DeFi hype is over a long time then NFT and now Memecoins is the trend. If it's possible for a platform to provide loan without collateral then it would end up being trend again but who is going to take such risk?

If you are willing to get a loan keeping your assets as collateral than defi would be a better choice. Centralized platform for borrowing has mostly ended badly, in a scam or liquidation. DEFI at the moment, provides a great options if you are trying to get loan or trying to get good interest on your stablecoins.
If you are trying to take a loan for trading, you can just use loan platform inbuilt in popular and trusted exchange like Binance. You can just leverage if you want to actively trade a coin. With so many good options available, I'd not give a riskier centralized platform my money.

Indeed that was creative marketing strategy decorating the Goldfinch loaning platform with all that sugarcoated words but not really for me because I haven't borrowed before and wouldn't not want to even borrowing time. It's mostly this way of romancing investors to patronize with you that you've comfortable offers and treats for your customers making the scenario feels like you're running a charity program meanwhile some of the loaning platforms secretly implements how to indirectly absorb from the borrowers and even leaving some frustrated with their assets of collaterals.
I hope Goldfinch offers such a transparent service as may claim.

I also have this exact question in mind.

If we were to borrow, what would be your assurance that I will be paying it back?
It would be having my identification right? But would that not defeat the purpose of cryptocurrencies?
 Especially those who want to be private and anonymous?

I am not into lending/loaning at all but if I were to borrow money, I would do it here, on bitcointalk. There are many reputable users who loan money and some of them even use escrows even though they don't have to. If you use those "platforms" and get scammed, you'll likely lose your funds completely and you won't find anyone to complain about it. Here on btt, even though the chances are slim, if you ever get scammed, you can create a flag on the loaners account and also create a thread about him. The DT members will support your claims if you show them any meaningful evidence and the account in question will lose all the business he has here.

They totally are outrageous if it's with the fees on the DeFis or platforms that have loans. I am seeing people that are into these loaning platforms and using their funds for the others to take loans and some are in the sol network. They're profitable from the looks of it but I still find these kind of platforms to be risky and even if they say some good percentage of potential return as a loaner, I won't do it. I just want to avoid further issues that have been common into these platforms.

I personally try to avoid debt and taking loans in general. However, there have been occasions when I needed some money and could use my Crypto as collateral.
In those occasions I have only used Binance loans, though, in my eyes during there times of increase of the price of Bitcoin, one needs to be cautious with the hourly interests asked by Binance in exchange of USDT or even FDUSD.

I have thought about giving some try to bother platforms which could offer even better loans at less interest, fortunately, I have had enough liquidity for me not feel the necessity to find even more competitive loans in the market.

Also , I am opened to dece realized loans, but Ethereum fees can be astronomical, specially for relatively small requests.

GFI was only getting hyped but this is a terrible platform.

This news has proven it https://www.dlnews.com/articles/defi/goldfinch-borrower-lend-east-defaults-says-warbler-labs/

Look at the many borrowers who were defaulting on their loans. This put the users of Goldfinch at a disadvantage because these borrowers were taking millions of money and were not able to repay it. This platform has so many low-quality borrowers, and I recommend anyone who has not been using it never try to use it.

Goldfinch always reimburses the users with the money taken from the protocol's funds. It has been three times goldinch encountered the same problem and this never been solved.

If platforms will have no funds left and it will be only sacrificing the money from its users.

Simple answer: This forum.
Here you find a lot of people who have loaned for years and have a good reputation. I have not used load for a couple of years now personally, but there were time where I used loans from time to time and the best experience I had was on this forum.

i thought OP is asking your favorite crypto loan platform and no one answered Bitcointalk, people here ask for loans to gamble all the time. 

i don't think the users here know about this Goldfinch GFI actually. not a word from this company but it seems to have existed back 2022. it is however the start of RWA trend so i'm guessing crypto loan platform is where the narrative is going to start. there have been many DEFI projects in the past though so its not surprising those DEFI platforms will also be in this race soon.

Are people now taking loans from crypto platforms now?

It's the first time I'm hearing of such thing like crypto loans platform.

Firstly, I don't borrow and I haven't tried it and I don't even think I will be doing that at any time, not even from individuals or companies not banks I haven't borrowed yet but if the need arises I might take the risk but only for a good course.

I don't really know about loan platforms here nor outside the crypto space, so I don't have any idea of a what the would be like.

I will never advise anyone around me to look for loan to collect for any platform because to pay back the loan is very difficult and, it can make someone to lose his valuable assets when the person fail to pay back the loan to the company, which is the reason I will never encourage anybody to loan from such platform.

That is the best way to escape and avoid loan in all those exchange app and, there is no way you will get a loan from binance and you will go free with the money and, they will use the loan to hodl you like a slave until you pay back the loan you collected from them before you will be free from their hands.

So, you are coming here then explaint it all after GFI pumped so hard due to the blackrock's announcement about tokenization, right? This RWA token has become a new trend in the space but it's still relatively new. It's not yet proven how good the credibility owned by RWA token.

RWA gives us another opportunity to be a part of early adopters. Many people have not yet aware about this. Literally, boom is gonna happen soon after black rock will have successfully with its first tokenization.

I rarely taking loan on the crypto platform caused by it's too risky. I saw some platforms were vanished after they were hacked and users lost their assets.

It should teach you a very important lesson even though it kinda makes our life is getting a bit easier than before since the way to take loan is getting less complex.

For you to get a crypto loan you must use collateral to get it, so that if you get liquidated, your collateral will cover up for the loan that you collected. I believe exchange offer such loans to traders. Apart from this, I don't know if any platform can give out crypto loans to people that don't have any dealings with them.

What do you need a crypto loan for, do you want to trade. It is better that you don't take loans to trade, and don't think of trading when you don't have money to trade. If you must trade, you should also use the amount of funds that you can afford to lose, because the odds of losing to trading is high. Defis offers crypto loans, and some without collateral.

I have never been interested to the crypto loans platforms or the DeFi's. Why? It is because after seeing them that they don't do good, I've stepped away from them because of the rampant hacks that have happened there.

Most of the hackers have targeted those platforms because money that's flowing there is a lot. So, that has kept them an eyes for it and if you'll search on how many hacks have happened since the start of these loaning platforms, you'd see that they're like one of the most favorite places of these hackers.

Crypto loan company or platform? It sounds new to me. Will there be different between centralized exchanges and this crypto loan platforms? Op the one you cited in your content and when I cross check the website, and I saw the reality in it. https://goldfinch.finance/. His is the first time I am hearing and seeing that there is a crypto lending companies because as for me cryptocurrency is too complicated to lend. And I think they must be a KYC before the borrower will collect the money. This forum lending Nia much more better than the online lending platforms.

Exactly, Crypto loans is intended for those active traders that wants to hold their crypto assets and use stablecoins for trading purposes so that can earn on trading while still holding their original assets gy paying the interest fee. Also they have an option to completely defaulted their collateral once their coin value is below on the liquidation amount while they have the USDT that is equivalent to the original value of his holdings when he borrow the stablecoins.

Lending is useless for those who will use it on different purposes since the crypto loans is has a higher interest and has a liquidation for your collateral depending on your asset value,

I haven't taken a loan from freezing any coins from any defi and I don't know how exactly would it be beneficial to me. There are some platforms that provide good interest on USDT but not as much on popular coins, so people might be freezing them to take USDT which on turn earns more interest than the frozen coin itself.
I do have taken Leverage while trading coins on centralized exchange. Leverage could be a big boon while you are riding on a bull but also is risky as one large spike down can cause liquidation. So, while borrowing, we should have a plan how to move forward and how we are going to get more profit than the interest we are paying.

I haven't borrowed any crypto from any platform uptil now. I would know which platform is the best for borrowing. I did get a few offers from Binance in the past which I ignored as who will be interested to pay interest and keep collateral. Those who are into trading they generally use the lending services. I am not a full time trader and that is why I have no wish to use any lending platform.

Personally am not the biggest fan of loans
but maybe it is rooted from the very ruined
system of banks and their loans. I am hoping
that new loaning projects from crypto will change
my mind and a lot of people’s lives for the better.

Lending and borrowing of crypto assets has become an integral part of Defi over the last few years however, most of the platforms are faced with one issue or the other.

One of the major concerns especially from the borrowers has been the issue of over- collateralized loans with on-chain asset but am excited to announce to you all that this challenges has been taken care of by Goldfinch.

One of the unique standing point of Goldfinch is its unique credit model "trust through consensus" that evaluates borrowers creditworthiness based on their past behavior. In addition to this unprecedented approach, Goldfinch also accept off-chain assets and income as collateral marking a departure from the crypto lending norm.

With over $100M loans facilitated as far back as April 2023, Goldfinch has gained the heart of many crypto lovers and the company currently operates in over 28 countries including the U.S. A, Brazil, Mexico Asia, Nigeria and several others with goal of expanding to over 100 countries.

With Goldfinch, the issue of funding delays, Gatekeepers as evident in the traditional banks is eliminated giving users assess to the needed resources when it matters most. Similarly, LP enjoy an amazing passive income while borrowers enjoy incredible flexibility on their borrowed assets.

The native token of the Goldfinch GFI has witnessed incredible growth with potential to reach an unprecedented height as adoption continues to be on the rise. GFI has seen over 226% surge in the last 30 days with TVL exceeding $500M. The recent listing on other top CEX like Bitget indicates the demand and interest in the token which could further propel it to a new height.

With GFI use cases, I think it's a matter of time before the traditional bank losses its value especially with bogus interest rates charged for borrowing. Am super excited about Goldfinch growth and hope they keep the momentum going. What are your thoughts? Let's have your take.