reply on: What's the poor man's option? \ stacker news ~Personal

99 sats \ 12 replies \ @k00b 4 Mar \ on: What's the poor man's option? Personal_Finance

My understanding is that many of them don't really pay off the loan. They refinance.

Are you asking how you can get non-collateralized (aka unsecured) loans? Or are you asking how you can get smaller collateralized loans?

0 sats \ 11 replies \ @Fabs OP 4 Mar

Hm. I'm referring to smaller collateralized loans.

99 sats \ 10 replies \ @k00b 4 Mar

If it's a traditional asset, you should be able to go to a bank or other financial institution.

If you want to use bitcoin as collateral, Unchained does this but you have to over-collateralize (40% LTV). Others might do something similar but I'm unaware of them.

0 sats \ 9 replies \ @Fabs OP 4 Mar

Yeah, I've heard of Unchained, and have been considering them as well as Nexo, but I remain skeptical of both.

99 sats \ 6 replies \ @k00b 4 Mar

Skeptical how? With Unchained at least, they can't unilaterally and opaquely rehypothecate your collateral because you hold a key to the collateral.

0 sats \ 1 reply \ @elvismercury 4 Mar

Didn't they cancel their lending product? Or did I hallucinate it?

Their website suggests it exists, which is a vote for the latter.

27 sats \ 0 replies \ @k00b 4 Mar

I had the same hallucination until I looked it up. They might've just increased the minimum or something.

0 sats \ 3 replies \ @Fabs OP 4 Mar

Meh, I still don't trust it enough, they're also pretty expensive ain't it? Would you make use of their services?

99 sats \ 2 replies \ @k00b 4 Mar

I don't use credit. I'm too afraid of dooming my future self.

0 sats \ 0 replies \ @WeAreAllSatoshi 4 Mar

Really? No credit at all, or just no big-ticket items that usually require credit?

0 sats \ 0 replies \ @Fabs OP 4 Mar

I breath risk, but not of the bad kind.

0 sats \ 0 replies \ @badabing 4 Mar

Definitely don't touch Nexo. Very shady.

0 sats \ 0 replies \ @Tef 4 Mar

I guess the risk is very high in the case of Unchained or Nexo, while going to a bank for a loan you will pay high interests. It’s difficult to answer this question.