Yes. with a BTC denominated loan you have to deal with price fluctuations. To counter that you can either take a usd denominated loan or buy an call option...
ok so a BTC loan would have a better security if they backed by escrowed call options.
Is this a function of any loan facility in BTC here?
I realize this would make the return less but I for one would feel much more secure lending money to a lending institution if they had call options against all bitcoins lent. This would almost guarantee I would at least get my bit-coins back.
<brain thinks a bit more>
I suspect thought the person offering the call option would charge a lot for it, in fact it just seems to push the same problem back to that person issuing the call option, so maybe a call option is not really a solution