The funny parts:
On the front page:
We issue loans without information, preliminary verification of credit history and the participation of third parties (banks, funds, etc.).
In the ToS
In ELQUIREX there is a security department that carefully monitors all transactions in order to avoid clients financing, using the company’s name or services, any criminal activity, including terrorist activity (hereinafter - AML policy).
Taking special measures, the security department identifies violators whose purpose is to use the platform for fraud, as well as other actions that violate the provisions of the law.
Each financial transaction that is performed using the platform is subject to a thorough check of legality.
The company carefully checks the legality of each financial transaction conducted through the service
So basically if you spend that money and they
determine you sent them to a shady exchange or mixer, you can probably kiss your collateral goodbye
In addition to the above, employees of the relevant department may request personal information for research activities, as well as statistics. In this case, the company can both notify the user about the reasons for such a request and not notify.
This is probably a joke as no sane person would put something like this in ToS
Such a loan can be handy in some specific situations (which probably don't appear that often).
Most of those platforms somehow "forget" to tell people one thing, about liquidation.
So, if BTC drops as it did in March they are going to sell your coins the moment it goes below 110% or 105% of the sum you borrowed.
So, a crash might burn your coins and you are also in the situation where it's impossible to sell at a higher value, your money is trapped and all you can do is watch how it goes away.
