But you stated you found some legit services offering such loans against collaterals!
Yes, but services that would require collateral worth at least 120% of the value you want to borrow.
So you deposit 100eth and they lend you 30k usd. But you need 100 eth in the first place! Ther are quite a few of them, some which brag about the companies backing them, like nexo or celsius, not that I would recommned any of it as I have never used them.
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First in such case, this is the company which borrows, not the owner whereas what I’m needing is for solving a familly problem and my lack of having tacking college seriously. Then, I’m don’t think borrowing in Cameroon or from a European bank while in the country is a good option.
Of course, I declare everything what I can convert to fiat. But for most of the remaining this is exchanging with chineese Ethereum address and obscure websites, which means no names, no address which completely prevents proper billing/invoicing.
I had the impression you're a French citizen and you're trying to help your brother who is not, now that you've posted more details about your situation, well, this is beyond my current knowledge about lending, to be honest I see now way to solve this
Well, right now they are doing this type of DeFi stuff but it makes no sense. You are paying 120 dollars in bitcoin and getting 80 dollars ethereum loan, so if you pay it back you pay it back and if you do not you lose money anyway. However let's say I do not have any money, or maybe just a bit of money, I want to buy a house and it worths 120 thousand dollars and I have 40 thousand dollars saved up, I need 80 thousand dollars to actually buy that house right?
It makes sense only if you're expecting your collateral to grow x10 in the future, so you don't want to sell it now at 11k but 10 years from now on when they are worth 100k a piece. Ironically, once cryptos become more used and as value stabilize and volayility goes away, this type of loans will become less and less attractive.
