Is taking out a loan to buy crypto wise? Almost a quarter of US investors seem to think so.
A recent survey by DebtHammer, which polled 1,500 investors across the US, found that 21 per cent of investors said they’ve used a loan to pay for their crypto investments.
These loans were often at exorbitant rates, with personal loans among the most popular choice. Of all the individuals who said they’d taken out a loan for cryptocurrency, 15 per cent said they used a personal loan.
According to the report, other methods of funding crypto investments came from payday loans, mortgage refinances, home equality loans, title loans and funds left over from student loans.
The survey also highlighted that around 10 per cent of people who used payday loans used it to purchase crypto: most borrowed between $500 (503) to $1,000 (1,007).
But why are so many turning to loans to fund investments in cryptocurrency in the first place and is it a sensible way to shore up your finances? Some have had...
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