Americans Are Borrowing Money to Buy Crypto. Should You?

Americans Are Borrowing Money to Buy Crypto. Should You?

Borrowers have also used payday loans, title loans, home equity lines of credit, and mortgage refinances to purchase cryptocurrencies. The survey found that about 1 in 10 who have used a payday loan used one to buy cryptocurrencies. With the average interest rate of a typical payday loan at 400%, the fees and interest you pay will likely be more than any potential gain.