Strike loans are not available in my area of the USA, and even if they were higher rates and lack of proof of reserves are deal breakers.
As an alternate I have taken out a small 6 month loan via Lava.xyz (minimum loan size as low as a $1k) at 8% plus a 2% origination fee. Will report back on overall experience, but the origination took < 5 minutes and was super easy. So far so good.
Lower rates than strike can manage to get suggests higher risk imo. Careful
Yeah I think we need to a big dose of don’t trust verify. And the harsh truth about the strike product is there is zero verification possible, it’s a black box where all you can do is trust social signaling. They have said proof of reserves is coming, but until then it’s literally a trust me bro. Love Jack and Strike but the product as it stands is what it is and I don’t love how they’ve structured it(zero transparency and fully custodial).
Strike loans also aren’t available to me, so any comparison is ultimately moot.
Lava you can verify your collateral in a non custodial on chain address, and the stablecoin infrastructure is provided by Stripe(via Bridge acquisition). As far as fiat companies go they are on of the most well reputed.
A huge portion of risk is also loan size, a $75k loan all else equal is inherently far riskier than a $1k loan.
