I've read though this carefully: https://lend.hodlhodl.com/faq/basics
It is extremely confusing.
It seems as if, to borrow 1000 USDT or whatever, I have to first register an account (e-mail address on centralized website required in spite of claims of "true P2P trading"...), then send the Bitcoin amount corresponding to 1000 USDT + the interest from the lender and the "Lend at Hodl Hod" (should I be worried that sometimes it's called "Hodl" and sometimes "Hod"?) fees, and if I haven't paid it back (how?) before a certain date, they automatically get what I sent in.
But how exactly do I pay it back? If I can paid it back that quickly, why would I be borrowing in the first place? It doesn't seem like my deposited Bitcoins "appreciate" at all in value -- it's me who has to pay money?
I was linked to this service when asking about how to "live off of" my Bitcoin without spending them, but this seems like I'm the one who has to pay -- not receive "free money"?
I'm very confused about this. Everything about it seems very fishy, from the typos to the fuzzy explanations of how exactly this is supposed to work and how exactly I'm supposed to pay back the "loan".