How do coinbase loans work? Are they legit?

Looking to borrow some usd against my bitcoin to fund a small business investment and looking at coinbase loans. The rate looks very competitive but not 100% sure how it works and wanna make sure it’s completely legit before handing over any of my stack. Any insight on any of the following q’s would be much appreciated…

• What is morpho exactly (just the name of Coinbase’s lending product)?
• Why does it say I need to ‘wrap’ my bitcoin (is that a bad thing)?
• How do the smart contracts work (do these require you to be an advanced user)?
• What protections are there against liquidations when price fluctuates?
• How are they able to offer such a low APR compared to others on the market?
• Is there any customer support if something goes wrong?
• Are there any risks I should be aware of before getting started (e.g. could the whole blockfi thing happen again)?

Thanks in advance for any insight - I guess I just wanna know if this is gonna be manageable for a normie like me or if it's too risky.