Bitcoin loans in a bitcoin denominated world.

I’m struggling with the idea of loans in a bitcoin world. I can’t think of any scenario where they make sense for the lender. They would basically have to charge a zero, or even negative interest rate for the loan to be able to be paid back in a world where people are getting pay cuts and prices are going down against bitcoin. Even if they’re getting more back in real terms in that scenario, it would make more sense for them to just keep their bitcoin. Less loans is probably good, but zero incentive to lend doesn’t make sense to me. Am I thinking about this wrong?