SALT Lending offers customers loans backed by the blockchain. This platform allows users to take advantage of many of the same features they would expect from a financial institution dealing with fiat currencies, such as loans, but with cryptocurrencies. With SALT, users get to hold their assets and get cash. Essentially, SALT allows you to leverage your assets on the blockchain to get cash loans. This way, you can get fiat money without having to sell any of your cryptocurrency investments.
Who Is Behind SALT?
The leadership of SALT includes advisor Erik Voorhees, CEO Shawn Owen, compliance specialist Josef Schaible, Gregg Ball for operations, Ben Yablon for strategy, Blake Cohen for business development, Caleb Slade for creative, and David Lechner for finance. The technology and product team includes CTO Phil Cowan, product lead Jeff Vier, system architect Chris Johnson, core developer Patrick Medaugh, application development Dave Daniel, UI/UX Lead Justin Ellis, mobile and web developer Chris Ellis, and blockchain developer Sean Luther. Advisors include Jon Shapiro as the blockchain advisor, Michael Perklin as the blockchain security advisor, Josh Datko for security, Marion Keyes for tax, and Richard Levin as outside counsel.
How Experienced Is SALT?
To date, SALT has a total of $1,096.6 trillion in cash equities and repo transactions. There are $8 billion in cloud storage and computing, along with a whopping $630 trillion in derivatives and foreign exchanges. Diamonds and jewelry account for $78 billion, physical gold $7.8 trillion, and real estate titles $15.6 trillion.
How Do You Apply for Loans with SALT?
SALT has a very simple application and delivers approval quickly. There are no credit checks, either, something that helps speed up the process of getting a loan. The cash for your loan gets deposited right into your designated bank account, requiring almost no effort on your part.
The team behind SALT worked hard to streamline the entire loan process. The application process has been simplified, focusing on the value of your blockchain assets instead of spending time on your credit score. As a borrower, you get matched automatically with some of the capital from SALT’s extensive network filled with lenders. Throughout the length of your loan, your collateral assets remain in an ultra-secure architecture that is fully audited. This way, you can trust SALT with your funds and borrow without concerns.
What Is the User Experience Like?
For those who borrow money from SALT, the experience is very streamlined. The lending platform was created for the intuitive management of loans. The gives borrowers a single, straightforward application to collateralize blockchain assets, monitor activity, and manage repayments.
As you can see from the screen shots, the design and user interface is very professionally designed, giving you clear access to all the information you will need regarding your loan, collateral, automatic payments, balances and so on.
Why Collateral Is Better Than Credit Scores
SALT chooses to focus on collateral for loans instead of credit scores, something that can dramatically assist with efficiency. Lenders traditionally opted for credit scores because of difficulties and the cost of transferring, liquidating, and then storing assets. Unfortunately, this method is inefficient and leads to less cash access, as well as higher interest rates for you as a borrower.
With the distributed ledgers of SALT, there is a new way of storing and transferring assets. This also allows for the perfect type of collateral that doesn’t face any challenges typically found in traditional collateral; blockchain assets are the solution. SALT is a revolutionary way to lend, fully recognizing your assets instead of focusing on your credit score.
What Kind of Rates Does SALT Offer?
SALT prides itself on offering competitive rates, and there are no fees associated with prepayment. Instead, you get an amazing deal on your loan without having to get rid of assets you care about. You can maintain your position with SALT while staying away from tax events that are less than optimal.
What Other Benefits Does SALT Offer?
In addition to the simple application and competitive rates, SALT gives you complete freedom. You can choose to get your assets back at any time you want, without having to pay an exorbitant amount of money, or any at all, for them. You can also get cash for anything you want. It doesn’t have to be for a specific reason, such as an auto or home loan.
SALT is the only platform that was designed to facilitate loans on the blockchain. This is crucial because derivatives, deeds, diamonds, and more are slowly heading to the blockchain.
A big benefit of using SALT is the avoidance of having to pay capital gains taxes, these can be harsh, especially in the U.S.A which works with a short term and long term capital gains tax system. By using SALT, you completely bypass the need for paying taxes as you are taking out a loan – not converting cryptocurrency to fiat.
Who Can Benefit From SALT?
A long list of people can benefit from using SALT. Individuals like day traders and long-term investors will be able to take advantage of it. Just some of the businesses and enterprises that can benefit include remittance services, exchanges, payment processors, ICOs, gaming platforms, miners, and banks.
What Are the SALT Tiers?
There are three levels of value tiers with SALT: Membership, Premier, and Enterprise. With Membership, you get term financing and can access as much as $10,000 in USD with terms of three to 24 months. Premier offers term financing or lines of credit; terms of one hour to 36 months; access to $100,000; and the choice of USD, EUR, GBP, RMB, and JPY. Finally, Enterprise has the same choice of lines of credit or term financing but with metered terms. There is access to more than a million dollars and ad hoc currency selection.
All tiers have market data, educational resources, the loan management web portal, and no penalties for prepayment. Both Premier and Enterprise additionally offer customizable loan terms, the ability to use your SALT credits to reduce interest payments, a SALT merchandise packet, access to the SALT hardware, early access to new products, portfolio management, and debit and credit cards. Only Enterprise offers API integration and cold storage enterprise wallets.
SALT uses their own SALT tokens which are used as payment for membership to the site. There is currently a circulating supply of 46,751,837 SALT out of total supply of 120,000,000. The tokens are an Ethereum ERC-20 token stored in a smart contract which means you can hold them in any Ethereum wallet.
Tokens are used by people becoming members of the platform, basic membership costs 1 SALT and premium membership costs 30 SALT per year. Members can also pay off up to 25% of their loans using SALT tokens.
Becoming a Member
Signing up as a member of SALT is very easy, you will need to enter a username, email, password and use the Google Authenticator app on registration. You will also need to enter an Ethereum address which you own the private key to, do not use an address from an exchange. You can easily create one of these using MyEtherWallet.
Once you have registered and confirmed your email address you will be given access to the dashboard where you will then have to upload photo ID and can then pay for the membership level you require.
SALT is a much-needed addition to the world of cryptocurrency and lending institutions. Its innovative approach to using blockchain assets as collateral instead of requiring credit scores for lending should make getting a loan simpler for many people. The additional benefits, such as a lack of prepayment fee, make it even more appealing. The possibilities for users who can benefit from this platform are limitless, and the features allow it to be wide reaching.