SALT Blockchain Technology Review: A Better Alternative for Traditional Loans
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Availing for a loan can be extremely difficult, especially for beginners without an established credit score. Unlike a traditional loan, a SALT loan uses cryptocurrency assets as collateral to secure the loan.
For this review, we would look at the SALT token and its potential to change the idea of lending through cryptocurrencies.
Getting Loans in SALT
Instead of letting crypto assets lie around in the crypto wallet, SALT allows you to use these assets as collateral to secure financial loans that would usually take weeks or months for traditional financial institutions.
The company’s secured technology would collect the user’s information to provide a safe platform to input additional business accounts and email addresses. After which, the company allows the user to select from a variety of cryptocurrency assets. Here are some of the crypto assets you can use as collateral on the blockchain:
- Ripple (XRP)
- SALT
- USDC
- Dogecoin
- Bitcoin
- Ethereum,
- Litecoin,
- PAX Gold
The company could continue to expand its payment methods to make it more accessible for more cryptocurrency enthusiasts and trading who use trading robots such as BiIQ. However, since these coins are most popular amongst cryptocurrency traders, the company most likely enticed most of the cryptocurrency market.
Portfolio Management Tools
SALT Lending also offers its users portfolio management tools to manage the cryptocurrency holdings they intend to use as collateral. These tools also include real-time notifications to inform users as quickly as possible when they need to add more collateral to secure the loan.
By downloading SALT’s mobile application, you could enable push notifications to inform you of any platform activity either through SMS, email or pop-up notifications on your phone.
SALT Token
Although the company also released the SALT token, you would only need it to pay for your membership in SALT. As a result, cryptocurrency users could not use these tokens for capital appreciation through price fluctuations.
More precisely, the company said that you could only use these tokens “for goods and services provided by the company.”
No Interest
Unfortunately, the account established on the company’s platform is not an interest-earning account. Since the holdings in the platform would only be for collateral, there would be no way of earning a return on your cryptocurrency holdings on the platform.
Frequently Asked Questions (FAQs)
How do I get my cryptocurrency assets back after paying off my loan?
After repaying the loan in full, the company would return your cryptocurrency assets to you in two (2) business days.
How long would it take to get my loan approved?
Through the company’s intricate technology, loan approval would take approximately 48 hours after completing the application process.
What can I use my SALT tokens for?
You can use these SALT tokens to reduce interest rates or pay off fees on the platform.
