Review on SALT by Fanuel PORPORTY
SALT Loan Platform
SALT, acronym for Secure Automated Lending Technology, is one of the largest well-known Bitcoin / cryptocurrency lending platforms. On this platform, you can receive so-called LTV based cryptocurrency loans, where your loans are secured by the cryptocurrency you deposit.
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It is therefore an automated lending platform that allows its holders to obtain cash loans against a guarantee of their cryptocurrencies. Although there are companies that now offer digital currency borrowing and lending services, SALT is unique in that it is automated, which makes it safer compared to others. SALT aims to challenge the traditional way of borrowing and lending, instead adopting a new system due to the world of cryptocurrency in which we find ourselves today. With SALT, you no longer have to fill out long loan application forms or wait hours for loan approval.
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Rather than borrow future income, you can use your digital assets. An important part of digital lending and borrowing is that there is no need to represent a guarantor, since your blockchain-staked assets are proof that you can repay. SALT is, in essence, the bridge between a booming blockchain economy and traditional financial systems.
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Loans issued by SALT can also be secured using SALT's main cryptocurrency, which offers lower interest rates and higher limits. SALT works by using a guaranteed cryptocurrency that you can buy from brokers like Coinbase, then simply keeping that cryptocurrency securely in the SALT loan platform.
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Pros
- The entire loan is insured at all times
- Define pre-established loan terms and settlement options
- No minimum monthly payment, no late fees incurred, nothing like
- SALT provides customer service support for individual accounts
Cons
- Fairly limited amount of assets that can be deposited as collateral in comparison to competing firms
- There has been a large amount of uncertainty about the exact parameters for the loans issued
