Is Salt Crypto Loan Legit? Find out Now
Secured Automated Lending Technology(SALT) is an automated lending platform which allows users to use their digital asset(cryptocurrency) as collateral to get instant cash without selling their digital currency.
Is Salt crypto loan legit? Is the focus of our today’s guide but we’re also going to spare some time to keep you updated on the other related financial activities of the SALT platform like their interest rate and how you can access the loan. Keep scrolling to get the vital information you desire.
SALT Lending platform was established in 2016 and since its launch, it has continued to be one of the key players in the crypto lending space.
Is Salt Crypto Loan Legit?
YES. Salt crypto loans are legit.
It is one of the popular and leading crypto-backed loans with thousands of active users.
However, since Salt has its own terms and conditions, it is best to understand their terms before taking a loan from them to enable you to make informed financial decisions
Eligibility Criteria For Salt Crypto Loan
To qualify for the Salt crypto loan, intending applicants are expected to meet the following criteria, they are:
- You must have crypto coin that is accepted by Salt such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), USD Coin (USDC), TrueUSD (TUSD), Pax Gold (PAXG), and Paxos (PAX).
- A Salt membership account is a must.
- The intending applicant must agree with the terms and conditions of Salt platform.
Salt Crypto Loan Interest Rate
The Salt crypto loan interest rate is not fixed, it varies depending on some factors like loan amount, loan tenor etc. But the good news is that they offer competitive interest rates and there’s no origination fee.
The Salt crypto loan interest rate is between 0.95% – 9.99%. However, Salt charges a 5% processing fee if stabilization is triggered during the processing period.
Salt Crypto Loan Term
The repayment plan for Salt crypto loan varies depending on the agreement you reach during the application process.
According to the Salt crypto norms, the loan tenor can range from 3 – 12 months. However, the longer the repayment plan the higher the interest rate and vice-versa.
Salt Crypto Loan Application
To apply for the Salt crypto loan, follow the steps below:
- Visit any authorized app store and download the Salt crypto loan app.
- Create a Salt membership account and complete the verification process including KYC.
- Choose your borrowing preference and submit your loan application.
- Send your digital asset to Salt collateral wallet.
- Finally, wait for the loan approval. Once approved, the loan amount will be disbursed to your account.
How To Download Salt Crypto Loan App
To download the Salt crypto loan app, follow the simple steps below:
- Visit the Apple Store or Google Play Store for iOS and Android users respectively.
- Click on download.
- After downloading, install the app.
Is Salt Crypto Loan Legit In USA?
YES. Salt crypto loan is legit in the United States of America.
Apart from the USA, Salt crypto is also available in other countries like Puerto Rico, Switzerland, Vietnam, the United Kingdom, Brazil, New Zealand, Hong Kong, and the United Arab Emirates.
Salt Crypto Loan Review
Users of Salt crypto platform have diverse views about the app according to individual experience. Some users extolled the financial services of Salt platform while others expressed dissatisfaction owing to what they described as the outdated nature of the app.
When we checked Google play store, we found out that over 50k users have downloaded the Salt crypto loan app from that store. Additionally, the app is rated 4.6 stars by more than 280 reviewers who submitted their reviews about their experience when they used the app.
According to mario puzon: ‘’It’s not updated…. almost had a mild attack on just doing the verification on photos.. how could you release an application without burn testing every single function’’.
Another user, Sara Haveman also shared his experience: ‘’Easy to navigate. Really nicely designed and convenient for managing your account. Great app overall’’.
Wrap Up
Salt platform offers crypto-backed loans which allows users to take cash loan using their digital asset as collateral.
However, they have their terms which guide their operation, hence understanding their mode of operation before opting for their services would be an added advantage.
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