SALT Lending expands to 35 US states, introduces rate-reducing POA program
More than 16.3 million people in the US hold some form of cryptocurrency and SALT offers them cash loans.
SALT Lending, a cryptocurrency-backed loans provider, has expanded its services to an additional 20 US states.
The platform, which only launched in December last year, has issued in excess of $50 million in US blockchain-backed loans. This latest geographical development means that the money provider now operates in 35 states.
SALT Lending is available in Connecticut, Washington D.C., Florida, Illinois, Kansas, New Hampshire, North Carolina, Ohio, Oklahoma, Alabama, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Nebraska, Rhode Island, Tennessee, Texas, Vermont, Virginia, West Virginia and Wisconsin.
The company is also actively issuing loans in three countries and boasts more than 70,000 customers.
As part of the announcement, SALT Lending interim president Bill Sinclair revealed that the loans provider is continuing to pursue compliance in all remaining US states to enhance access for crypto-laden borrowers.
"This news effectively gives our platform a 60% increase in lendable areas," Sinclair said in a recent press release. "It is our goal to operate in all 50 states by the end of 2019, barring any regulatory challenges."
SALT's loan terms are automated through smart contracts which automatically adjust your borrowing power and loan terms based on the available collateral. This lets individuals and businesses maintain fiat cashflow and spending power while simultaneously buying up cryptocurrency and benefiting from its price increase.
In addition to the expansion, SALT Lending has overhauled its user platform. There's a revised dashboard, new borrowing tools, improved processing speeds, near real-time collateral and loan status monitoring.
SALT has also introduced a Proof of Access (POA) program which allows members to secure more favourable interest rates – some as low as 12% – by putting up larger quantities of SALT membership units on the platform. SALT's value will switch from the initial promotional price to an industry norm with aggregate market value.
The POA provides members with the option to extend terms, reduce monthly payments and/or prepay in US dollars.
In its first week, SALT Lending received over $550 million in loan requests against cryptocurrency collateral.
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