SALT Lending is a crypto-collatereralized lending platform that I've been excited about since early Summer of 2017.
I am hoping to utilize their lending platform because of two primary factors. The first being that I like the idea that my collateral bitcoin & or ethereum is safely locked away in a smart contract throughout the loan. This strikes me as an ancillary benefit to utilizing the Salt Lending platform - secure storage!
The second reason that I am excited about SALT Lending is because, as many of us well know, when one is utilizing a large percentage of available credit - the traditional credit rating service punishes you severely with the lowest rating above "in default" that is available. You could have a decade of 100% on time payments and still be treated like a pariah just because there is little trust that people utilizing the credit that has been issued to them - will continue to do so without going into default.
Therefore, by utilizing SALT, one can transfer a balance to the SALT Lending platform and enjoy the credit boost from having less percentage of available credit being used. Once your "credit score" goes up, it is MUCH easier to refinance any high interest loans, or expiring zero % interest loans, with reasonable interest rates. All with the goal of ultimately not carrying ANY debt, other than SALT's Crypto collateral backed loans.
All good, right? YES!
However, there are a few details to take note of. The first being that SALT Lending is not currently issuing loans to customers in every State of the Union. Sadly there appears to be very little information-out from Salt Lending regarding which states they are or are not lending in. I asked a customer support representative who confirmed that there currently is no list of what states SALT is issuing loans in. The representative informed me that this is because the list is frequently changing. Which frankly, strikes me as bullshyte - but then I've been told I project my negativity too much, so maybe this is completely rational, not managing customer expectations and allowing people to pay for a membership before they learn that loans aren't even available in their state ... Maybe I simply expect too much.
breath deep
The second detail is the fact that they are not currently issuing loans for any of the membership tiers below Enterprise. Upon asking for an estimate of how long before other tiers are addressed, I was told that it would likely be months.
So hey, not that big of a deal - just, if you were excited to utilize the platform and wanted to plan finances accordingly, then this information will be VERY timely, since it is not offered to members in any other form than directly querying customer support. Had I known this ahead of time, I likely would not have transferred SALT to their platform, incurring the ETH transfer fees, nor would I have bought the Base tier membership that is essentially useless for an unknown number of months going forward.
Your experience may differ! If it does I would love to hear about it.
Are you using SALT Lending? Are you planning on using SALT Lending? Does anyone know anyone enjoying their loans at the Enterprise level membership? Does anyone find it odious that the wealthiest crypto holders are being serviced before us unwashed masses?
