Salt: Is a lending platform on the Ethereum network that is fully working with over 7million dollars of active loans. With Salt you get cash loans and use your crypto as collateral.
How it works:
Salt works by using smart contracts to set and execute loans automatically, because the borrower's crypto is used as collateral, there's no need for a credit check. The amount you can borrow is based on the membership level you purchase. If you miss a payment SALT will automatically sell a portion of your crypto to meet that missed payment. Interest rates are 10% pa and you can borrow up to 80% of your crypto collateral.
Warning These are margin loans meaning if your crypto used as collateral drops below the value of your outstanding loan, SALT will automatically sell some of your collateral to reduce the outstanding loan to less then the value of the collateral.
Token use case:
The memberships are paid for in salt tokens , there are 3 membership levels
Base 1 SALT
Premier 10 SALT
Enterprise 100 SALT
SALT can be used to pay down loans or buy better interest rates and can also be used for purchases from SALT's online shop. A credit card will be released 29/6/18
Market Cap: $232,113,965 USD
Circulating Supply: 54,166,046 SALT
Total Supply: 120,000,000 SALT
Conclusion: This isnt a new idea but it is the first for crypto. People get loans out all the time and this is a very fast and easy way. I can see people using this but i dont really see the need for the token would of been both easier and better to just pay with the collateral currency. So i will not be making an investment.
Coinspot: Buy with AUD
https://www.coinspot.com.au?affiliate=KQH76
Binance: Buy with BTC, ETH
https://www.binance.com/?ref=19161690
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This is not professional financial advice please do your own research before making any investments.
