Distributed Ledger Technology allows for unprecedented levels of transparency, audit ability and transferability. SALT tokens are built on an Ethereum smart contract, making them among the most secure tokens available.
Loan by SALT has many good features which can attract many clients who have a problem getting a loan from a classic bank.
When you go to the bank to ask for a loan, you will have to provide your true identity by two different IDs, where you live, where you work, how much you earn, if you are married, how many children you have etc. and then the bank checks your credit history. All of these processes take a few days and then the bank comes to you with an offer. The bank may say that it is not possible for you to get a loan because of your low income and they will recommend that you find someone who will stand as surety for you.
Everyone who wants to avoid this annoying process can try SALT lending. Blockchain-Backed Loans are executed very quickly. They do not care about your income, credit or anything else that was aforementioned in the previous paragraph.
The only thing you need is to own BTC, ETH or another cryptos which can you use as a collateral. The really good thing is that you will not lose your cryptos which you have used as collateral as after you pay the loan off you will get your secured cryptos back.
There is an easy approval process, you do not need to prove too much information about yourself. Your crypto's value can grow, which will be given back to you after you repay the loan. As you can see, SALT lending loans have many advantages over classic bank loans.
(Interesting read on how the futures of BlockChain-Backed Loans could get you into your dream home,, MAYBE?!)
Original Article @
https://coinidol.com/salt-loan-better-than-classic-bank-loan/
I've been keeping a close eye on SALT and have been considering investing. I do think that it has the potential to be better than a traditional bank loan. I understand why they do this as a collateral loan, however, I do think that will turn some people off, including folks who don't have a lot invested in cryptos when they need the loan... so it seems like currently this will only attract a small crowd. Some people will come to this platform looking for a way to get a loan even though they can't get one from the banks, IE, maybe they have the income but their credit is horrible, like mine.... because my ex catastrophically screwed mine up almost 7 years ago... That's a story for another time. It's a common story of course ("my ex killed my credit, I learned valuable lessons, etc."), but they won't be able to get a loan from SALT because they might not have ever heard of cryptocurrency and don't have any, or only have a very tiny amount. Anyway. I don't know the answer, but thanks for sharing this. Hope to read more from you!
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We got news that SALT was going to be live at the end of Q4 2017. It has gone 4x since our original purchase early Q4 2017 (Nov.)
Could continue to see growth as there are some serious interest behind the tech and being the first in blockchain backed loans. Ideally it would help lots of people to be able to get their first home!
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That would be awesome. I do plan to keep an eye on it, and I will watch out for more articles of yours! :)
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https://coinidol.com/salt-loan-better-than-classic-bank-loan/
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