With Salt Lending, you leverage your blockchain assets to secure cash loans, and the application requires no credit check, making it appealing to people who are either limited in funds and credit history, or who may be unbanked. The company has announced a “200% increase in lendable areas.” In the US, they will provide blockchain-backed loans in most states. The exceptions are predictable.
Salt will not offer loans in New York, where BitLicense has driven most blockchain and cryptocurrency businesses out of state, and where Attorney General Barbara Underwood just launched a Virtual Markets Integrity Initiative to “protect and inform New York residents who trade in virtual or ‘crypto’ currency.” In other words, the government will tell people how they may, and may not spend their own money. With the election for a new Governor in less than two months, New York will continue to lose what remains of innovative technology if Andrew Cuomo is elected to a third term.
The only candidate for Governor who is even talking about BitLicense, and cryptocurrency is the Libertarian, Larry Sharpe. On the day before the Democratic Primary in which Governor Andrew Cuomo won his party’s nomination, over his distant second, Cynthia Nixon, Larry spoke at a Crypto NYC event, where he outlined a plan for eliminating BitLicense and replacing it with a friendlier, simpler three-tiered plan for retail stores, traders and banks. If Larry Sharpe wins the election, then New York may once again become a magnet for innovation, and crypto will come back to the state. If not, then we can expect companies like Salt Lending to stay out of New York and conduct business in states with less risk and lower costs. They also appear to be avoiding California, where people will soon go to prison for distributing plastic drinking straws, and they do not currently offer loans in Nevada, Minnesota, North Dakota, South Dakota or Arkansas.
Internationally, Salt Lending will offer blockchain-backed loans in the US territory of Puerto Rico, Brazil, Bermuda, the UK, Switzerland, UAE, Hong Kong, Vietnam and New Zealand. To entice people to try the platform, the group is offering the following benefits to their loans:
- Flexible loan terms
- No origination fees
- No prepayment fees
- No servicing fees
- No closing costs
Loans are provided in fiat currency, unlike other blockchain company loans that are offered in crypto. Their mission includes being able to provide loans to both banked and unbanked customers.
Dennis Consorte has an appetite for news and information about cryptocurrencies, blockchain, IoT, fintech, adtech, martech and other technologies. He also has over 20 years’ experience in digital marketing and content strategy.
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