Is anyone taking out or considering taking out a SALT loan?
In addition to being a CPA I’ve worked for banks and would be interested to know what kinds of terms they are offering to borrowers. Things like:
- Length of loans
- Interest rates (are the rates like payday loans or like secured mortgage loans or …)
- Floating or fixed interest rates and what are they based on (eg Prime, Prime Plus, etc)
- Collection terms if you fail to pay the loan off
- Security given (other than the cryptocurrency, if any. Say you are buying a Lambo or a Rolex with the loan - do you also pledge that)
- Where payments are made (to what country and in what FIAT)
- How often you must make payments
- Whether they demand you have an autopay/ automatic draft on your checking account
- Protections you receive if you are unable to make payments
Just interested. Maybe some of our group members are also interested in discussing this.