On February 10, SALT announced the launch of its latest product for crypto-backed loan holders, StackWise. Using StackWise, the loan holders on the platform can earn back a portion of their monthly installments as rewards in their crypto wallets. Customers can choose their crypto rewards in the form of Bitcoin, Ether, or USD coin, with the option of changing the reward type before every monthly payment. Any user with a crypto-backed loan that originated after SlackWise's release is eligible for the rewards. In addition, customers with loans before the release can contact SALT's support team to refinance their loan or extend their current loan to earn rewards.
After StackWise launch, all loans are standardized at a 9.99% interest rate, with the net rate depending on your chosen LTV. By redeeming SALT tokens, the net rate can be further reduced. Once you find out your net rate, determining your reward rate becomes easier. StackWise provides a reward rate of 4.49%, effectively decreasing the net interest rate on your loan to 5.50%. As a customer, it is essential to remember that lower LTV means higher rewards and savings. Adding SALT tokens to the mix, you can earn and save even more.
If you have used SALT's crypto-backed loan services, you can review your rewards anytime via its desktop or mobile app. After logging in, you can find all the details on your dashboard, such as your reward rates, reward amount, reward schedules, and so on. There is also a section titled "Receive Rewards in," where you can change your selection to BTC, ETH, and USDC. Whatever reward you choose, the platform will transfer it to respective wallets.