SALT Review: 2026 Bitcoin Loan Comparison

Salt has operated since 2016, among the longest-running Bitcoin lenders in this market. As of June 2026 it cut rates across the board and dropped its origination fee to zero. The structure is LTV-based and varies by term. On a 12-month loan: 7.49% APR at 30% LTV, 8.75% at 50%, and 10.50% at 70%. Longer terms price differently: a 3-year loan runs 8.24% at 30% LTV and 9.50% at 50%, and a 5-year loan runs 8.49% at 30% LTV and 9.75% at 50% (the 70% LTV tier is offered on the 12-month term only). Salt's 70% maximum LTV is the highest among US-accessible lenders in this comparison. There is no origination fee, so the APR is the all-in cost. Loans run 1, 3, or 5 years with a $5,000 minimum, and Salt funds within 1 to 2 days.

Salt's margin-call system runs four stages: a warning at 75% LTV, a formal margin call at 83.33% (48-hour cure window to restore below 70%), a final notice at 88%, and Stabilization at 90.91%. Stabilization is not a traditional liquidation, and this distinction matters: rather than selling your collateral and paying off the loan, Salt converts your volatile bitcoin into USDC to lock in its dollar value and leaves the loan in place, so you keep the position and the choice of how to proceed, whether that is repaying, holding the stablecoin, or converting back to bitcoin once you have cured your LTV. The stabilization conversion carries a 3% fee, and converting the USDC back to bitcoin later carries a further 2% fee. The real cost to weigh is not a forced sale but that stabilization locks in a downturn price, capping your upside if bitcoin recovers. There are no late fees and no prepayment penalty. Salt is also available internationally in Australia, Canada, Brazil, Portugal, Switzerland, UK, UAE, and Vietnam.

Two product features Salt currently markets are worth flagging. SALT Shield™ is an opt-in add-on that forbears margin calls and market-triggered liquidation for the duration of the loan, subject to the loan agreement; it requires a 12-month term, a $50,000 minimum loan, and an LTV below 70% at enrollment, and it carries a 3% Stabilization fee. Collateral withdrawals are not permitted while enrolled. Salt's "Financed Interest" option capitalizes interest at origination and defers all payment to maturity or refinance, no monthly payments during the term, but the loan accrues to a balloon. Financed Interest is offered only in jurisdictions where balloon-payment structures are permitted.

Salt's regulatory history requires disclosure. In 2020, Salt received an SEC fine for conducting an unregistered ICO. In November 2022, following the FTX collapse, Salt paused withdrawals before resuming operations. In December 2024 the California Department of Financial Protection and Innovation issued a consent order; Salt has since resumed California lending per its current disclosures (NMLS #1711910), though borrowers should verify active license status directly. On custody: Salt's current loan agreement states it does not lend your collateral to third-party traders or market makers to earn interest, the practice known as rehypothecation, so your bitcoin is not re-lent for yield. It is held by Salt as collateral agent rather than by a third-party qualified custodian; the agreement reserves a loan-management right to repledge, transfer, or use collateral for Salt's own account, and discloses that in a Salt bankruptcy your collateral may be unrecoverable and treated as a general unsecured claim. Prospective borrowers should read the current loan agreement before proceeding.

• Operating since 2016
• Up to 70% LTV, the highest among general loans on this list
• APR tiered by LTV (9.95% / 10.95% / 14.45%)
• International availability: Australia, Canada, Brazil, Portugal, Switzerland, UK, UAE, Vietnam

• Lender-held custody, not a third-party qualified custodian
• If a margin call goes uncured, Salt stabilizes the loan (converts collateral to USDC, a 3% fee, with a 2% fee to convert back later) rather than running a traditional liquidation, so you keep the loan and choose how to proceed; the cost is that stabilization locks in a downturn price
• SALT Shield (a paid downside-protection add-on) can forbear margin calls and market-triggered stabilization for the life of the loan

• ⚠ Regulatory history: a 2020 SEC fine for an unregistered ICO and a 2024 California DFPI consent order; verify active license status in your state
• ⚠ Paused customer withdrawals during past market stress (November 2022)
• ⚠ Collateral could be treated as a general unsecured claim in a SALT bankruptcy

SALT is one of several options in the Bitcoin loan market. Borrowers often compare it alongside Ledn, Arch (Deferred), and Arch (Standard). Each lender differs on APR range, custody model, rehypothecation posture, max LTV, and state coverage, factors that matter differently depending on your loan size and how much you care about custody transparency. The side-by-side comparison lets you sort and filter all Bitcoin loan lenders at once.