SALT Lending LLC now holds a Maryland Consumer Loan license under NMLS ID 1711910, issued under the Maryland Consumer Loan Law and overseen by the Maryland Commissioner of Financial Regulation. Maryland residents can apply for loans backed by Bitcoin and other supported digital assets, receiving cash without selling their crypto. The license is listed on SALT’s Licenses page and can be verified independently through NMLS Consumer Access.
This post covers what the license means for Maryland borrowers, how a SALT loan works, common ways Maryland residents and businesses use crypto-backed credit, and how to apply.
Key Takeaways
- License: Maryland Consumer Loan license, NMLS ID 1711910, status Active.
- Regulator: the Maryland Commissioner of Financial Regulation, part of the Maryland Department of Labor.
- What it covers: consumer lending to Maryland residents under the Maryland Consumer Loan Law.
- Loans start at $5,000: personal loans have a $5,000 minimum, with 1, 3, or 5 year terms.
- How the loans work: you pledge Bitcoin or other supported digital assets as collateral and receive loan proceeds in USD or stablecoin, while keeping ownership of your crypto.
- Where SALT lends: Maryland is listed among the U.S. states and jurisdictions on the Where We Lend page. Our guide to Bitcoin-backed loans by state explains why availability differs from state to state.
What a Maryland Consumer Loan License Means for Borrowers
In Maryland, a business that makes consumer loans covered by the Maryland Consumer Loan Law generally must be licensed by the Commissioner of Financial Regulation. The Office of Financial Regulation reviews applicants before licensing and supervises licensees afterward. For borrowers, that adds up to a few practical protections:
- A named state regulator. Maryland borrowers have a specific state agency with authority over how a licensed lender operates and where complaints can be directed.
- State consumer lending rules. Licensed lenders must follow Maryland’s consumer loan statutes and regulations, including rules on disclosures, interest, and fees.
- Ongoing oversight. Licensees are subject to examination by the regulator, not just a one-time approval.
- A public record. The license is recorded in the Nationwide Multistate Licensing System, so anyone can look it up.
Checking a lender’s license before you apply is one of the simplest ways to separate a regulated U.S. lender from an offshore platform. Searching NMLS ID 1711910 on NMLS Consumer Access takes about a minute.
How a SALT Bitcoin-Backed Loan Works
A crypto-backed loan uses digital assets as collateral instead of relying on a home, a car, or a traditional credit-based approval. The basic structure looks like this:
- Choose your loan amount and loan-to-value (LTV) tier. LTV is the loan amount divided by the value of your collateral. Lower LTV means more collateral, a lower rate, and more room for price swings.
- Deposit collateral. You transfer Bitcoin or another supported asset to SALT’s custody for the life of the loan.
- Receive funds. Loan proceeds are sent to you once the loan is approved and collateral is received.
- Make payments. You repay on the schedule in your loan agreement, and your collateral is returned when the loan is paid off.
Key personal loan terms at a glance:
| Term | Detail |
|---|---|
| Loan minimum | $5,000 |
| Loan terms | 1, 3, or 5 years |
| LTV options | 30%, 50%, or 70%, with availability based on jurisdiction and term length |
| Payment options | Interest-only, principal and interest, or accrued interest paid at maturity |
| Prepayment | Repayable at any time with no prepayment penalty |
| Collateral | Bitcoin, Ethereum, and other supported assets |
| Funding | Within 24 to 48 hours once approved |
Because the loan is backed by crypto, its health depends on the price of that crypto. If the value of your collateral falls, your LTV rises, and crossing the margin call threshold means adding collateral or paying down the loan. SALT offers tools designed to help manage that risk, including Stabilization and SALT Shield®, each with its own terms and costs. Current pricing by LTV tier is on the Rates & Fees page, and you can model a loan with the SALT loan calculator.
How Maryland Residents and Businesses Use Bitcoin-Backed Loans
Borrowers typically use crypto-backed credit when they need cash but want to keep their long-term crypto position. Common uses include:
- Covering a large expense without selling. Selling crypto that has gone up in value can create a taxable gain. Maryland taxes capital gains as part of state income, and counties add a local income tax on top, so a sale can carry both federal and state tax costs. Borrowing is generally not a sale. Our post on borrowing versus selling Bitcoin explains the difference, and a tax professional can tell you how it applies to you.
- Funding a home purchase. Some buyers use a crypto-backed loan toward a down payment. Lender rules vary on this, which our guide to using Bitcoin for a home down payment covers.
- Business working capital. Maryland companies holding Bitcoin on their balance sheet can borrow against it for payroll, inventory, or equipment through SALT’s business lending.
- Bridging a timing gap. A loan can cover expenses while waiting on a sale, a payout, or other incoming funds.
How to Apply for a SALT Loan in Maryland
- Create an account. Sign up at borrower.saltlending.com.
- Select Personal or Business. Choose the loan type that fits how you will use the funds.
- Build your loan. Use the calculator to set your loan amount, LTV tier, and term.
- Complete verification. Provide the identity and eligibility information required for your loan.
- Transfer collateral and receive funds. Once approved and your collateral is received, your loan is funded.
For a more detailed walkthrough, see our guide on how to get a Bitcoin-backed loan.
Get Started in Maryland
Maryland residents can see what they could borrow and start an application in a few minutes.
Frequently Asked Questions
Is SALT licensed to lend in Maryland?
Yes. SALT Lending LLC holds a Maryland Consumer Loan license under NMLS ID 1711910, with an active status. The license is listed on SALT’s Licenses page and on NMLS Consumer Access.
Can I get a Bitcoin-backed loan in Maryland?
Yes. Maryland residents can apply for a SALT loan using Bitcoin or other supported digital assets as collateral, subject to eligibility, verification, and the terms of the loan agreement.
Who regulates lenders in Maryland?
Consumer lenders in Maryland are licensed and supervised by the Commissioner of Financial Regulation, under the Maryland Consumer Loan Law. The Office of Financial Regulation is part of the Maryland Department of Labor.
How can I verify a lender’s Maryland license?
Search the lender’s name or NMLS ID on NMLS Consumer Access, the public licensing database used by state regulators. SALT Lending LLC’s NMLS ID is 1711910.
Is taking out a crypto-backed loan in Maryland a taxable event?
Generally, borrowing against crypto is not treated as a sale, so it does not realize a gain the way selling does. A taxable event can occur if collateral is later sold or liquidated. Tax treatment depends on your situation, so confirm with a tax professional.
Can Maryland businesses get a crypto-backed loan from SALT?
SALT offers business loans in addition to personal loans. Businesses can review options on the SALT business lending page, and availability by jurisdiction is listed on the Where We Lend page.
What happens to my Bitcoin while it is used as collateral?
Your collateral is held in custody for the life of the loan and returned when the loan is repaid. If its value falls far enough to trigger a margin call, you may need to add collateral or make a payment, and collateral can be sold if a margin call is not resolved, as described in your loan agreement.
In Maryland, SALT Lending LLC is licensed as a consumer lender under the Maryland Consumer Loan Law, NMLS ID 1711910. See SALT’s Licenses page for additional license information. Loan documentation may provide additional state notices and applicable terms.
SALT loans are originated by SALT Lending LLC, NMLS 1711910. Loan products, terms, and features may not be available in all jurisdictions, and some jurisdictions are eligible for business loans only. See saltlending.com/map-list for current availability. SALT Loans are subject to jurisdictional limitations and other restrictions, and SALT does not offer loans to all prospective borrowers.
This article is for informational purposes only and does not constitute financial, tax, legal, or investment advice. Available rates and terms are subject to change and may vary based on loan amount, qualifications, jurisdiction, and collateral profile. Other terms, conditions, and restrictions may apply.
Borrowing against digital assets entails risk, including the risk of margin calls and liquidation of collateral, and may not be appropriate for your needs. Digital currency is not legal tender, is not backed by the United States or any other government, and SALT accounts are not subject to FDIC or SIPC protections.
