Accounts with outstanding loan balances have until February 14, 2025 to indicate to SALT if they want to either pay off or refinance their loan.
Payoffs. Pursuant to a settlement with the California Department of Financial Protection and Innovation, if you request to pay off your active loan(s) within thirty (30) calendar days of this Notice and then pay off those loans within ten (10) business days of your request, SALT will not charge or collect any interest, fees, or charges: (i) for closing out your loan(s); (ii) for returning collateral to you; or (iii) for the period from November 15, 2022 (the date when SALT paused withdrawals from its platform), through the date when you pay off your active loan. Payoffs after such deadline shall not be subject to such exemptions.
Refinance. You may refinance the outstanding principal and interest due at current market terms.
No Defaults Until March 15th. Loans will not be considered in default prior to March 15, 2025.
Withdrawals. Prior to any withdrawal requests being processed, all outstanding loan obligations must be paid off in full or refinanced.
Refunds. SALT shall issue certain refunds for fees and charges it collected in connection with loans contracted with California borrowers from November 1, 2019 through January 15, 2025, within sixty (60) calendar days. If you maintain an active loan with SALT, the refund amount, if any, will be applied against your outstanding loan obligation. If you are entitled to a refund, you will receive a notice from SALT no later than January 22, 2025.
If you’d like to submit a formal complaint online with the Commissioner, please visit https://dfpi.ca.gov/submit-a-complaint/.
If you’d like to view the consent order, please visit https://dfpi.ca.gov/wp-content/uploads/2024/12/Consent-Order-SALT-Lending-LLC.pdf
