Side by side
| Ledn | Unchained | |
|---|---|---|
| Headline APR | 9.25–11.5% | ~14–16% |
| Max LTV | 50% | 50% |
| Liquidation LTV | ~80% | ~83% |
| Term | 12 months | 12 months |
| Fees | ~2% admin | ~2% origination |
| Custody model | Custodial; stated no-rehypothecation; bi-annual proof-of-reserves | Collaborative multisig — you hold a key; no rehypothecation possible |
| Collateral | Native BTC | Native BTC |
| Minimum loan | $1,000 | ~$150,000 |
| Best for | Everyday borrowers, lowest rate | Large / HNW borrowers who want key control |
| Our risk tier | Lower | Lower |
Figures reflect each lender's published terms as of the date above — always confirm at the source, since rates and terms change. See full data and source links in the comparison table.
The real difference: who holds your Bitcoin
Everything else is secondary to this. Ledn is a custodial lender — you send it your Bitcoin, it lends against it, and you trust the company to hold and return it. Ledn does this more transparently than most: it publishes bi-annual proof-of-reserves attestations and states a no-rehypothecation approach for its standard product. But the collateral is still in someone else's hands, which is exactly the exposure that sank several lenders in 2022.
Unchained is built to remove that exposure. Your Bitcoin goes into a 2-of-3 collaborative multisig vault where you hold one of the keys. Unchained cannot move, lend out, or rehypothecate your collateral on its own — it would need your signature. If Unchained went under, your keys and your Bitcoin remain under your control. That's a materially different risk profile, and it's the main reason borrowers accept Unchained's higher rate.
Rates & cost
Ledn wins clearly on price. Its published Bitcoin-loan APR runs about 9.25–11.5%, versus roughly 14–16% at Unchained. Both charge around a 2% fee. On a like-for-like loan, Ledn is the cheaper borrow — you're paying Unchained a premium specifically for its custody model, not for better rates. If cost is your first priority and you're comfortable with a transparent custodial lender, Ledn is hard to beat here.
Access & loan size
This often decides it before rate does. Ledn's minimum is about $1,000, so it's realistic for ordinary borrowers. Unchained's minimum is roughly $150,000, squarely aimed at high-net-worth individuals and businesses. If you want to borrow a modest amount against your Bitcoin, Unchained likely isn't an option at all — making Ledn the practical choice regardless of the custody debate.
Who each is best for
Choose Ledn if…
- You want the lower rate and a smaller loan (from $1,000)
- A transparent custodial model with proof-of-reserves is acceptable to you
- You value simplicity over holding a key yourself
Choose Unchained if…
- You want to keep control of a key and eliminate rehypothecation risk
- You're borrowing at a large scale (~$150K+)
- You'll pay a higher rate to avoid trusting a custodian with your BTC
FAQ
Is Ledn or Unchained cheaper?
Ledn, on rate — roughly 9.25–11.5% APR versus Unchained's ~14–16%. Both charge about a 2% fee. Unchained's premium buys its keep-your-keys custody model, not lower pricing.
What's the difference in custody?
Ledn holds your Bitcoin (custodial, with stated no-rehypothecation and proof-of-reserves). Unchained uses 2-of-3 collaborative multisig where you hold a key, so your collateral can't be moved or rehypothecated without your signature.
Can I get a small loan from either?
From Ledn, yes — its minimum is about $1,000. Unchained's minimum is roughly $150,000, so it targets large and business borrowers. For a small loan, Ledn is usually the only realistic option.
Do they take my actual Bitcoin?
Both use native BTC as collateral, not a wrapped token, so there's no taxable conversion. The difference is whether the company holds it (Ledn) or you co-hold keys to it (Unchained).
See how Ledn and Unchained compare to everyone else
Rate, LTV, liquidation level, custody and fees for every lender we track — independently verified, with a source link on every row.
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