Verified against unchained.com on 6 Sep 2026. Terms change; confirm before borrowing.
How Unchained works
Unchained structures loans around collaborative custody: your bitcoin sits in a multisig vault with keys distributed between you, Unchained, and a partner bank, so no single party can move it alone. You borrow USD against up to 50% of the collateral on a 12-payment term (interest every 30 days, principal with the final payment), with no prepayment penalty and no credit check. It's a commercial-scale product with a $150,000 minimum.
Rates & fees
Pricing is higher than the rest of the market: examples span 12–14% interest, or roughly 14.18–16.21% APR once the 2% origination fee is included. There's also a 2% liquidation selling fee and small admin fees (e.g., late payment). You're paying a premium for the multisig structure, not for cheap capital.
LTV & liquidation
Max initial LTV is 50% (Unchained expresses this as a 200% collateral-to-principal ratio). A margin call comes around 67% LTV with a 24-hour cure window, and liquidation around 83%. Because you hold a key, liquidation requires your coordination in normal circumstances — part of the collaborative model.
Custody & safety — why we rate Unchained Lower relative risk
Source: Unchained collaborative-custody (2-of-3 multisig) ↗
This is why Unchained earns a Lower rating despite its price: collaborative-custody multisig means no single party can move your bitcoin, and it is never rehypothecated. It's the closest thing to self-custody while still borrowing, removing the single-counterparty failure mode that sank other lenders. The trade-off is operational complexity and cost. See the risk methodology.
What a $150,000 Unchained loan costs
The most expensive option here — you're buying key-holding security, not a low rate. Figures illustrative.
Pros & cons
Strengths
- Collaborative multisig — you hold a key
- Bitcoin never rehypothecated or unilaterally moved
- Native BTC on the Bitcoin network
- No credit check; no prepayment penalty
Trade-offs
- Highest rates on our list (14–16% APR)
- $150,000 minimum — not for smaller borrowers
- 2% origination + 2% liquidation fees
- More operational complexity to manage
Who Unchained is best for
Unchained suits large, security-first borrowers — people who hold significant bitcoin and won't fully surrender custody. If your loan is below $150,000 or you want a lower rate, see Strike or the best loans for $100,000.
FAQ
What is Unchained's interest rate?
Roughly 14–16% APR (12–14% interest plus a 2% origination fee) — the highest on our list, reflecting its multisig structure.
How does Unchained's custody work?
Collaborative multisig: keys are split between you, Unchained, and a partner, so no single party can move your bitcoin alone. It's never rehypothecated.
What is Unchained's minimum loan?
$150,000. It's a commercial-scale product; larger loans go through an institutional desk.
Is Unchained safe?
Its collaborative-custody model is the strongest on our list, earning a LOW risk rating — though the rate is high and the product is complex.
See Unchained next to every other lender
Live rates, LTV, liquidation thresholds, custody, and minimums for every lender we track in one verified table.
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