APX Lending vs Figure
A no-fee qualified-custodian loan against higher LTV from a public company.
Rates as of July 28, 2026 · Verified daily · By Steven Han and Michael Song
APX Lending$100k loan, 50% LTV · Max LTV 60%
Figure$100k loan, 50% LTV · Max LTV 75%
Some “Visit” links are affiliate links. No lender can pay for placement, and this never changes which lenders we include or the data we show. We order by the effective rate you would actually get, which includes any partner rate a lender extends to our readers. See disclosures.
The bottom line
APX holds collateral with BitGo Trust, never rehypothecates, charges no origination or admin fee, and starts around 9.99% at a 60% LTV. Figure allows a higher max LTV (75%) and is backed by a Nasdaq-listed company, but holds collateral itself via Fireblocks MPC and adds a small origination and a 2% liquidation fee. Choose APX for independent custody and no fees; choose Figure for the extra leverage.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
APX Lending vs Figure, side by side
| APX Lending | Figure | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 10.99% | 9.76% |
| Starting APR | 9.99% | 9.76% |
| Origination fee | None | 0.85% |
| Liquidation fee | None stated | 2% |
| Max LTV | 60% | 75% |
| Custody model | Qualified custodian (BitGo Trust) | Lender-held (Fireblocks) |
| Rehypothecation | No | No |
| Funding speed | Same day to 1 day | Not published |
| Minimum loan | $25,000 | Not published |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 3 to 60 months, extendable | 12-month term |
| Operating since | Not published | 2018 |
| Availability | All 50 states | 39 states (excludes 11) |
Rates and fees
On a $100,000 loan at 50% LTV, Figure is the cheaper borrow: an all-in effective APR of about 9.76% versus 10.99% at APX Lending, a gap of roughly 1.23 points before fees. APX Lending charges no origination fee, while Figure adds 0.85% up front, which raises Figure's true cost on shorter loans.
Custody and counterparty risk
APX Lending holds collateral via qualified custodian (BitGo Trust), while Figure uses lender-held (Fireblocks). Neither rehypothecates collateral.
Loan terms and flexibility
APX Lending offers 3 to 60 months, extendable; Figure offers 12-month term.
Leverage, limits, and speed
Figure allows the higher maximum LTV (75% vs 60%), so you can borrow more per Bitcoin, at the cost of a thinner buffer before a margin call if the price falls.
Track record and availability
On availability, APX Lending covers all 50 states, while Figure excludes 11.
Strengths and trade-offs
APX Lending
- No origination or management fees
- No credit check
- BTC and ETH accepted as collateral
- Segregated cold-storage custody with BitGo Trust
- US minimum loan 25,000 dollars
- US state-by-state availability not publicly itemized
- Maximum loan size not publicly posted
- Margin-call and liquidation LTV thresholds not publicly itemized
Figure
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- Fireblocks MPC custody, operated by Figure; no rehypothecation
- No credit check on crypto-backed loan
- Same-day approval available
- HELOC variant with optional BTC pledge available
- Fireblocks MPC custody is operated by Figure, not an independent third-party qualified custodian
- 2% processing fee applies to any collateral sold in a margin call or liquidation
- Excluded from several states including TX and NY (verify current Figure Markets availability)
- HELOC variant is not a purchase mortgage
About each lender
APX Lending
Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.
Figure
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Crypto-backed loans are offered through Figure Markets; collateral is held via Fireblocks MPC custody, operated by Figure itself rather than an independent qualified custodian, and is not rehypothecated. No credit check. 12-month term. Also offers a HELOC product where BTC can be posted in escrow alongside home equity.
Frequently asked
Is APX Lending or Figure cheaper?
On a $100,000 loan at 50% LTV, Figure is cheaper, with an all-in effective APR of about 9.76% versus 10.99%. APX Lending also charges no origination fee, while Figure adds 0.85% up front.
Which has lower custody risk, APX Lending or Figure?
APX Lending uses qualified custodian and Figure uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with APX Lending or Figure?
Figure allows the higher maximum LTV (75% versus 60%), so you can borrow more per Bitcoin pledged. The trade-off is a thinner buffer before a margin call if Bitcoin's price drops.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified July 28, 2026. How we verify rates · Full disclosures.