APX Lending vs Figure
A no-fee qualified-custodian loan against higher LTV from a public company.
By Steven Han and Michael Song · Rates as of September 11, 2026 · Verified daily · Rates last changed August 22, 2026
APX Lending$114,652 loan, 40.8% LTV · Max LTV 60%
Figure$114,652 loan, 40.8% 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. The rates compared here are each lender's standard published effective APR. See disclosures.
What it costs over 12 months
Borrowing $114,652 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms.
Figure costs $1,410 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is maximum LTV: APX Lending 60% versus Figure 75%.
Full side-by-side on 16 terms below, including custody, rehypothecation and the margin-call cure window.
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$114,652 loan, 40.8% LTV, all-in | 10.99% | 9.76% |
| Starting APR | 9.99% | 9.76% |
| Origination fee | None | 0.85% |
| Liquidation fee | None stated | 2% |
| Rate type | Fixed | Fixed |
| Max LTV | 60% | 75% |
| Liquidation thresholdLTV at which collateral is sold | 90% | 90% |
| 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 | $5,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 3 to 60 months, extendable | 12-month term |
| Prepayment | Not published | No prepayment penalty |
| Operating since | Not published | 2018 |
| Availability | All 50 states | 40 states (excludes 10) |
| Learn more | Learn more |
Rates and fees
On a $114,652 at 40.8% LTV loan, 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. Minimums differ: $25,000 at APX Lending versus $5,000 at Figure.
Track record and availability
On availability, APX Lending covers all 50 states, while Figure excludes 10.
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)
- Decentralized MPC custody; no rehypothecation
- No hard credit check
- Same-day approval available for eligible borrowers; approval is not guaranteed
- Borrow against BTC, ETH or SOL, from a $5,000 minimum
- 2% processing fee applies to any collateral sold in a margin call or liquidation
- Excluded from DC, ID, IL, KY, MD, MS, SD, TX, VT and VA. New York borrowers are served by a separate entity, Figure Markets Credit LLC
- Liquidation Protection is optional, costs an additional fee, and is available in only ten states; it does not stop a liquidation if the loan becomes delinquent
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). Figure offers Crypto Backed Loans against BTC, ETH and SOL via decentralized MPC custody with Fireblocks and no rehypothecation. No prepayment penalty. 12-month interest-only term, maximum initial LTV 75%, liquidation at 90% LTV, minimum loan $5,000. No hard credit check. Loans are made by Figure Lending LLC (NMLS 1717824), and to New York residents through Figure Markets Credit LLC (NMLS 2559612). Figure also offers Democratized Prime, a separate yield product paying up to 8.35% as of 21 July 2026.
Frequently asked
Is APX Lending or Figure cheaper?
On a $114,652 at 40.8% LTV loan, 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 September 11, 2026. How we verify rates · Full disclosures.