APX Lending vs SALT
A no-fee qualified-custodian loan against a lower-rate, higher-LTV lender-held loan.
By Steven Han and Michael Song · Rates as of September 23, 2026 · Verified daily · Rates last changed August 22, 2026
SALT$120,694 loan, 40.7% LTV · Max LTV 70%
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What it costs over 12 months
Borrowing $120,694 at 40.7% LTV for one year. Interest and the origination fee, on standard published terms.
SALT costs $2,704 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is custody model: APX Lending a qualified custodian versus SALT a lender-held pool.
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. SALT is cheaper (around 7.49%) with no origination fee, allows up to 70% LTV, and offers long fixed terms, but holds collateral in its own pool and uses USDC stabilization in place of liquidation. Choose APX for independent custody and no fees; choose SALT for the lower rate, higher LTV, and multi-year terms.
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 SALT, side by side
 APX Lending | SALT | |
|---|---|---|
| Effective APR$120,694 loan, 40.7% LTV, all-in | 10.99% | 8.75% |
| Starting APR | 9.99% | 7.49% |
| Origination fee | None | None |
| Rate type | Fixed | Fixed |
| Max LTV | 60% | 70% |
| Liquidation thresholdLTV at which collateral is sold | 90% | 90.91% |
| Custody model | Qualified custodian (BitGo Trust) | Lender-held |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | 48 hours |
| Funding speed | Same day to 1 day | 1–2 days |
| Minimum loan | $25,000 | $5,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 3 to 60 months, extendable | 1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only |
| Prepayment | Not published | No prepayment penalty and no late fees. |
| Operating since | Not published | 2016 |
| Availability | All 50 states | 47 states (excludes 3) |
| Learn more | Learn more |
Rates and fees
On a $120,694 at 40.7% LTV loan, SALT is the cheaper borrow: an all-in effective APR of about 8.75% versus 10.99% at APX Lending, a gap of roughly 2.24 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
APX Lending holds collateral via qualified custodian (BitGo Trust), while SALT uses lender-held. Neither rehypothecates collateral.
Loan terms and flexibility
APX Lending offers 3 to 60 months, extendable; SALT offers 1, 3, or 5 years; rates increase with term length; 70% ltv available on 1-year only.
Leverage, limits, and speed
SALT allows the higher maximum LTV (70% 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 SALT. Funding runs same day to 1 day at APX Lending and 1–2 days at SALT.
Track record and availability
On availability, APX Lending covers all 50 states, while SALT excludes 3.
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
SALT
- Operating since 2016
- Up to 70% LTV, the highest among general loans on this list
- APR tiered by LTV (9.95% / 10.95% / 14.45%)
- International availability: Australia, Canada, Brazil, Portugal, Switzerland, UK, UAE, Vietnam
- Lender-held custody, not a third-party qualified custodian
- If a margin call goes uncured, Salt stabilizes the loan (converts collateral to USDC, a 3% fee, with a 2% fee to convert back later) rather than running a traditional liquidation, so you keep the loan and choose how to proceed; the cost is that stabilization locks in a downturn price
- SALT Shield (a paid downside-protection add-on) can forbear margin calls and market-triggered stabilization for the life of the loan
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.
SALT
Operating since 2016. APR tiered by LTV: 7.49% at 30% LTV, 8.75% at 50%, 10.50% at 70%. No origination fee. Loan agreement states it does not rehypothecate (no third-party lending of collateral).
Frequently asked
Is APX Lending or SALT cheaper?
On a $120,694 at 40.7% LTV loan, SALT is cheaper, with an all-in effective APR of about 8.75% versus 10.99%.
Which has lower custody risk, APX Lending or SALT?
APX Lending uses qualified custodian and SALT uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with APX Lending or SALT?
SALT allows the higher maximum LTV (70% 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 23, 2026. How we verify rates · Full disclosures.