APX Lending vs Unchained
A no-fee qualified-custodian loan against collaborative multisig you help control.
By Steven Han and Michael Song · Rates as of September 23, 2026 · Verified daily · Rates last changed August 22, 2026
APX Lending$120,694 loan, 40.7% LTV · Max LTV 60%
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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. The reference loan is below Unchained's minimum.
The biggest structural difference is custody model: APX Lending a qualified custodian versus Unchained collaborative multisig.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
APX is much cheaper (around 9.99% vs 14.18%), holds collateral with BitGo Trust, never rehypothecates, and charges no origination or admin fee. Unchained costs the most in our set but its 2-of-3 multisig means you hold a key and no party can move the collateral alone. Choose APX for the lower rate and no fees; choose Unchained only if holding a key yourself is worth the premium.
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 Unchained, side by side
| APX Lending |  Unchained | |
|---|---|---|
| Effective APR$120,694 loan, 40.7% LTV, all-in | 10.99% | By consultation |
| Starting APR | 9.99% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None stated | 2% |
| Rate type | Fixed | Fixed |
| Max LTV | 60% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 90% | Not published |
| Custody model | Qualified custodian (BitGo Trust) | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | 24 hours |
| Funding speed | Same day to 1 day | 2 days |
| Minimum loan | $25,000 | $150,000 |
| Maximum loan | No stated maximum | $1,000,000 |
| Loan terms | 3 to 60 months, extendable | 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application |
| Prepayment | Not published | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | Not published | 2016 |
| Availability | All 50 states | 43 states (excludes 7) |
| Learn more | Learn more |
Rates and fees
APX Lending charges no origination fee, while Unchained adds 2% up front, which raises Unchained's true cost on shorter loans.
Custody and counterparty risk
APX Lending holds collateral via qualified custodian (BitGo Trust), while Unchained uses collaborative multisig (Fortis Bank). With Unchained, the collateral sits in a collaborative multisig where you hold one of the keys, so no single party can move your Bitcoin alone, the closest model here to self-custody. Neither rehypothecates collateral.
Loan terms and flexibility
APX Lending offers 3 to 60 months, extendable; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application.
Leverage, limits, and speed
APX Lending allows the higher maximum LTV (60% vs 50%), 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 $150,000 at Unchained. Funding runs same day to 1 day at APX Lending and 2 days at Unchained.
Track record and availability
On availability, APX Lending covers all 50 states, while Unchained excludes 7.
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
Unchained
- Multisig collaborative custody, borrower holds 1 of 3 keys
- Non-rehypothecation verifiable on-chain
- Operating since 2016
- Bitcoin-only focus
- $150K minimum loan, not suitable for smaller borrowing needs
- Commercial-only positioning
- Rates by consultation, not publicly posted
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.
Unchained
Operating since 2016. Multisig collaborative custody: borrower holds 1 of 3 keys. Non-rehypothecation is verifiable on-chain. $150K-$1M loan range. Rates by consultation; not publicly posted.
Frequently asked
Which has lower custody risk, APX Lending or Unchained?
APX Lending uses qualified custodian and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
Can I borrow more with APX Lending or Unchained?
APX Lending allows the higher maximum LTV (60% versus 50%), 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.