Arch (Deferred) vs Figure
A deferred-interest qualified-custodian loan against higher LTV from a public company.
Rates as of August 9, 2026 · Verified daily
Arch (Deferred)Exclusive rate
$100k loan, 50% LTV · Max LTV 60%
Figure$100k loan, 50% LTV · Max LTV 75%
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The bottom line
Arch (Deferred) uses Anchorage qualified custody at a 60% LTV and around 8.0%, with payments deferred as interest capitalizes. Figure allows a higher max LTV (75%) and is run by a Nasdaq-listed company, but holds collateral itself via Fireblocks MPC and starts around 10.0%. Choose Arch for independent custody and deferred payments; choose Figure if you need 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.
Arch (Deferred) vs Figure, side by side
| Arch (Deferred) | Figure | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 10.99% | 9.76% |
| Starting APR | 8% | 9.76% |
| Origination fee | 1.49% | 0.85% |
| Liquidation fee | 2% | 2% |
| Max LTV | 60% | 75% |
| Custody model | Qualified custodian (Anchorage Digital) | Lender-held (Fireblocks) |
| Rehypothecation | No | No |
| Margin-call cure window | 24 hours | Not published |
| Funding speed | Same day to 1 day | Not published |
| Minimum loan | $5,000 | $5,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 1 to 12 months; deferred interest; settle at maturity or roll accrued interest into a new loan's principal | 12-month term |
| Prepayment | No prepayment penalty. Accrued interest can be settled at any time without penalty. | No prepayment penalty |
| Operating since | 2023 | 2018 |
| Availability | 39 states (excludes 11) | 40 states (excludes 10) |
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 Arch (Deferred), a gap of roughly 1.23 points before fees. Origination fees differ: 1.49% at Arch (Deferred) versus 0.85% at Figure.
Custody and counterparty risk
Arch (Deferred) holds collateral via qualified custodian (Anchorage Digital), while Figure uses lender-held (Fireblocks). Neither rehypothecates collateral.
Loan terms and flexibility
Arch (Deferred) offers 1 to 12 months; deferred interest; settle at maturity or roll accrued interest into a new loan's principal; Figure offers 12-month term. Arch (Deferred) can run with no monthly payments, with interest deferring and capitalizing to the balance, while Figure expects you to service interest along the way. Neither penalizes early repayment.
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
Figure has the longer history, operating since 2018 versus 2023. On availability, Arch (Deferred) is not available in 11 states, while Figure excludes 10.
Strengths and trade-offs
Arch (Deferred)
- No monthly payments, interest accrues to maturity
- Option to roll accrued interest into a new loan's principal at renewal
- Anchorage Digital qualified custody
- $100M Lloyd's of London insurance
- Zero rehypothecation, explicit policy
- Carries a ~50 bps APR premium over the Monthly Payment tier; the deferral has a price
- 1.49% origination fee plus 2.00% liquidation fee (origination tiers down at higher loan sizes)
- Not available in 11 states: CA, DE, HI, MS, MT, NV, ND, RI, SC, TX, VT
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
Arch (Deferred)
Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. The Deferred Interest variant (launched May 2026) carries no monthly payments, interest accrues to maturity or rolls into the next loan.
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 Arch (Deferred) 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%.
Which has lower custody risk, Arch (Deferred) or Figure?
Arch (Deferred) uses qualified custodian and Figure uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with Arch (Deferred) 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 August 9, 2026. How we verify rates · Full disclosures.