Arch (Deferred) vs Unchained
No-monthly-payment deferred interest against collaborative multisig you help control.
Rates as of June 2026 · Verified weekly · By Michael Song
Arch (Deferred)$100k loan, 50% LTV · Max LTV 60%
Unchained$100k loan, 50% LTV · Max LTV 50%
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The bottom line
Arch (Deferred) is much cheaper (around 8.0% vs 14.18%), uses Anchorage qualified custody, and lets interest capitalize so you skip monthly payments. Unchained is the most expensive in our set, but its 2-of-3 multisig means you hold a key and no party can move the collateral alone. Choose Arch for the lower rate and deferred structure; choose Unchained only if holding a key yourself is worth a large 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.
Arch (Deferred) vs Unchained, side by side
| Arch (Deferred) | Unchained | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 10.99% | 14.18% |
| Starting APR | 8% | 14.18% |
| Origination fee | 1.49% | 2% |
| Liquidation fee | 2% | 2% |
| Max LTV | 60% | 50% |
| Custody model | Qualified custodian (Anchorage Digital) | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | 24 hours | 24 hours |
| Funding speed | Same day to 1 day | 2 days |
| Minimum loan | $5,000 | $150,000 |
| Maximum loan | No stated maximum | $1,000,000 |
| Loan terms | 1 to 12 months; deferred interest; settle at maturity or roll accrued interest into a new loan's principal | 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application |
| Prepayment | No prepayment penalty. Accrued interest can be settled at any time without penalty. | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2023 | 2016 |
| Availability | 39 states (excludes 11) | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, Arch (Deferred) is the cheaper borrow: an all-in effective APR of about 10.99% versus 14.18% at Unchained, a gap of roughly 3.19 points before fees. Origination fees differ: 1.49% at Arch (Deferred) versus 2% at Unchained.
Custody and counterparty risk
Arch (Deferred) holds collateral via qualified custodian (Anchorage Digital), 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
Arch (Deferred) offers 1 to 12 months; deferred interest; settle at maturity or roll accrued interest into a new loan's principal; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application. Arch (Deferred) can run with no monthly payments, with interest deferring and capitalizing to the balance, while Unchained expects you to service interest along the way. Neither penalizes early repayment.
Leverage, limits, and speed
Arch (Deferred) 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: $5,000 at Arch (Deferred) versus $150,000 at Unchained. Funding runs same day to 1 day at Arch (Deferred) and 2 days at Unchained.
Track record and availability
Unchained has the longer history, operating since 2016 versus 2023. On availability, Arch (Deferred) is not available in 11 states, while Unchained covers all 50 states.
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
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
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.
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
Is Arch (Deferred) or Unchained cheaper?
On a $100,000 loan at 50% LTV, Arch (Deferred) is cheaper, with an all-in effective APR of about 10.99% versus 14.18%.
Which has lower custody risk, Arch (Deferred) or Unchained?
Arch (Deferred) uses qualified custodian and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
Can I borrow more with Arch (Deferred) or Unchained?
Arch (Deferred) 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 June 9, 2026. How we verify rates · Full disclosures.