Arch vs Figure
A qualified-custodian loan with two payment structures against higher LTV from a public company.
Rates as of August 21, 2026 · Verified daily
ArchExclusive rate
$100k loan, 50% LTV · Max LTV 60%
Figure$100k loan, 50% 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. We order by the effective rate you would actually get, which includes any partner rate a lender extends to our readers. See disclosures.
The bottom line
Arch starts cheaper and holds collateral with Anchorage, a qualified custodian. It offers the loan two ways: a monthly-payment tier from around 7.25%, or a deferred-interest tier from around 8.0% with no monthly payments as interest capitalizes. Figure allows a higher max LTV (75% vs 60%) and is run by a Nasdaq-listed company, but it holds collateral itself via Fireblocks MPC rather than through an independent custodian, and starts around 10.0%. Pick Arch for the lower rate, third-party custody, or the deferred structure; pick 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 vs Figure, side by side
| Arch | Figure | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 10.49% | 9.76% |
| Partner rate via Borrow on Bitcoin$100k loan, 50% LTV | 9.99% (−0.50%) | Up to $100 bonus, code BORROWONBITCOIN (rate unchanged) |
| Starting APR | 7.25% | 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; interest-only; rollover available at maturity | 12-month term |
| Prepayment | No prepayment 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 10.49% at Arch, a gap of roughly 0.73 points before fees. Origination fees differ: 1.49% at Arch versus 0.85% at Figure.
Custody and counterparty risk
Arch holds collateral via qualified custodian (Anchorage Digital), while Figure uses lender-held (Fireblocks). Neither rehypothecates collateral.
Loan terms and flexibility
Arch offers 1 to 12 months; interest-only; rollover available at maturity; Figure offers 12-month term. 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 is not available in 11 states, while Figure excludes 10.
Strengths and trade-offs
Arch
- Anchorage Digital qualified custody
- $100M Lloyd's of London insurance
- Zero rehypothecation, explicit policy
- Segregated wallets
- $75M raised (2024)
- 1.5% origination fee plus 2.5% liquidation fee
- Not available in CA, DE, MS, MT, NV, ND, RI, VT
- Company founded 2023
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
Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. Multi-collateral: BTC, ETH, SOL.
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 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 10.49%.
Which has lower custody risk, Arch or Figure?
Arch uses qualified custodian and Figure uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with Arch 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.
Compare every lender for your numbers
Filter by loan amount, BTC holdings, state, and custody preference to see who actually fits.
Open the comparison tool →More lender comparisons
borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified August 21, 2026. How we verify rates · Full disclosures.