Figure vs Ledn
Higher leverage from a public company against independent multi-custodian storage.
Rates as of June 2026 · Verified weekly · By Michael Song
Figure$100k loan, 50% LTV · Max LTV 75%
Ledn$100k loan, 50% LTV · Max LTV 50%
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The bottom line
Figure allows a higher max LTV (75% vs 50%) and is run by a listed company, but holds collateral itself via Fireblocks MPC. Ledn starts lower on rate (around 9.25% vs 10.0%), charges no origination fee, and uses three independent qualified custodians. Choose Figure for the extra leverage; choose Ledn for the lower rate, no origination fee, and third-party custody.
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.
Figure vs Ledn, side by side
| Figure | Ledn | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 9.76% | 11.49% |
| Starting APR | 9.76% | 9.25% |
| Origination fee | 0.85% | None |
| Liquidation fee | 2% | None stated |
| Max LTV | 75% | 50% |
| Custody model | Lender-held (Fireblocks) | Qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets) |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | No formal window |
| Funding speed | Not published | 1 day |
| Minimum loan | Not published | $1,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 12-month term | 12 months, renewable |
| Prepayment | Not published | No prepayment penalty |
| Operating since | 2018 | 2018 |
| Availability | 39 states (excludes 11) | 44 states (excludes 6) |
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 11.49% at Ledn, a gap of roughly 1.73 points before fees. Ledn charges no origination fee; Figure adds 0.85% up front, which matters most on shorter terms.
Custody and counterparty risk
Figure holds collateral via lender-held (Fireblocks), while Ledn uses qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets). Neither rehypothecates collateral.
Loan terms and flexibility
Figure offers 12-month term; Ledn offers 12 months, renewable. Ledn can run with no monthly payments, with interest deferring and capitalizing to the balance, while Figure expects you to service interest along the way.
Leverage, limits, and speed
Figure allows the higher maximum LTV (75% vs 50%), 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
On availability, Figure is not available in 11 states, while Ledn excludes 6.
Strengths and trade-offs
Figure
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- Fireblocks MPC custody, operated by Figure; no rehypothecation
- No credit check on crypto-backed loan
- Same-day approval available
- HELOC variant with optional BTC pledge available
- Fireblocks MPC custody is operated by Figure, not an independent third-party qualified custodian
- 2% processing fee applies to any collateral sold in a margin call or liquidation
- Excluded from several states including TX and NY (verify current Figure Markets availability)
- HELOC variant is not a purchase mortgage
Ledn
- Operating since 2018, longest track record in this comparison
- $10B+ originated including institutional ($2.8B+ retail), per Ledn
- No customer losses across three market cycles, per Ledn
- No monthly payments and no prepayment penalty; interest accrues daily and is settled at maturity
- Third-party qualified custody (BitGo, Anchorage, Fidelity Digital Assets); no rehypothecation
- No formal cure window: a 70% LTV alert and an 80% liquidation, so you must act on collateral alerts (auto-top-up can manage this automatically)
- Deferred interest accrues to maturity; rolling it into a refinance capitalizes it into principal and pushes your LTV toward liquidation. Refinancing is free under current policy, which Ledn says may change.
About each lender
Figure
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Crypto-backed loans are offered through Figure Markets; collateral is held via Fireblocks MPC custody, operated by Figure itself rather than an independent qualified custodian, and is not rehypothecated. No credit check. 12-month term. Also offers a HELOC product where BTC can be posted in escrow alongside home equity.
Ledn
Operating since 2018, the longest track record among lenders in this comparison. Collateral is held by third-party qualified custodians (BitGo, Anchorage, Fidelity Digital Assets) and is not rehypothecated. All-in APR is tiered by loan size from 11.49% down to 9.25%, with no separate US origination fee. Maximum LTV 50%. Investment-grade BBB- ABS issuance March 2026. Ledn reports $10B+ originated including institutional ($2.8B+ retail) with no customer losses across three market cycles.
Frequently asked
Is Figure or Ledn cheaper?
On a $100,000 loan at 50% LTV, Figure is cheaper, with an all-in effective APR of about 9.76% versus 11.49%. Ledn also charges no origination fee, while Figure adds 0.85% up front.
Which has lower custody risk, Figure or Ledn?
Figure uses lender-held and Ledn uses qualified custodian. Neither rehypothecates pledged collateral.
Can I borrow more with Figure or Ledn?
Figure allows the higher maximum LTV (75% 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 26, 2026. How we verify rates · Full disclosures.