Figure vs SALT
Higher LTV from a public company against an even higher-LTV, lower-rate lender.
By Steven Han and Michael Song · Rates as of September 23, 2026 · Verified daily · Rates last changed June 26, 2026
SALT$120,694 loan, 40.7% LTV · Max LTV 70%
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. The rates compared here are each lender's standard published effective APR. See disclosures.
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.
SALT costs $1,219 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is maximum LTV: Figure 75% versus SALT 70%.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
Neither uses an independent qualified custodian. SALT starts lower (around 7.49% vs 10.0%), allows up to 70% LTV, charges no origination fee, and offers 1, 3, and 5-year terms; it stabilizes an uncured margin call into USDC rather than liquidating (a 3% fee, plus 2% back). Figure allows up to 75% LTV, is run by a Nasdaq-listed company, and holds collateral via Fireblocks MPC, but adds a small origination and a 2% liquidation fee. Choose SALT for the lower rate and long terms; choose Figure for the public-company backing and slightly higher LTV.
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 SALT, side by side
 Figure | SALT | |
|---|---|---|
| Effective APR$120,694 loan, 40.7% LTV, all-in | 9.76% | 8.75% |
| Starting APR | 9.76% | 7.49% |
| Origination fee | 0.85% | None |
| Liquidation fee | 2% | None stated |
| Rate type | Fixed | Fixed |
| Max LTV | 75% | 70% |
| Liquidation thresholdLTV at which collateral is sold | 90% | 90.91% |
| Custody model | Lender-held (Fireblocks) | Lender-held |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | 48 hours |
| Funding speed | Not published | 1–2 days |
| Minimum loan | $5,000 | $5,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 12-month term | 1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only |
| Prepayment | No prepayment penalty | No prepayment penalty and no late fees. |
| Operating since | 2018 | 2016 |
| Availability | 40 states (excludes 10) | 47 states (excludes 3) |
| Learn more | Learn more |
Rates and fees
On a $120,694 at 40.7% LTV loan, SALT is the cheaper borrow: an all-in effective APR of about 8.75% versus 9.76% at Figure, a gap of roughly 1.01 points before fees. SALT 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 SALT uses lender-held. Neither rehypothecates collateral.
Loan terms and flexibility
Figure offers 12-month term; SALT offers 1, 3, or 5 years; rates increase with term length; 70% ltv available on 1-year only. Neither penalizes early repayment.
Leverage, limits, and speed
Figure allows the higher maximum LTV (75% vs 70%), 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
SALT has the longer history, operating since 2016 versus 2018. On availability, Figure is not available in 10 states, while SALT excludes 3.
Strengths and trade-offs
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
SALT
- Operating since 2016
- Up to 70% LTV, the highest among general loans on this list
- APR tiered by LTV (9.95% / 10.95% / 14.45%)
- International availability: Australia, Canada, Brazil, Portugal, Switzerland, UK, UAE, Vietnam
- Lender-held custody, not a third-party qualified custodian
- If a margin call goes uncured, Salt stabilizes the loan (converts collateral to USDC, a 3% fee, with a 2% fee to convert back later) rather than running a traditional liquidation, so you keep the loan and choose how to proceed; the cost is that stabilization locks in a downturn price
- SALT Shield (a paid downside-protection add-on) can forbear margin calls and market-triggered stabilization for the life of the loan
About each lender
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.
SALT
Operating since 2016. APR tiered by LTV: 7.49% at 30% LTV, 8.75% at 50%, 10.50% at 70%. No origination fee. Loan agreement states it does not rehypothecate (no third-party lending of collateral).
Frequently asked
Is Figure or SALT cheaper?
On a $120,694 at 40.7% LTV loan, SALT is cheaper, with an all-in effective APR of about 8.75% versus 9.76%. SALT also charges no origination fee, while Figure adds 0.85% up front.
Which has lower custody risk, Figure or SALT?
Figure uses lender-held and SALT uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with Figure or SALT?
Figure allows the higher maximum LTV (75% versus 70%), 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.