Figure vs SALT
Higher LTV from a public company against an even higher-LTV, lower-rate lender.
Rates as of June 2026 · Verified weekly · By Michael Song
SALT$100k loan, 50% LTV · Max LTV 70%
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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$100k loan, 50% LTV, all-in | 10% | 8.75% |
| Starting APR | 10% | 7.49% |
| Origination fee | 0.85% | None |
| Liquidation fee | 2% | None stated |
| Max LTV | 75% | 70% |
| 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 | Not published | $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 | Not published | No prepayment penalty and no late fees. |
| Operating since | 2018 | 2016 |
| Availability | 39 states (excludes 11) | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, SALT is the cheaper borrow: an all-in effective APR of about 8.75% versus 10% at Figure, a gap of roughly 1.25 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.
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 11 states, while SALT covers all 50 states.
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
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). 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.
SALT
Operating since 2016. APR tiered by LTV: 9.95% at 30% LTV, 10.95% at 50%, 14.45% at 70%. Loan agreement states it does not rehypothecate (no third-party lending of collateral). California DFPI consent order in 2024; SEC fined in 2020 for unregistered ICO; paused withdrawals Nov 2022.
Frequently asked
Is Figure or SALT cheaper?
On a $100,000 loan at 50% LTV, SALT is cheaper, with an all-in effective APR of about 8.75% versus 10%. 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 June 12, 2026. How we verify rates · Full disclosures.