Figure vs Unchained
Higher LTV from a public company against collaborative multisig you help control.
Rates as of June 2026 · Verified weekly · By Michael Song
Figure$100k loan, 50% LTV · Max LTV 75%
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The bottom line
Figure allows up to 75% LTV, is run by a Nasdaq-listed company, and starts around 10.0%, but holds collateral itself via Fireblocks MPC. Unchained costs more (around 14.18%) yet its 2-of-3 multisig puts a key in your hands, the strongest custody control in our set. Choose Figure for the higher leverage and lower rate; choose Unchained if eliminating unilateral custody risk matters most.
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 Unchained, side by side
| Figure |  Unchained | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 10% | 14.18% |
| Starting APR | 10% | 14.18% |
| Origination fee | 0.85% | 2% |
| Liquidation fee | 2% | 2% |
| Max LTV | 75% | 50% |
| Custody model | Lender-held (Fireblocks) | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | 24 hours |
| Funding speed | Not published | 2 days |
| Minimum loan | Not published | $150,000 |
| Maximum loan | No stated maximum | $1,000,000 |
| Loan terms | 12-month term | 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application |
| Prepayment | Not published | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2018 | 2016 |
| Availability | 39 states (excludes 11) | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, Figure is the cheaper borrow: an all-in effective APR of about 10% versus 14.18% at Unchained, a gap of roughly 4.18 points before fees. Origination fees differ: 0.85% at Figure versus 2% at Unchained.
Custody and counterparty risk
Figure holds collateral via lender-held (Fireblocks), 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
Figure offers 12-month term; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application.
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
Unchained has the longer history, operating since 2016 versus 2018. On availability, Figure is not available in 11 states, while Unchained 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
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
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.
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 Figure or Unchained cheaper?
On a $100,000 loan at 50% LTV, Figure is cheaper, with an all-in effective APR of about 10% versus 14.18%.
Which has lower custody risk, Figure or Unchained?
Figure uses lender-held and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
Can I borrow more with Figure or Unchained?
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 9, 2026. How we verify rates · Full disclosures.