Figure vs Unchained
Higher LTV from a public company against collaborative multisig you help control.
Rates as of August 9, 2026 · Verified daily
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 | 9.76% | 14.18% |
| Starting APR | 9.76% | 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 | $5,000 | $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 | No prepayment penalty | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2018 | 2016 |
| Availability | 40 states (excludes 10) | 43 states (excludes 7) |
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 14.18% at Unchained, a gap of roughly 4.42 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. Neither penalizes early repayment.
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. Minimums differ: $5,000 at Figure versus $150,000 at Unchained.
Track record and availability
Unchained has the longer history, operating since 2016 versus 2018. On availability, Figure is not available in 10 states, while Unchained excludes 7.
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
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). 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.
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 9.76% 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 August 9, 2026. How we verify rates · Full disclosures.