Ledn vs APX Lending
Two qualified-custodian lenders that never rehypothecate, separated mostly by rate and history.
By Steven Han and Michael Song · Rates as of September 11, 2026 · Verified daily · Rates last changed August 22, 2026
Ledn$114,652 loan, 40.8% LTV · Max LTV 50%
APX Lending$114,652 loan, 40.8% LTV · Max LTV 60%
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What it costs over 12 months
Borrowing $114,652 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms.
APX Lending costs $573 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is maximum LTV: Ledn 50% versus APX Lending 60%.
Full side-by-side on 16 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
Both hold collateral with a qualified custodian and neither re-lends it, so the decision turns on rate, approval, and track record. Ledn starts lower (around 9.25% vs 9.99%), charges no origination fee, and has the longer history and a multi-custodian setup. APX counters with a no-credit-check approval and BitGo Trust custody. Lean Ledn for rate and record; lean APX if a simple, fast approval is the priority.
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.
Ledn vs APX Lending, side by side
| Ledn | APX Lending | |
|---|---|---|
| Effective APR$114,652 loan, 40.8% LTV, all-in | 11.49% | 10.99% |
| Starting APR | 9.25% | 9.99% |
| Origination fee | None | None |
| Rate type | Fixed | Fixed |
| Max LTV | 50% | 60% |
| Liquidation thresholdLTV at which collateral is sold | 80% | 90% |
| Custody model | Qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets) | Qualified custodian (BitGo Trust) |
| Rehypothecation | No | No |
| Margin-call cure window | No formal window | Not published |
| Funding speed | 1 day | Same day to 1 day |
| Minimum loan | $1,000 | $25,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 12 months, renewable | 3 to 60 months, extendable |
| Prepayment | No prepayment penalty | Not published |
| Operating since | 2018 | Not published |
| Availability | 44 states (excludes 6) | All 50 states |
| Learn more | Learn more |
Rates and fees
On a $114,652 at 40.8% LTV loan, APX Lending is the cheaper borrow: an all-in effective APR of about 10.99% versus 11.49% at Ledn, a gap of roughly 0.5 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
Ledn holds collateral via qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets), while APX Lending uses qualified custodian (BitGo Trust). Neither rehypothecates collateral.
Loan terms and flexibility
Ledn offers 12 months, renewable; APX Lending offers 3 to 60 months, extendable. Ledn can run with no monthly payments, with interest deferring and capitalizing to the balance, while APX Lending expects you to service interest along the way.
Leverage, limits, and speed
APX Lending allows the higher maximum LTV (60% 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: $1,000 at Ledn versus $25,000 at APX Lending. Funding runs 1 day at Ledn and same day to 1 day at APX Lending.
Track record and availability
On availability, Ledn is not available in 6 states, while APX Lending covers all 50 states.
Strengths and trade-offs
Ledn
- Operating since 2018, longest track record in this comparison
- $11B+ issued since 2018, 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.
APX Lending
- No origination or management fees
- No credit check
- BTC and ETH accepted as collateral
- Segregated cold-storage custody with BitGo Trust
- US minimum loan 25,000 dollars
- US state-by-state availability not publicly itemized
- Maximum loan size not publicly posted
- Margin-call and liquidation LTV thresholds not publicly itemized
About each lender
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%. In 2026 Ledn issued the first bitcoin-backed securitization to earn an investment-grade rating, S&P's BBB- on the senior notes of a $188M deal. Ledn reports $11B+ issued since 2018 with no customer losses across three market cycles.
APX Lending
Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.
Frequently asked
Is Ledn or APX Lending cheaper?
On a $114,652 at 40.8% LTV loan, APX Lending is cheaper, with an all-in effective APR of about 10.99% versus 11.49%.
Which has lower custody risk, Ledn or APX Lending?
Ledn uses qualified custodian and APX Lending uses qualified custodian. Neither rehypothecates pledged collateral.
Can I borrow more with Ledn or APX Lending?
APX Lending allows the higher maximum LTV (60% 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 September 11, 2026. How we verify rates · Full disclosures.