Ledn vs Unchained
Two opposite answers to the custody question: a qualified custodian versus a key in your own hand.
Rates as of June 2026 · Verified weekly · By Michael Song
Ledn$100k loan, 50% LTV · Max LTV 50%
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The bottom line
Unchained uses collaborative multisig, where you hold one of the keys, so no one can move your bitcoin alone, the closest thing to self-custody in a loan. The tradeoff is cost: its rate is the highest in our set (around 14.18%) versus Ledn near 9.25%. Ledn is far cheaper and uses qualified custodians, but you do not hold a key. Pick Unchained if eliminating unilateral custody risk is worth a premium; pick Ledn if rate matters more.
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 Unchained, side by side
| Ledn |  Unchained | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 11.49% | 14.18% |
| Starting APR | 9.25% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None stated | 2% |
| Max LTV | 50% | 50% |
| Custody model | Qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets) | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | No formal window | 24 hours |
| Funding speed | 1 day | 2 days |
| Minimum loan | $1,000 | $150,000 |
| Maximum loan | No stated maximum | $1,000,000 |
| Loan terms | 12 months, renewable | 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 | 44 states (excludes 6) | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, Ledn is the cheaper borrow: an all-in effective APR of about 11.49% versus 14.18% at Unchained, a gap of roughly 2.69 points before fees. Ledn charges no origination fee, while Unchained adds 2% up front, which raises Unchained's true cost on shorter loans.
Custody and counterparty risk
Ledn holds collateral via qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets), 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
Ledn offers 12 months, renewable; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application. Ledn can run with no monthly payments, with interest deferring and capitalizing to the balance, while Unchained expects you to service interest along the way. On a margin call, Ledn gives no formal cure window and Unchained gives a 24-hour cure window, the time you have to add collateral or repay before a forced sale. Neither penalizes early repayment.
Leverage, limits, and speed
Minimums differ: $1,000 at Ledn versus $150,000 at Unchained. Funding runs 1 day at Ledn and 2 days at Unchained.
Track record and availability
Unchained has the longer history, operating since 2016 versus 2018. On availability, Ledn is not available in 6 states, while Unchained covers all 50 states.
Strengths and trade-offs
Ledn
- Operating since 2018, longest track record in this comparison
- $10B+ originated including institutional ($2.8B+ retail), 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.
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
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%. Investment-grade BBB- ABS issuance March 2026. Ledn reports $10B+ originated including institutional ($2.8B+ retail) with no customer losses across three market cycles.
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 Ledn or Unchained cheaper?
On a $100,000 loan at 50% LTV, Ledn is cheaper, with an all-in effective APR of about 11.49% versus 14.18%. Ledn also charges no origination fee, while Unchained adds 2% up front.
Which has lower custody risk, Ledn or Unchained?
Ledn uses qualified custodian and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
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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.