SALT vs Ledn
Independent multi-custodian storage against a recently repriced lender with the lower rate.
Rates as of June 2026 · Verified weekly · By Michael Song
SALT$100k loan, 50% LTV · Max LTV 70%
Ledn$100k loan, 50% LTV · Max LTV 50%
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The bottom line
SALT now starts lower (around 7.49% vs 9.25%) with no origination fee and 1, 3, and 5-year terms, but it holds collateral in its own pool. Rather than a traditional liquidation, SALT stabilizes an uncured margin call by converting your bitcoin to USDC (a 3% fee, plus 2% to convert back), which keeps the loan open but locks in a downturn price. Ledn costs more on rate yet uses three qualified custodians and has the longer record. Choose SALT for the lower rate and long terms; choose Ledn if independent custody and track record outweigh the rate gap.
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.
SALT vs Ledn, side by side
| SALT | Ledn | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 8.75% | 11.49% |
| Starting APR | 7.49% | 9.25% |
| Origination fee | None | None |
| Max LTV | 70% | 50% |
| Custody model | Lender-held | Qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets) |
| Rehypothecation | No | No |
| Margin-call cure window | 48 hours | No formal window |
| Funding speed | 1–2 days | 1 day |
| Minimum loan | $5,000 | $1,000 |
| Maximum loan | No stated maximum | No stated maximum |
| Loan terms | 1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only | 12 months, renewable |
| Prepayment | No prepayment penalty and no late fees. | No prepayment penalty |
| Operating since | 2016 | 2018 |
| Availability | All 50 states | 44 states (excludes 6) |
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 11.49% at Ledn, a gap of roughly 2.74 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
SALT holds collateral via lender-held, while Ledn uses qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets). Neither rehypothecates collateral.
Loan terms and flexibility
SALT offers 1, 3, or 5 years; rates increase with term length; 70% ltv available on 1-year only; Ledn offers 12 months, renewable. Ledn can run with no monthly payments, with interest deferring and capitalizing to the balance, while SALT expects you to service interest along the way. On a margin call, SALT gives a 48-hour cure window and Ledn gives no formal cure window, the time you have to add collateral or repay before a forced sale. Neither penalizes early repayment.
Leverage, limits, and speed
SALT allows the higher maximum LTV (70% 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 SALT versus $1,000 at Ledn. Funding runs 1–2 days at SALT and 1 day at Ledn.
Track record and availability
SALT has the longer history, operating since 2016 versus 2018. On availability, SALT covers all 50 states, while Ledn excludes 6.
Strengths and trade-offs
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
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.
About each lender
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.
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.
Frequently asked
Is SALT or Ledn cheaper?
On a $100,000 loan at 50% LTV, SALT is cheaper, with an all-in effective APR of about 8.75% versus 11.49%.
Which has lower custody risk, SALT or Ledn?
SALT uses lender-held and Ledn uses qualified custodian. Neither rehypothecates pledged collateral.
Can I borrow more with SALT or Ledn?
SALT allows the higher maximum LTV (70% 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 12, 2026. How we verify rates · Full disclosures.