Lender Comparison
SALT vs Ledn
Side-by-side comparison of rates, custody models, and loan terms. Data verified May 16, 2026.
| SALT | Ledn | |
|---|---|---|
| APR (min) | 9.95% | 9.99% |
| APR (max) | 14.45% | 11.49% |
| Max LTV | 70% | 50% |
| Min loan | — | — |
| Max loan | No stated max | No stated max |
| Custody model | lender pool rehypothecation | lender pool |
| Rehypothecation | Yes | No |
| Funding speed | — | — |
| States | — | — |
SALT
Operating since 2016. APR tiered by LTV: 9.95% at 30% LTV, 10.95% at 50%, 14.45% at 70%. Terms explicitly allow rehypothecation. California DFPI suspended lending license in 2024; SEC fined in 2020 for unregistered ICO; paused withdrawals Nov 2022.
Full SALT review →Ledn
Operating since 2018; + originated. Two custody options at identical rates: Standard (collateral pooled and re-lent) or Custodied (collateral held securely, not re-lent to generate interest). Rates tiered 9.99%%–11.49%% by loan size, plus 2%% admin fee. Investment-grade BBB- ABS issuance March 2026. Tether strategic investment Nov 2025.
Full Ledn review →Compare all 15 lenders
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