SALT vs Strike
Two of the lowest rates in the market, both lender-held, split by terms and structure.
Rates as of June 2026 · Verified weekly · By Michael Song
SALT$100k loan, 50% LTV · Max LTV 70%
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The bottom line
Both start near 7.49% with no origination fee and hold collateral in their own pools. SALT offers 1, 3, and 5-year fixed terms and a higher 70% max LTV; rather than a traditional liquidation, it 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. Strike runs 12-month terms with no origination or liquidation fee and lending inside its app. Choose SALT for long terms and higher LTV; choose Strike for the simple, fee-free in-app loan.
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 Strike, side by side
| SALT |  Strike | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 8.75% | 11.02% |
| Starting APR | 7.49% | 7.49% |
| Origination fee | None | None |
| Liquidation fee | None stated | None |
| Max LTV | 70% | 50% |
| Custody model | Lender-held | Lender-held |
| Rehypothecation | No | No |
| Margin-call cure window | 48 hours | 72 hours |
| Funding speed | 1–2 days | Same day to 1 day |
| Minimum loan | $5,000 | $10,000 |
| Maximum loan | No stated maximum | $5,000,000 |
| Loan terms | 1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only | 12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date). |
| Prepayment | No prepayment penalty and no late fees. | No prepayment penalty. Full closure permitted after 61 days. Cash repayments free; BTC collateral repayment incurs 0.79% processing fee (state-dependent). |
| Operating since | 2016 | 2017 |
| Availability | All 50 states | All 50 states |
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 11.02% at Strike, a gap of roughly 2.27 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 Strike uses lender-held. 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; Strike offers 12-month fixed-term loan. separate line-of-credit product also available (revolving, no maturity date).. On a margin call, SALT gives a 48-hour cure window and Strike gives a 72-hour 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 $10,000 at Strike. Funding runs 1–2 days at SALT and same day to 1 day at Strike.
Track record and availability
SALT has the longer history, operating since 2016 versus 2017.
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
Strike
- No origination fee
- Proof-of-reserves for collateral
- $2.1B credit facility with Tether (2026)
- Volatility-proof loan structure (announced 2026)
- Bitcoin-only
- Collateral held by Strike or capital partners, not a named third-party qualified custodian
- Limited consumer state coverage (21 states as of March 2026)
- Lending product launched 2024
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.
Strike
Bitcoin-only loans with no origination fee. Collateral held by Strike or capital partners in segregated wallets, no named third-party qualified custodian. Proof-of-reserves published. $2.1B credit facility with Tether.
Frequently asked
Is SALT or Strike cheaper?
On a $100,000 loan at 50% LTV, SALT is cheaper, with an all-in effective APR of about 8.75% versus 11.02%.
Which has lower custody risk, SALT or Strike?
SALT uses lender-held and Strike uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with SALT or Strike?
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.