SALT vs Unchained
A low-rate, high-LTV lender-held loan against collaborative multisig you help control.
By Steven Han and Michael Song · Rates as of September 23, 2026 · Verified daily · Rates unchanged since tracking began June 16, 2026
SALT$120,694 loan, 40.7% LTV · Max LTV 70%
Some “Visit” links are affiliate links. No lender can pay for placement, and this never changes which lenders we include or the data we show. The rates compared here are each lender's standard published effective APR. See disclosures.
What it costs over 12 months
Borrowing $120,694 at 40.7% LTV for one year. Interest and the origination fee, on standard published terms. The reference loan is below Unchained's minimum.
The biggest structural difference is maximum LTV: SALT 70% versus Unchained 50%.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
SALT is far cheaper (around 7.49% vs 14.18%), allows up to 70% LTV, and offers long fixed terms, but holds collateral in its own pool. Unchained costs the most in our set, yet its 2-of-3 multisig puts a key in your hands so no party can move the collateral alone. Choose SALT for rate, leverage, and terms; choose Unchained only if eliminating unilateral custody risk is worth the premium.
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 Unchained, side by side
| SALT |  Unchained | |
|---|---|---|
| Effective APR$120,694 loan, 40.7% LTV, all-in | 8.75% | By consultation |
| Starting APR | 7.49% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None stated | 2% |
| Rate type | Fixed | Fixed |
| Max LTV | 70% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 90.91% | Not published |
| Custody model | Lender-held | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | 48 hours | 24 hours |
| Funding speed | 1–2 days | 2 days |
| Minimum loan | $5,000 | $150,000 |
| Maximum loan | No stated maximum | $1,000,000 |
| Loan terms | 1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only | 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 and no late fees. | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2016 | 2016 |
| Availability | 47 states (excludes 3) | 43 states (excludes 7) |
| Learn more | Learn more |
Rates and fees
SALT charges no origination fee, while Unchained adds 2% up front, which raises Unchained's true cost on shorter loans.
Custody and counterparty risk
SALT holds collateral via lender-held, 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
SALT offers 1, 3, or 5 years; rates increase with term length; 70% ltv available on 1-year only; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application. On a margin call, SALT gives a 48-hour 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
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 $150,000 at Unchained. Funding runs 1–2 days at SALT and 2 days at Unchained.
Track record and availability
On availability, SALT is not available in 3 states, while Unchained excludes 7.
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
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
SALT
Operating since 2016. APR tiered by LTV: 7.49% at 30% LTV, 8.75% at 50%, 10.50% at 70%. No origination fee. Loan agreement states it does not rehypothecate (no third-party lending of collateral).
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
Which has lower custody risk, SALT or Unchained?
SALT uses lender-held and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
Can I borrow more with SALT or Unchained?
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.
Compare every lender for your numbers
Filter by loan amount, BTC holdings, state, and custody preference to see who actually fits.
Open the comparison tool →More lender comparisons
borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified September 23, 2026. How we verify rates · Full disclosures.