SALT vs Unchained
A low-rate, high-LTV lender-held loan against collaborative multisig you help control.
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
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$100k loan, 50% LTV, all-in | 8.75% | 14.18% |
| Starting APR | 7.49% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None stated | 2% |
| Max LTV | 70% | 50% |
| 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 | 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 14.18% at Unchained, a gap of roughly 5.43 points before 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.
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: 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.
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 SALT or Unchained cheaper?
On a $100,000 loan at 50% LTV, SALT is cheaper, with an all-in effective APR of about 8.75% versus 14.18%. SALT also charges no origination fee, while Unchained adds 2% up front.
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.
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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.