Figure Review: 2026 Bitcoin Loan Comparison
Rate data verified August 9, 2026 · Verified daily
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Figure offers Crypto Backed Loans against BTC, ETH and SOL via decentralized MPC custody with Fireblocks and no rehypothecation. No prepayment penalty. 12-month interest-only term, maximum initial LTV 75%, liquidation at 90% LTV, minimum loan $5,000. No hard credit check. Loans are made by Figure Lending LLC (NMLS 1717824), and to New York residents through Figure Markets Credit LLC (NMLS 2559612). Figure also offers Democratized Prime, a separate yield product paying up to 8.35% as of 21 July 2026.
Your Figure rate
BTC $65,206 · liveEstimate only, at BTC $65,206. Effective APR spreads Figure’s 0.85% origination fee over 1 year. No credit pull · Confirm live terms with Figure.
Key facts
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- Decentralized MPC custody; no rehypothecation
- No hard credit check
- Same-day approval available for eligible borrowers; approval is not guaranteed
- Borrow against BTC, ETH or SOL, from a $5,000 minimum
- 12-month interest-only term with no prepayment penalty
- Optional Liquidation Protection, for an additional fee, in CA, NY, FL, PA, AL, AK, GA, HI, MA and UT
Refinancing
Loans run a 12-month interest-only term (up to roughly 75% initial LTV). At maturity you can roll into a new loan if your LTV is in range and you still qualify; a renewal fee may apply.
How Figure compares at $100K
| Lender | APR | Max LTV | Rehypothecation | Cure window |
|---|---|---|---|---|
| Figure | 9.76% | 75% | No | None stated |
| Arch (Standard) | 10.49% | 60% | No | Yes |
| Ledn | 11.49% | 50% | No | None stated |
| Strike | 11.02% | 50% | No | Yes |
For illustrative purposes only. APRs shown are modelled on the same scenario for every lender, a $100,000 loan at 50% LTV, and include origination fees where a lender charges them. They are not quotes, offers, or approvals, and your actual rate depends on loan size, LTV, state, and each lender's underwriting. Rates and terms change without notice. See our full disclosures and verify current terms with each lender before applying. Full disclosures →
Compare the best Bitcoin loans →
How Bitcoin-backed loans work →
Figure articles & comparisons
Figure Is Giving Borrow on Bitcoin Readers Up to $100 in Bonuses (2026)
Figure created a BORROWONBITCOIN promo code for our readers: $50 for taking a crypto-backed loan and $50 for funding your account, plus a referral bonus. Here is exactly how it works.
Read article →Coinbase vs Figure: Bitcoin Loan Comparison (2026)
Coinbase's DeFi USDC loan vs Figure's higher-LTV dollar loan from a public company: rate, LTV, custody, liquidation, and payout compared so you can see which fits.
Read article →Bitcoin Loan Rates June 2026: Where APRs Stand and How to Compare Lenders
Current Bitcoin-backed loan rates for June 2026: the average all-in APR at $100k and 50% LTV across US lenders, plus how borrowing more or at a lower LTV changes your rate.
Read article →Head-to-head comparisons
Or build any head-to-head comparison from the full lender list.
Key risks
- Collateral is held in self-custody via a secure decentralized MPC wallet
- A forced liquidation, if it occurs, carries a 2% processing fee
- The loan is interest-only over 12 months, so the full principal is due at maturity unless you qualify to roll into a new loan
- Liquidation Protection is not a backstop: it is optional, priced separately, offered in ten states only, and Figure states that liquidations still occur if the loan becomes delinquent
Frequently asked
Is Figure safe to borrow against Bitcoin?
Figure has been operating since 2018. Your collateral is handled via lender-held pool. Figure does not rehypothecate your Bitcoin. Insurance coverage: Not publicly posted. As with any Bitcoin-backed loan, review the custody model, liquidation thresholds, and loan terms carefully before borrowing.
What rates does Figure charge?
Figure charges 9.76%–12.35% APR. Two LTV tiers. All-in APR = interest rate + origination fee (0.85%, 12-month term): up to 50% LTV = 8.91% + 0.85% = 9.76% APR; >50-75% LTV = 11.50% + 0.85% = 12.35% APR. Origination is the only up-front fee. A 2% processing fee applies to collateral sold in a margin call or liquidation. No prepayment penalty. 12-month interest-only, $5,000 minimum. Figure's own disclosure footnote quotes a 1% origination fee and 9.999%/12.62% APRs; that footnote matches the stale static rate table on figure.com, while the live calculator's offer engine returned 0.85% (verified 2026-06-26) and their summary sheet also states 0.85%. Source: figure.com crypto-backed-loan calculator (NY), verified 2026-07-05. There is a 0.85% origination fee.
Does Figure rehypothecate my Bitcoin?
No, Figure does not rehypothecate your Bitcoin. Your collateral is held via lender-held pool and is not re-lent to other parties.
What states does Figure serve?
Figure is available in Most states (not DC, ID, IL, KY, MD, MS, SD, TX, VT, VA). Not available in: DC, ID, IL, KY, MD, MS, SD, TX, VT, VA Always confirm current availability directly with Figure before applying, as state coverage can change.
How fast does Figure fund loans?
Figure does not publicly post its funding times. Loan terms: 12-month term. Actual timing may vary based on verification requirements and your specific situation.
What fees does Figure charge?
Known fees include: a 0.85% origination fee; a 2% liquidation fee if collateral is sold; No prepayment penalty. Always request a full fee disclosure from Figure before signing any loan agreement.
How does Figure compare to other Bitcoin loan lenders?
To see Figure side-by-side with every other major Bitcoin loan lender, rates, custody model, LTV, and more, use the free comparison tool at borrowonbitcoin.com. You can sort by APR, LTV, funding speed, or custody model and filter to your state.
Bitcoin loans by state
Which lenders operate where, plus the sell-vs-borrow tax angle for your state:
Disclosures from Figure
The following is Figure’s own required disclosure text, reproduced as supplied. It is not written by Borrow on Bitcoin.
©2026 Figure Lending LLC. Figure Lending LLC dba Figure, 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org. Equal Opportunity Lender. For general customer support, call (888) 819-6388 Monday to Friday, 6am to 9pm PT, Saturday and Sunday, 6am to 5pm PT (excluding holidays).
Equal Housing Opportunity. This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
Digital currency is not legal tender, is not backed by the government, and BIA accounts are not subject to FDIC or SIPC protections.
Availability: Crypto loans are offered to U.S. borrowers by Figure Lending LLC. This product is not available to U.S. residents of DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA. Crypto loans are offered through Figure Markets Credit LLC to residents of the state of New York and to international customers except in the following jurisdictions: Crimea (Ukraine), Donetsk (Ukraine), Luhansk (Ukraine), Cuba, Iran, North Korea, Russia, Syria, and any other jurisdiction where the provision of such services would be prohibited by applicable law.
Lender and licensing: Figure Markets Credit LLC, 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 926-6259. NMLS ID 2559612. For licensing information, go to www.nmlsconsumeraccess.org. Figure Lending is not affiliated with Figure Markets Holdings, Inc., Figure Technologies, LLC or any of its subsidiaries.
Crypto Loans start at a minimum of $5,000, subject to state and jurisdiction-specific legal limitations. Your loan amount will ultimately depend on the amount of collateral in your account and your eligibility will be determined by your state or jurisdiction of residence, credit profile, and other personal information available at the time of your application. General minimum and maximum loan amounts may vary subject to state-specific legal limitations.
Repayment period (minimum to maximum): 12 months. Maximum APR: 12.62% APR (APR includes interest plus applicable fees such as the 1% origination fee). Available interest rates for Figure’s Crypto-Backed Loan are 8.91% (9.999% APR) at 50% LTV or 11.50% (12.62% APR) up to 75%. Representative example (total cost): a borrower receives a Crypto Backed Loan at 50% LTV of $10,000 for a term of 12 months, with an interest rate of 8.91% and a 1% origination fee of $100, for an APR of 9.999%. In this example, the borrower will receive $10,000 and will make 12 monthly payments of $74.25. Rates will be higher for applications secured by assets with a higher LTV ratio. The Figure Crypto-Backed Loan has a 12 month interest-only repayment term and allows for a maximum initial LTV ratio of 75%. Interest rates change frequently so your exact interest rate will depend on the date you apply and may depend on many factors such as LTV ratio.
Obtaining a crypto-backed loan generally does not trigger an upfront taxable event. Tax treatment may vary based on individual circumstances. Consult your tax advisor.
Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT. Liquidations will still occur if the loan becomes delinquent. The Figure Crypto Backed Loan (CBL) allows eligible users to borrow U.S. dollars secured by crypto collateral. The maximum loan-to-value (LTV) ratio is 50% at origination.
Approval is not guaranteed.
Figure liquidation protection disclosures → · NMLS Consumer Access →