Unchained Review: 2026 Bitcoin Loan Comparison

Unchained has operated since 2016 and built its lending model around a specific custody structure: 2-of-3 multisig, where the borrower holds one key, Unchained holds a second, and a third-party key agent holds the backup. Neither party can move funds unilaterally. Non-rehypothecation is not just a policy claim here — the multisig architecture makes unilateral collateral movement impossible to execute, which means it is verifiable on-chain rather than taken on trust.

The current rate is 12.00% interest with a 2.00% origination fee, producing a 14.18% APR — publicly posted at unchained.com/pricing. There is also a 2% liquidation fee if Unchained sells collateral. Loans have a $150,000 minimum and a $1,000,000 maximum, run 90–360 days (standard 360, interest-only with principal at maturity), and fund in approximately two business days. No prepayment penalty, though the origination fee is non-refundable on early payoff. Refinancing at maturity requires a new application. Unchained serves business entities only — sole proprietors are not eligible.

Unchained uses a Collateral-to-Principal ratio rather than LTV: the minimum CTP at origination is 200% (50% LTV). A CTP below 150% (LTV above 66.7%) triggers a 24-hour margin call. A CTP at or below 120% (LTV at or above 83.3%) triggers immediate hard liquidation with no additional cure window — the transition from margin call to irreversible liquidation is abrupt. For contracts post-February 19, 2025, the cure window is 24 hours. By contrast, Strike allows 72 hours and Salt allows 48. At 14.18% APR, Unchained is the most expensive general loan in this comparison, which is the direct cost of its custody model — verified multisig, no rehypothecation, and on-chain transparency that no other lender here offers at scale.

• 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

Unchained is one of several options in the Bitcoin loan market. Borrowers often compare it alongside Arch, Ledn, and Strike. Each lender differs on APR range, custody model, rehypothecation posture, max LTV, and state coverage — factors that matter differently depending on your loan size and how much you care about custody transparency. The side-by-side comparison lets you sort and filter all Bitcoin loan lenders at once.