Figure charges 8.91%–11.5% APR with a 1% origination fee using custodial (figure markets mpc wallet, segregated). Surge Credit charges 6.9% variable / 9.9% fixed APR with $0 origination fees using collaborative multisig (taproot vault, 3-of-4 signer network). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Figure offers a lower headline rate at 8.91%–11.5% compared to Surge Credit's 6.9% variable / 9.9% fixed. On a $1M loan held for 12 months, Surge Credit saves $100 in total first-year cost (interest plus origination fees). From a custody perspective, Surge Credit presents lower counterparty risk with its collaborative multisig (taproot vault, 3-of-4 signer network) model.
Figure structures rates by LTV ratio rather than loan amount, so the rate depends on how much collateral you pledge relative to the loan. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Figure APR | Surge Credit APR | Figure Total Year-1 Cost | Surge Credit Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 8.91% | 9.9% | $9,910 | $9,900 | $10 with Surge Credit |
| $250,000 | 8.91% | 9.9% | $24,775 | $24,750 | $25 with Surge Credit |
| $500,000 | 8.91% | 9.9% | $49,550 | $49,500 | $50 with Surge Credit |
| $1M | 8.91% | 9.9% | $99,100 | $99,000 | $100 with Surge Credit |
| $5M | 8.91% | 9.9% | $495,500 | $495,000 | $500 with Surge Credit |
Total year-1 cost includes annualized interest plus origination fees. Figure: 1% origination fee. Surge Credit rates are variable; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.
Figure and Surge Credit take fundamentally different approaches to collateral custody. Figure uses Custodial (Figure Markets MPC wallet, segregated). Your Bitcoin is held by Figure and could be at risk in the event of a hack, insolvency, or regulatory action. Surge Credit uses Collaborative multisig (Taproot vault, 3-of-4 signer network). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.
Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Surge Credit has no margin-call mechanism: positions become liquidatable automatically the moment LTV crosses 90%, with no warning threshold or response window. Figure gives borrowers 24 hours to respond to a margin call before any collateral is sold.
| Threshold | Figure | Surge Credit |
|---|---|---|
| Max Starting LTV | 75% | 50% |
| Margin Call | 70% LTV | None |
| Margin Call Window | 24 hours | None — automated liquidation |
| Liquidation | 85% LTV | 90% LTV |
Figure: 10.0 percentage point buffer between starting LTV (75%) and liquidation (85%). Surge Credit: 40.0 percentage point buffer between starting LTV (50%) and liquidation (90%). Surge Credit provides a wider safety margin.
Choosing between Figure and Surge Credit requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Figure uses custodial (figure markets mpc wallet, segregated) with 8.91%–11.5% APR, while Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network) with 6.9% variable / 9.9% fixed APR.
At $250,000, both lenders have comparable first-year costs: Figure at $24,775 and Surge Credit at $24,750. The difference is marginal, so the decision turns on custody architecture, liquidation terms, and platform features rather than raw cost.
The custody difference is material. Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Figure uses custodial (figure markets mpc wallet, segregated). In a platform insolvency scenario, Surge Credit borrowers' collateral is protected by the multisig architecture, while Figure borrowers may face creditor claims.
Figure is the better fit for borrowers who need smaller loans or instant access. Surge Credit is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Figure: 8.91% interest (9. Surge Credit: Revolving BTC-backed USDC credit line on Base — launched 2026, early-stage. Variable rate from 6.
The costs are nearly identical. Figure totals $49,550 and Surge Credit totals $49,500 on a $500,000 loan over 12 months. Other factors like custody model and liquidation terms may be more important in this case.
Figure uses custodial (figure markets mpc wallet, segregated). Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network). Surge Credit presents lower custody risk because your collateral requires coordination among multiple key holders.
Figure's minimum loan is $5,000. Surge Credit has no minimum. Surge Credit is more accessible for smaller borrowers.
Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Surge Credit has no margin call — positions are liquidated automatically the moment LTV crosses 90%. Starting from a 50% LTV, Figure provides a 35-point buffer before liquidation, while Surge Credit provides a 40-point buffer.
It depends on your priorities. Figure (8.91%–11.5% APR, custodial (figure markets mpc wallet, segregated), min $5,000) is better for borrowers who value custodial (figure markets mpc wallet, segregated) and need smaller loan access. Surge Credit (6.9% variable / 9.9% fixed APR, collaborative multisig (taproot vault, 3-of-4 signer network), no minimum) is better for borrowers who value collaborative multisig (taproot vault, 3-of-4 signer network) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.
Lygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.