Bitcoin Loan Comparison

Figure vs. Unchained

Figure charges 9.99%–12.62% APR with a 1% origination fee using MPC custody (segregated). Unchained charges 14.18% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Figure: 2026-07-14; Unchained: 2026-05-14.

How do Figure and Unchained compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, Figure is 9.99% APR and Unchained is 14.18% APR. Unchained: 12-month loan with 2% origination included in APR.

Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest, and Unchained's published APR already includes 2% origination fee.

On a $250,000 loan held for 12 months, Figure saves $7,725 in total first-year cost (interest plus applicable fees or charges).

From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.

Figure vs. Unchained: Feature-by-Feature Comparison

Figure

Unchained

Interest Rate (APR)

9.99%Figure

14.18%

Pricing Basis

Starting LTV

12-month commercial loan

Fees / Charges

1% origination feeFigure

2% origination fee

Max Starting LTV

75%Figure

50%

Margin Call Threshold

70% LTVFigure

67% LTV

Liquidation Threshold

85% LTVFigure

83% LTV

Margin Call Window

24 hours

Custody Model

MPC custody (segregated)

Collaborative multisig (2-of-3)Unchained

Rehypothecation

Interest Payment

Monthly

Minimum Loan

$5,000Figure

$150,000

Cost on a $250,000 Loan: Figure vs. Unchained

To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. Figure pricing varies by LTV; Unchained pricing varies by 12-month commercial loan. Actual offers can differ when those inputs change.

Loan Size	Figure APR	Unchained APR	Figure Total Year-1 Cost	Unchained Total Year-1 Cost	Savings
$250,000	9.99%	14.18%	$27,725	$35,450	$7,725 with Figure

Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Figure: 1% origination fee. Unchained: 2% origination fee — already included in APR. Terms checked individually — Figure: 2026-07-14; Unchained: 2026-05-14.

Custody and Collateral Security

Figure and Unchained take fundamentally different approaches to collateral custody. Figure uses MPC custody (segregated). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Unchained uses collaborative multisig (2-of-3). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.

Figure: High (Custodial)

•MPC custody (segregated)
•Rehypothecation: No
•Monthly interest payments
•Figure Markets.

Unchained: Medium (Multisig)

•Collaborative multisig (2-of-3)
•Rehypothecation: No
•Monthly interest payments
•Commercial/institutional only since Jan 2024.

Margin Call and Liquidation: Figure vs. Unchained

Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Figure gives borrowers 24 hours to respond, while Unchained provides 24 hours.

Threshold	Figure	Unchained
Max Starting LTV	75%	50%
Margin Call	70% LTV	67% LTV
Margin Call Window	24 hours	24 hours
Liquidation	85% LTV	83% LTV

Safety Buffer at Each Lender's Maximum Starting LTV

This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). Unchained: 33.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83% LTV). Unchained provides a wider safety margin.

Which is better: Figure or Unchained?

Choosing between Figure and Unchained requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Figure uses MPC custody (segregated) with 9.99%–12.62% APR, while Unchained uses collaborative multisig (2-of-3) with 14.18% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Figure costs $27,725 in the first year versus $35,450 at Unchained, a difference of $7,725.

The custody difference is material. Unchained uses collaborative multisig (2-of-3), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Figure uses MPC custody (segregated). That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.

Figure is the better fit for borrowers who need smaller loans or instant access. Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control.

Key details to be aware of: Figure: Figure Markets. APR 9. Unchained: Commercial/institutional only since Jan 2024. Published pricing is 12% interest, 2% origination, and 14.

Frequently Asked Questions

Is Figure or Unchained cheaper for a $250,000 Bitcoin-backed loan?

Figure is cheaper under the stated assumptions. On a $250,000 loan at 50% LTV held for 12 months, Figure costs $27,725 (9.99% APR) while Unchained costs $35,450 (14.18% APR). That is a $7,725 difference in the first year.

How does Figure's custody model compare to Unchained?

Figure uses MPC custody (segregated). Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.

What is the minimum loan amount at Figure vs Unchained?

Figure's minimum loan is $5,000. Unchained's minimum is $150,000. Figure is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Figure or Unchained?

Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 35 points at Figure and 33 points at Unchained.

Should I use Figure or Unchained for a Bitcoin-backed loan?

It depends on your priorities. Figure (9.99%–12.62% APR, MPC custody (segregated), min $5,000) is better for borrowers who value MPC custody (segregated) and need smaller loan access. Unchained (14.18% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.

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Understand the key terms

Rehypothecation Discreet Log Contracts Custodial vs. Non-Custodial LTV Ratio Margin Call Counterparty Risk

See loan scenarios

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