Figure charges 9.99%–12.62% APR with a 1% origination fee using mpc custody (segregated). Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-07-14
Figure offers a lower headline rate at 9.99%–12.62% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Figure saves $50,100 in total first-year cost (interest plus origination fees). From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) 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 | Unchained APR | Figure Total Year-1 Cost | Unchained Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 9.99% | 14% | $27,475 | $40,000 | $12,525 with Figure |
| $500,000 | 9.99% | 14% | $54,950 | $80,000 | $25,050 with Figure |
| $1M | 9.99% | 14% | $109,900 | $160,000 | $50,100 with Figure |
| $5M | 9.99% | 14% | $549,500 | $800,000 | $250,500 with Figure |
Total year-1 cost includes annualized interest plus origination fees. Figure: 1% origination fee. Unchained: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-07-14.
Figure and Unchained take fundamentally different approaches to collateral custody. Figure uses MPC custody (segregated). Your Bitcoin is held by Figure 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 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 |
Figure: 10.0 percentage point buffer between starting LTV (75%) and liquidation (85%). Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Unchained provides a wider safety margin.
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%–15% APR.
On a $500,000 loan, Figure costs $54,950 in the first year versus $80,000 at Unchained, a difference of $25,050. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 upfront on this loan size.
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). In a platform insolvency scenario, Unchained 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. 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. Uses CTP ratio (inverse of LTV).
Figure is cheaper. On a $500,000 loan held for 12 months, Figure costs $54,950 (9.99% APR + 1% origination fee) while Unchained costs $80,000 (14% APR + 2% origination fee). That is a $25,050 difference in the first year.
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.
Figure's minimum loan is $5,000. Unchained's minimum is $150,000. Figure 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. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Starting from a 50% LTV, Figure provides a 35-point buffer before liquidation, while Unchained provides a 33-point buffer.
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%–15% 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.
Already borrowing with Unchained? See your interest savings, terms head-to-head, and counterparty risk on your own numbers.
Open Compare LendersLygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.