Ledn charges 9.25%–11.49% APR with a 2% origination fee using custodial (segregated). Debifi charges 10%–14% (P2P) APR with a 1.5% origination fee using collaborative multisig (3-of-4, borrower holds a key). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Ledn offers a lower headline rate at 9.25%–11.49% compared to Debifi's 10%–14% (P2P). On a $1M loan held for 12 months, Ledn saves $15,100 in total first-year cost (interest plus origination fees). From a custody perspective, Debifi presents lower counterparty risk with its collaborative multisig (3-of-4, borrower holds a key) model.
Ledn offers tiered rates that decrease with larger loan amounts, while Debifi charges a flat rate regardless of loan size. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | Debifi APR | Ledn Total Year-1 Cost | Debifi Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 11.49% | 12% | $13,490 | $13,500 | $10 with Ledn |
| $250,000 | 10.99% | 12% | $32,475 | $33,750 | $1,275 with Ledn |
| $500,000 | 10.19% | 12% | $60,950 | $67,500 | $6,550 with Ledn |
| $1M | 9.99% | 12% | $119,900 | $135,000 | $15,100 with Ledn |
| $5M | 9.25% | 12% | $562,500 | $675,000 | $112,500 with Ledn |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Debifi: 1.5% origination fee. Debifi rates are set by the lending marketplace; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-06-09.
Ledn and Debifi take fundamentally different approaches to collateral custody. Ledn uses Custodial (segregated). Your Bitcoin is held by Ledn and could be at risk in the event of a hack, insolvency, or regulatory action. Debifi uses Collaborative multisig (3-of-4, borrower holds a key). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.
Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Debifi triggers margin calls at 75% LTV and liquidates at 90% LTV.
| Threshold | Ledn | Debifi |
|---|---|---|
| Max Starting LTV | 50% | 70% |
| Margin Call | 70% LTV | 75% LTV |
| Margin Call Window | Threshold-based | Threshold-based |
| Liquidation | 80% LTV | 90% LTV |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Debifi: 20.0 percentage point buffer between starting LTV (70%) and liquidation (90%). Ledn provides a wider safety margin.
Choosing between Ledn and Debifi requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.25%–11.49% APR, while Debifi uses collaborative multisig (3-of-4, borrower holds a key) with 10%–14% (P2P) APR.
On a $250,000 loan, Ledn costs $32,475 in the first year versus $33,750 at Debifi, a difference of $1,275. Part of Debifi's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size.
The custody difference is material. Debifi uses collaborative multisig (3-of-4, borrower holds a key), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Ledn uses custodial (segregated). In a platform insolvency scenario, Debifi borrowers' collateral is protected by the multisig architecture, while Ledn borrowers may face creditor claims.
Ledn is the better fit for borrowers who need smaller loans or instant access. Debifi is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Ledn: 2% admin fee waived US/Canada. Bitcoin-only and fully custodied (no rehypothecation) since Jul 2025; monthly proof-of-reserves. Debifi: P2P marketplace — institutional lenders set rates per offer: typically 10-14% APR (observed range ~9.5-21.
Ledn is cheaper. On a $500,000 loan held for 12 months, Ledn costs $60,950 (10.19% APR + 2% origination fee) while Debifi costs $67,500 (12% APR + 1.5% origination fee). That is a $6,550 difference in the first year.
Ledn uses custodial (segregated). Debifi uses collaborative multisig (3-of-4, borrower holds a key). Debifi presents lower custody risk because your collateral requires coordination among multiple key holders.
Ledn's minimum loan is $500. Debifi's minimum is $5,000. Ledn is more accessible for smaller borrowers.
Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Debifi issues a margin call at 75% LTV (threshold-based, no fixed window) and liquidates at 90% LTV. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while Debifi provides a 40-point buffer.
It depends on your priorities. Ledn (9.25%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. Debifi (10%–14% (P2P) APR, collaborative multisig (3-of-4, borrower holds a key), min $5,000) is better for borrowers who value collaborative multisig (3-of-4, borrower holds a key) 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.