Ledn charges 9.25%–11.49% APR with a 2% origination fee using custodial (segregated). Figure charges 8.91%–11.5% APR with a 1% origination fee using custodial (figure markets mpc wallet, segregated). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Figure advertises a lower headline rate at 8.91%–11.5% compared to Ledn's 9.25%–11.49%. On a $1M loan held for 12 months, Figure saves $20,800 in total first-year cost (interest plus origination fees).
Ledn offers tiered rates that decrease with larger loan amounts, while Figure structures rates by ltv. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | Figure APR | Ledn Total Year-1 Cost | Figure Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 11.49% | 8.91% | $13,490 | $9,910 | $3,580 with Figure |
| $250,000 | 10.99% | 8.91% | $32,475 | $24,775 | $7,700 with Figure |
| $500,000 | 10.19% | 8.91% | $60,950 | $49,550 | $11,400 with Figure |
| $1M | 9.99% | 8.91% | $119,900 | $99,100 | $20,800 with Figure |
| $5M | 9.25% | 8.91% | $562,500 | $495,500 | $67,000 with Figure |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Figure: 1% origination fee. Rates sourced from each lender's public rate pages as of 2026-06-09.
Both Ledn and Figure use similar custody approaches: custodial (segregated) and custodial (figure markets mpc wallet, segregated) respectively. 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. 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.
Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure gives borrowers 24 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.
| Threshold | Ledn | Figure |
|---|---|---|
| Max Starting LTV | 50% | 75% |
| Margin Call | 70% LTV | 70% LTV |
| Margin Call Window | Threshold-based | 24 hours |
| Liquidation | 80% LTV | 85% LTV |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Figure: 10.0 percentage point buffer between starting LTV (75%) and liquidation (85%). Ledn provides a wider safety margin.
Choosing between Ledn and Figure 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 Figure uses custodial (figure markets mpc wallet, segregated) with 8.91%–11.5% APR.
On a $250,000 loan, Figure costs $24,775 in the first year versus $32,475 at Ledn, a difference of $7,700. Part of Ledn's higher cost comes from its 2% origination fee, which adds $5,000 upfront on this loan size.
Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and Figure uses custodial (figure markets mpc wallet, segregated). Neither platform rehypothecates borrower collateral.
Ledn is the better fit for borrowers who need smaller loans or instant access. Figure 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. Figure: 8.91% interest (9.
Figure is cheaper. On a $500,000 loan held for 12 months, Ledn costs $60,950 (10.19% APR + 2% origination fee) while Figure costs $49,550 (8.91% APR + 1% origination fee). That is a $11,400 difference in the first year.
Ledn uses custodial (segregated). Figure uses custodial (figure markets mpc wallet, segregated). Both platforms present similar custody risk profiles.
Ledn's minimum loan is $500. Figure'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. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while Figure provides a 35-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. 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. 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.