Ledn charges 9.25%–11.49% APR with a 2% origination fee using custodial (segregated). SALT charges 9.95%–14.45% APR with a 1% origination fee using custodial. See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
SALT advertises a lower headline rate at 9.95%–14.45% compared to Ledn's 9.25%–11.49%. On a $1M loan held for 12 months, SALT saves $400 in total first-year cost (interest plus origination fees).
Ledn offers tiered rates that decrease with larger loan amounts, while SALT structures rates by ltv. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | SALT APR | Ledn Total Year-1 Cost | SALT Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 11.49% | 10.95% | $13,490 | $11,950 | $1,540 with SALT |
| $250,000 | 10.99% | 10.95% | $32,475 | $29,875 | $2,600 with SALT |
| $500,000 | 10.19% | 10.95% | $60,950 | $59,750 | $1,200 with SALT |
| $1M | 9.99% | 10.95% | $119,900 | $119,500 | $400 with SALT |
| $5M | 9.25% | 10.95% | $562,500 | $597,500 | $35,000 with Ledn |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. SALT: 1% origination fee. Rates sourced from each lender's public rate pages as of 2026-06-09.
Both Ledn and SALT use similar custody approaches: custodial (segregated) and custodial 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. SALT uses Custodial. Your Bitcoin is held by SALT 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. SALT triggers margin calls at 83.33% LTV and liquidates at 90.91% LTV. SALT gives borrowers 48 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.
| Threshold | Ledn | SALT |
|---|---|---|
| Max Starting LTV | 50% | 70% |
| Margin Call | 70% LTV | 83.33% LTV |
| Margin Call Window | Threshold-based | 48 hours |
| Liquidation | 80% LTV | 90.91% LTV |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). SALT: 20.9 percentage point buffer between starting LTV (70%) and liquidation (90.91%). Ledn provides a wider safety margin.
Choosing between Ledn and SALT 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 SALT uses custodial with 9.95%–14.45% APR.
On a $250,000 loan, SALT costs $29,875 in the first year versus $32,475 at Ledn, a difference of $2,600. 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 SALT uses custodial. Neither platform rehypothecates borrower collateral.
Ledn is the better fit for borrowers who need smaller loans or instant access. SALT 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. SALT: Rates vary by LTV x term matrix (1/3/5-yr terms; 1-yr shown — longer terms cost up to 3% more). 1% origination fee.
SALT is cheaper. On a $500,000 loan held for 12 months, Ledn costs $60,950 (10.19% APR + 2% origination fee) while SALT costs $59,750 (10.95% APR + 1% origination fee). That is a $1,200 difference in the first year.
Ledn uses custodial (segregated). SALT uses custodial. Both platforms present similar custody risk profiles.
Ledn's minimum loan is $500. SALT'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. SALT issues a margin call at 83.33% LTV with a 48-hour response window and liquidates at 90.91% LTV. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while SALT provides a 41-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. SALT (9.95%–14.45% APR, custodial, min $5,000) is better for borrowers who value custodial 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.