Ledn charges 9.99%–11.49% APR with a 2% origination fee using custodial (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 2026-05-14
Ledn offers a lower headline rate at 9.99%–11.49% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Ledn saves $40,100 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.
Ledn offers tiered rates that decrease with larger loan amounts, while Unchained structures rates by term-length. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | Unchained APR | Ledn Total Year-1 Cost | Unchained Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 10.99% | 14% | $32,475 | $40,000 | $7,525 with Ledn |
| $500,000 | 10.49% | 14% | $62,450 | $80,000 | $17,550 with Ledn |
| $1M | 9.99% | 14% | $119,900 | $160,000 | $40,100 with Ledn |
| $5M | 9.99% | 14% | $599,500 | $800,000 | $200,500 with Ledn |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Unchained: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Ledn and Unchained 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. 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.
Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Unchained gives borrowers 24 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.
| Threshold | Ledn | Unchained |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 70% LTV | 67% LTV |
| Margin Call Window | Threshold-based | 24 hours |
| Liquidation | 80% LTV | 83% LTV |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Unchained provides a wider safety margin.
Choosing between Ledn and Unchained requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.99%–11.49% APR, while Unchained uses collaborative multisig (2-of-3) with 14%–15% APR.
On a $500,000 loan, Ledn costs $62,450 in the first year versus $80,000 at Unchained, a difference of $17,550. 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. Ledn uses custodial (segregated). In a platform insolvency scenario, Unchained 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. 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: Ledn: 2% origination waived US/Canada. Monthly interest payments required. Unchained: Commercial/institutional only since Jan 2024. Uses CTP ratio (inverse of LTV).
Ledn is cheaper. On a $500,000 loan held for 12 months, Ledn costs $62,450 (10.49% APR + 2% origination fee) while Unchained costs $80,000 (14% APR + 2% origination fee). That is a $17,550 difference in the first year.
Ledn uses custodial (segregated). Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
Ledn's minimum loan is $500. Unchained's minimum is $150,000. 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. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while Unchained provides a 33-point buffer.
It depends on your priorities. Ledn (9.99%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (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.