SALT charges 7.49%–10.5% APR with $0 origination fees using custodial. Figure charges 9.99%–12.62% APR with a 1% origination fee using MPC custody (segregated). See the full breakdown of rates, thresholds, and custody risk below.
Terms checked individually — SALT: 2026-09-29; Figure: 2026-07-14.
For the standardized $250,000, 50% LTV, 12-month scenario, SALT is 8.75% APR and Figure is 9.99% APR. SALT: 50% LTV · 1-year term.
Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest — a fee that raises the effective cost above the headline rate from the day you borrow.
On a $250,000 loan held for 12 months, SALT saves $5,850 in total first-year cost (interest plus applicable fees or charges).
To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. SALT pricing varies by starting ltv and term; Figure pricing varies by LTV. Actual offers can differ when those inputs change.
| Loan Size | SALT APR | Figure APR | SALT Total Year-1 Cost | Figure Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 8.75% | 9.99% | $21,875 | $27,725 | $5,850 with SALT |
Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Figure: 1% origination fee. Terms checked individually — SALT: 2026-09-29; Figure: 2026-07-14.
Both SALT and Figure use similar custody approaches: custodial and MPC custody (segregated) respectively. SALT uses custodial. Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Figure uses MPC custody (segregated). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action.
SALT triggers margin calls at 83.33% LTV and liquidates at 90.91% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. SALT gives borrowers 48 hours to respond, while Figure provides 24 hours.
| Threshold | SALT | Figure |
|---|---|---|
| Max Starting LTV | 70% | 75% |
| Margin Call | 83.33% LTV | 70% LTV |
| Margin Call Window | 48 hours | 24 hours |
| Liquidation | 90.91% LTV | 85% LTV |
This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. SALT: 20.9 percentage point modeled buffer between maximum starting LTV (70%) and liquidation (90.91% LTV). Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). SALT provides a wider safety margin.
Choosing between SALT and Figure requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. SALT uses custodial with 7.49%–10.5% APR, while Figure uses MPC custody (segregated) with 9.99%–12.62% APR.
On the standardized $250,000, 50% LTV, 12-month scenario, SALT costs $21,875 in the first year versus $27,725 at Figure, a difference of $5,850. Part of Figure's higher cost comes from its 1% origination fee, which adds $2,500 on this loan size. SALT charges no origination fee, so the only cost is interest.
Both platforms use similar custody approaches. SALT operates via custodial, and Figure uses MPC custody (segregated). Neither platform rehypothecates borrower collateral.
SALT 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: SALT: Standard rates vary by starting LTV and term, not loan size. Published one-year APRs are 7. Figure: Figure Markets. APR 9.
SALT is cheaper under the stated assumptions. On a $250,000 loan at 50% LTV held for 12 months, SALT costs $21,875 (8.75% APR) while Figure costs $27,725 (9.99% APR). That is a $5,850 difference in the first year.
SALT uses custodial. Figure uses MPC custody (segregated). Both platforms present similar custody risk profiles.
SALT's minimum loan is $1,000. Figure's minimum is $5,000. SALT is more accessible for smaller borrowers.
SALT issues a margin call at 83.33% LTV with a 48-hour response window and liquidates at 90.91% LTV. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 41 points at SALT and 35 points at Figure.
It depends on your priorities. SALT (7.49%–10.5% APR, custodial, min $1,000) is better for borrowers who value custodial and need smaller loan access. 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. Use the rate table and cost comparison above to model your specific scenario.
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