SALT charges 9.95%–14.45% APR with a 1% origination fee using custodial. Firefish charges ≈7%–13% (P2P) APR with a 1.5% origination fee using non-custodial escrow (3-of-3 pre-signed transactions). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Firefish advertises a lower headline rate at ≈7%–13% (P2P) compared to SALT's 9.95%–14.45%. On a $1M loan held for 12 months, SALT saves $4,500 in total first-year cost (interest plus origination fees). From a custody perspective, Firefish presents lower counterparty risk with its non-custodial escrow (3-of-3 pre-signed transactions) model.
SALT structures rates by LTV ratio rather than loan amount, so the rate depends on how much collateral you pledge relative to the loan. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | SALT APR | Firefish APR | SALT Total Year-1 Cost | Firefish Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10.95% | 10.9% | $11,950 | $12,400 | $450 with SALT |
| $250,000 | 10.95% | 10.9% | $29,875 | $31,000 | $1,125 with SALT |
| $500,000 | 10.95% | 10.9% | $59,750 | $62,000 | $2,250 with SALT |
| $1M | 10.95% | 10.9% | $119,500 | $124,000 | $4,500 with SALT |
| $5M | 10.95% | 10.9% | $597,500 | $620,000 | $22,500 with SALT |
Total year-1 cost includes annualized interest plus origination fees. SALT: 1% origination fee. Firefish: 1.5% origination fee. Firefish 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.
SALT and Firefish take fundamentally different approaches to collateral custody. SALT uses Custodial. Your Bitcoin is held by SALT and could be at risk in the event of a hack, insolvency, or regulatory action. Firefish uses Non-custodial escrow (3-of-3 pre-signed transactions). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Firefish nor any third party can access or move your collateral.
SALT triggers margin calls at 83.33% LTV and liquidates at 90.91% LTV. Firefish triggers margin calls at 73% LTV and liquidates at 95% LTV. SALT gives borrowers 48 hours to respond to a margin call. Firefish uses threshold-based triggers without a fixed response window.
| Threshold | SALT | Firefish |
|---|---|---|
| Max Starting LTV | 70% | 50% |
| Margin Call | 83.33% LTV | 73% LTV |
| Margin Call Window | 48 hours | Threshold-based |
| Liquidation | 90.91% LTV | 95% LTV |
SALT: 20.9 percentage point buffer between starting LTV (70%) and liquidation (90.91%). Firefish: 45.0 percentage point buffer between starting LTV (50%) and liquidation (95%). Firefish provides a wider safety margin.
Choosing between SALT and Firefish requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. SALT uses custodial with 9.95%–14.45% APR, while Firefish uses non-custodial escrow (3-of-3 pre-signed transactions) with ≈7%–13% (P2P) APR.
On a $250,000 loan, SALT costs $29,875 in the first year versus $31,000 at Firefish, a difference of $1,125. Part of Firefish's higher cost comes from its 1.5% origination fee, which adds $3,750 upfront on this loan size.
The custody difference is material. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. SALT uses custodial. In a platform insolvency scenario, Firefish borrowers' collateral is protected by the multisig architecture, while SALT borrowers may face creditor claims.
SALT is the better fit for borrowers who need smaller loans or instant access. Firefish is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: 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. Firefish: European P2P marketplace (EUR, CZK, CHF, PLN fiat + USDC) — rates set by investor supply and demand, typically ~7-13% (advertised 'from 5%'). 1.
SALT is cheaper. On a $500,000 loan held for 12 months, SALT costs $59,750 (10.95% APR + 1% origination fee) while Firefish costs $62,000 (10.9% APR + 1.5% origination fee). That is a $2,250 difference in the first year.
SALT uses custodial. Firefish uses non-custodial escrow (3-of-3 pre-signed transactions). Firefish presents lower custody risk because your collateral requires coordination among multiple key holders.
SALT's minimum loan is $5,000. Firefish's minimum is $1,000. Firefish 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. Firefish issues a margin call at 73% LTV (threshold-based, no fixed window) and liquidates at 95% LTV. Starting from a 50% LTV, SALT provides a 41-point buffer before liquidation, while Firefish provides a 45-point buffer.
It depends on your priorities. SALT (9.95%–14.45% APR, custodial, min $5,000) is better for borrowers who value custodial and need smaller loan access. Firefish (≈7%–13% (P2P) APR, non-custodial escrow (3-of-3 pre-signed transactions), min $1,000) is better for borrowers who value non-custodial escrow (3-of-3 pre-signed transactions) 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.