Bitcoin Loan Comparison

SALT vs. Unchained

SALT charges 7.49%–10.5% APR with $0 origination fees using custodial. Unchained charges 14.18% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — SALT: 2026-09-29; Unchained: 2026-05-14.

How do SALT and Unchained compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, SALT is 8.75% APR and Unchained is 14.18% APR. SALT: 50% LTV · 1-year term. Unchained: 12-month loan with 2% origination included in APR.

Unchained's published APR already includes 2% origination fee.

On a $250,000 loan held for 12 months, SALT saves $13,575 in total first-year cost (interest plus applicable fees or charges).

From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.

SALT vs. Unchained: Feature-by-Feature Comparison

SALT

Unchained

Interest Rate (APR)

8.75%SALT

14.18%

Pricing Basis

Starting LTV and term

12-month commercial loan

Fees / Charges

$0SALT

2% origination fee

Max Starting LTV

70%SALT

50%

Margin Call Threshold

83.33% LTVSALT

67% LTV

Liquidation Threshold

90.91% LTVSALT

83% LTV

Margin Call Window

48 hoursSALT

24 hours

Custody Model

Custodial

Collaborative multisig (2-of-3)Unchained

Rehypothecation

Interest Payment

Monthly

Minimum Loan

$1,000SALT

$150,000

Cost on a $250,000 Loan: SALT vs. Unchained

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; Unchained pricing varies by 12-month commercial loan. Actual offers can differ when those inputs change.

Loan Size	SALT APR	Unchained APR	SALT Total Year-1 Cost	Unchained Total Year-1 Cost	Savings
$250,000	8.75%	14.18%	$21,875	$35,450	$13,575 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. Unchained: 2% origination fee — already included in APR. Terms checked individually — SALT: 2026-09-29; Unchained: 2026-05-14.

Custody and Collateral Security

SALT and Unchained take fundamentally different approaches to collateral custody. 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. 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.

SALT: High (Custodial)

•Custodial
•Rehypothecation: No
•Monthly interest payments
•Standard rates vary by starting LTV and term, not loan size.

Unchained: Medium (Multisig)

•Collaborative multisig (2-of-3)
•Rehypothecation: No
•Monthly interest payments
•Commercial/institutional only since Jan 2024.

Margin Call and Liquidation: SALT vs. Unchained

SALT triggers margin calls at 83.33% LTV and liquidates at 90.91% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. SALT gives borrowers 48 hours to respond, while Unchained provides 24 hours.

Threshold	SALT	Unchained
Max Starting LTV	70%	50%
Margin Call	83.33% LTV	67% LTV
Margin Call Window	48 hours	24 hours
Liquidation	90.91% LTV	83% LTV

Safety Buffer at Each Lender's Maximum Starting 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). Unchained: 33.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83% LTV). Unchained provides a wider safety margin.

Which is better: SALT or Unchained?

Choosing between SALT and Unchained requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. SALT uses custodial with 7.49%–10.5% APR, while Unchained uses collaborative multisig (2-of-3) with 14.18% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, SALT costs $21,875 in the first year versus $35,450 at Unchained, a difference of $13,575. SALT charges no origination fee, so the only cost is interest.

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. SALT uses custodial. That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.

SALT 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: SALT: Standard rates vary by starting LTV and term, not loan size. Published one-year APRs are 7. Unchained: Commercial/institutional only since Jan 2024. Published pricing is 12% interest, 2% origination, and 14.

Frequently Asked Questions

Is SALT or Unchained cheaper for a $250,000 Bitcoin-backed loan?

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 Unchained costs $35,450 (14.18% APR). That is a $13,575 difference in the first year.

How does SALT's custody model compare to Unchained?

SALT uses custodial. Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.

What is the minimum loan amount at SALT vs Unchained?

SALT's minimum loan is $1,000. Unchained's minimum is $150,000. SALT is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with SALT or Unchained?

SALT issues a margin call at 83.33% LTV with a 48-hour response window and liquidates at 90.91% LTV. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 41 points at SALT and 33 points at Unchained.

Should I use SALT or Unchained for a Bitcoin-backed loan?

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. Unchained (14.18% 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.

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Understand the key terms

Rehypothecation Discreet Log Contracts Custodial vs. Non-Custodial LTV Ratio Margin Call Counterparty Risk

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