SALT charges 9.95%–14.45% APR with $0 origination fees using custodial. 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
SALT offers a lower headline rate at 9.95%–14.45% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, SALT saves $50,500 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.
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 | Unchained APR | SALT Total Year-1 Cost | Unchained Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 10.95% | 14% | $27,375 | $40,000 | $12,625 with SALT |
| $500,000 | 10.95% | 14% | $54,750 | $80,000 | $25,250 with SALT |
| $1M | 10.95% | 14% | $109,500 | $160,000 | $50,500 with SALT |
| $5M | 10.95% | 14% | $547,500 | $800,000 | $252,500 with SALT |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
SALT and Unchained 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. 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 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 |
SALT: 20.9 percentage point buffer between starting LTV (70%) and liquidation (90.91%). Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Unchained provides a wider safety margin.
Choosing between SALT and Unchained requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. SALT uses custodial with 9.95%–14.45% APR, while Unchained uses collaborative multisig (2-of-3) with 14%–15% APR.
On a $500,000 loan, SALT costs $54,750 in the first year versus $80,000 at Unchained, a difference of $25,250. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 upfront on this loan size. 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. In a platform insolvency scenario, Unchained 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. 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: Rates vary by LTV x term matrix. 'Stabilization' at 90. Unchained: Commercial/institutional only since Jan 2024. Uses CTP ratio (inverse of LTV).
SALT is cheaper. On a $500,000 loan held for 12 months, SALT costs $54,750 (10.95% APR) while Unchained costs $80,000 (14% APR + 2% origination fee). That is a $25,250 difference in the first year.
SALT uses custodial. Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
SALT's minimum loan is $1,000. Unchained's minimum is $150,000. 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. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Starting from a 50% LTV, SALT provides a 41-point buffer before liquidation, while Unchained provides a 33-point buffer.
It depends on your priorities. SALT (9.95%–14.45% APR, custodial, min $1,000) is better for borrowers who value custodial 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.
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