Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). Figure charges 8.91%–11.5% APR with a 1% origination fee using custodial (figure markets mpc wallet, segregated). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Figure advertises a lower headline rate at 8.91%–11.5% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Figure saves $60,900 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.
Figure 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 | Unchained APR | Figure APR | Unchained Total Year-1 Cost | Figure Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 14% | 8.91% | $40,000 | $24,775 | $15,225 with Figure |
| $500,000 | 14% | 8.91% | $80,000 | $49,550 | $30,450 with Figure |
| $1M | 14% | 8.91% | $160,000 | $99,100 | $60,900 with Figure |
| $5M | 14% | 8.91% | $800,000 | $495,500 | $304,500 with Figure |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Figure: 1% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Unchained and Figure take fundamentally different approaches to collateral custody. 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. Figure uses Custodial (Figure Markets MPC wallet, segregated). Your Bitcoin is held by Figure and could be at risk in the event of a hack, insolvency, or regulatory action.
Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Unchained gives borrowers 24 hours to respond, while Figure provides 24 hours.
| Threshold | Unchained | Figure |
|---|---|---|
| Max Starting LTV | 50% | 75% |
| Margin Call | 67% LTV | 70% LTV |
| Margin Call Window | 24 hours | 24 hours |
| Liquidation | 83% LTV | 85% LTV |
Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Figure: 10.0 percentage point buffer between starting LTV (75%) and liquidation (85%). Unchained provides a wider safety margin.
Choosing between Unchained and Figure requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Unchained uses collaborative multisig (2-of-3) with 14%–15% APR, while Figure uses custodial (figure markets mpc wallet, segregated) with 8.91%–11.5% APR.
On a $500,000 loan, Figure costs $49,550 in the first year versus $80,000 at Unchained, a difference of $30,450. 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. Figure uses custodial (figure markets mpc wallet, segregated). In a platform insolvency scenario, Unchained borrowers' collateral is protected by the multisig architecture, while Figure borrowers may face creditor claims.
Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control. Figure is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Unchained: Commercial/institutional borrowers only since Jan 2024 — no consumer loans. Uses CTP ratio (inverse of LTV). Figure: 8.91% interest (9.
Figure is cheaper. On a $500,000 loan held for 12 months, Unchained costs $80,000 (14% APR + 2% origination fee) while Figure costs $49,550 (8.91% APR + 1% origination fee). That is a $30,450 difference in the first year.
Unchained uses collaborative multisig (2-of-3). Figure uses custodial (figure markets mpc wallet, segregated). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
Unchained's minimum loan is $150,000. Figure's minimum is $5,000. Figure is more accessible for smaller borrowers.
Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. Starting from a 50% LTV, Unchained provides a 33-point buffer before liquidation, while Figure provides a 35-point buffer.
It depends on your priorities. Unchained (14%–15% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and have larger borrowing needs. Figure (8.91%–11.5% APR, custodial (figure markets mpc wallet, segregated), min $5,000) is better for borrowers who value custodial (figure markets mpc wallet, segregated) 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.