Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). SALT charges 9.95%–14.45% APR with a 1% origination fee using custodial. See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
SALT advertises 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 $40,500 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 | Unchained APR | SALT APR | Unchained Total Year-1 Cost | SALT Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 14% | 10.95% | $40,000 | $29,875 | $10,125 with SALT |
| $500,000 | 14% | 10.95% | $80,000 | $59,750 | $20,250 with SALT |
| $1M | 14% | 10.95% | $160,000 | $119,500 | $40,500 with SALT |
| $5M | 14% | 10.95% | $800,000 | $597,500 | $202,500 with SALT |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. SALT: 1% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Unchained and SALT 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. 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 triggers margin calls at 67% LTV and liquidates at 83% LTV. SALT triggers margin calls at 83.33% LTV and liquidates at 90.91% LTV. Unchained gives borrowers 24 hours to respond, while SALT provides 48 hours.
| Threshold | Unchained | SALT |
|---|---|---|
| Max Starting LTV | 50% | 70% |
| Margin Call | 67% LTV | 83.33% LTV |
| Margin Call Window | 24 hours | 48 hours |
| Liquidation | 83% LTV | 90.91% LTV |
Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). SALT: 20.9 percentage point buffer between starting LTV (70%) and liquidation (90.91%). Unchained provides a wider safety margin.
Choosing between Unchained and SALT 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 SALT uses custodial with 9.95%–14.45% APR.
On a $500,000 loan, SALT costs $59,750 in the first year versus $80,000 at Unchained, a difference of $20,250. 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. SALT uses custodial. In a platform insolvency scenario, Unchained borrowers' collateral is protected by the multisig architecture, while SALT borrowers may face creditor claims.
Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control. SALT 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). 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.
SALT is cheaper. On a $500,000 loan held for 12 months, Unchained costs $80,000 (14% APR + 2% origination fee) while SALT costs $59,750 (10.95% APR + 1% origination fee). That is a $20,250 difference in the first year.
Unchained uses collaborative multisig (2-of-3). SALT uses custodial. Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
Unchained's minimum loan is $150,000. SALT's minimum is $5,000. SALT 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. SALT issues a margin call at 83.33% LTV with a 48-hour response window and liquidates at 90.91% LTV. Starting from a 50% LTV, Unchained provides a 33-point buffer before liquidation, while SALT provides a 41-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. SALT (9.95%–14.45% APR, custodial, min $5,000) is better for borrowers who value custodial 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.