Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). Surge Credit charges 6.9% variable / 9.9% fixed APR with $0 origination fees using collaborative multisig (taproot vault, 3-of-4 signer network). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Surge Credit advertises a lower headline rate at 6.9% variable / 9.9% fixed compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Surge Credit saves $61,000 in total first-year cost (interest plus origination fees).
Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Unchained APR | Surge Credit APR | Unchained Total Year-1 Cost | Surge Credit Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 14% | 9.9% | $40,000 | $24,750 | $15,250 with Surge Credit |
| $500,000 | 14% | 9.9% | $80,000 | $49,500 | $30,500 with Surge Credit |
| $1M | 14% | 9.9% | $160,000 | $99,000 | $61,000 with Surge Credit |
| $5M | 14% | 9.9% | $800,000 | $495,000 | $305,000 with Surge Credit |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Surge Credit rates are variable; the table uses a representative recent rate. Rates sourced from each lender's public rate pages as of 2026-05-14.
Both Unchained and Surge Credit use similar custody approaches: collaborative multisig (2-of-3) and collaborative multisig (taproot vault, 3-of-4 signer network) respectively. 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. Surge Credit uses Collaborative multisig (Taproot vault, 3-of-4 signer network). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.
Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Surge Credit has no margin-call mechanism: positions become liquidatable automatically the moment LTV crosses 90%, with no warning threshold or response window. Unchained gives borrowers 24 hours to respond to a margin call before any collateral is sold.
| Threshold | Unchained | Surge Credit |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 67% LTV | None |
| Margin Call Window | 24 hours | None — automated liquidation |
| Liquidation | 83% LTV | 90% LTV |
Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Surge Credit: 40.0 percentage point buffer between starting LTV (50%) and liquidation (90%). Surge Credit provides a wider safety margin.
Choosing between Unchained and Surge Credit 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 Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network) with 6.9% variable / 9.9% fixed APR.
On a $500,000 loan, Surge Credit costs $49,500 in the first year versus $80,000 at Unchained, a difference of $30,500. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 upfront on this loan size. Surge Credit charges no origination fee, so the only cost is interest.
Both platforms use similar custody approaches. Unchained operates via collaborative multisig (2-of-3), and Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network). Neither platform rehypothecates borrower collateral.
Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control. Surge Credit 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). Surge Credit: Revolving BTC-backed USDC credit line on Base — launched 2026, early-stage. Variable rate from 6.
Surge Credit is cheaper. On a $500,000 loan held for 12 months, Unchained costs $80,000 (14% APR + 2% origination fee) while Surge Credit costs $49,500 (9.9% APR). That is a $30,500 difference in the first year.
Unchained uses collaborative multisig (2-of-3). Surge Credit uses collaborative multisig (taproot vault, 3-of-4 signer network). Both platforms present similar custody risk profiles.
Unchained's minimum loan is $150,000. Surge Credit has no minimum. Surge Credit 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. Surge Credit has no margin call — positions are liquidated automatically the moment LTV crosses 90%. Starting from a 50% LTV, Unchained provides a 33-point buffer before liquidation, while Surge Credit provides a 40-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. Surge Credit (6.9% variable / 9.9% fixed APR, collaborative multisig (taproot vault, 3-of-4 signer network), no minimum) is better for borrowers who value collaborative multisig (taproot vault, 3-of-4 signer network) 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.