Our assessment
Ledn publishes reporting and an established lending history for borrowers to examine. Arch deserves a serious quote comparison: it publishes lower APR tiers and a different collateral policy. Those differences matter to the borrowing decision.
Start with Ledn if…
Bitcoin holders who want to inspect a long operating record, public reporting and a clearly described funding structure.
Explore Ledn ↗Consider Arch Lending if…
Borrowers who want multi-asset collateral, a stated no-rehypothecation model or a potentially lower fixed-term quote.
Explore Arch Lending ↗The comparison at a glance
| Dimension | Ledn | Arch Lending |
|---|---|---|
| Rate shown | 9.25–10.99% published APR | 7.25–10.49% · Published APR tiers |
| Rate context | 9.25% tier begins at $2M; 10.99% below $250K. See source discrepancy note. | 7.25% is the $10M+ quoted tier; 10.49% below $250K. |
| Collateral | BTC | BTC, ETH, SOL + more |
| Starting LTV | 50% typical starting LTV | Up to 60% for BTC |
| Term | 12 months standard | 1–12 months |
| Collateral model | Custodied; restricted re-posting permitted | Anchorage; states no rehypothecation |
| Fees | APR includes applicable fees; jurisdiction matters | 0.25–1.49% for BTC / ETH / SOL |
Source snapshots: Ledn and Arch Lending. See rate-source discrepancies; these figures are not executable quotes.
Price: compare your tier, not the smallest number
At a $100,000 loan size, the reviewed tables show Ledn at 10.99% APR and Arch at 10.49% APR. On a simple annual-rate-times-principal illustration, that is a $500 difference over a year. It is not an exact cash-flow quote: fee treatment and the amount disbursed matter.
Arch’s rate page advertises 7.25% APR. Its complete table places that starting APR at $10 million and above, subject to a quote. A nearby paragraph instead refers to loans above $5 million. We use the detailed table and flag the discrepancy rather than assume every large loan qualifies.
Collateral: the policies are genuinely different
Arch states that it uses Anchorage Digital and does not rehypothecate collateral. Ledn allows specified re-posting to an institutional USD funding partner or a Ledn-sponsored financing vehicle; its policy says neither those parties nor Ledn may lend the collateral out to generate interest.
A fair comparison should preserve that distinction. “Not lent for yield” is not the same promise as “never re-posted.” Ask each provider which legal entity holds the assets, what security interests exist and how collateral is released after repayment.
Trust: evaluate evidence and its limits
Ledn publishes an operating record, Open Book Report, separate Proof of Reserves program and a reported rating on the senior notes of its securitization. These give a borrower several specific documents to examine.
That is not proof that Arch is unsafe. Nor does a bond rating insure a Ledn customer. Compare the scope and date of each document, not just the presence of a badge.
LTV and repayment: borrowing more is not always better
Arch advertises up to 60% starting LTV for BTC; Ledn describes 50% as typical. Higher LTV releases more cash from the same collateral but leaves less room for price declines before a given liquidation threshold is reached.
Both describe early repayment without a penalty. Origination charges can still make a short loan expensive. Before choosing, ask for net proceeds, the amount due after 90 days, and the conditions for renewal. A useful quote comparison fixes the same cash requirement, collateral asset and expected repayment date.
A practical next step: Request quotes for the same net amount and planned repayment date. Keep collateral value, fee treatment and exit assumptions consistent. Use the cost calculator to explore how an upfront charge changes a short loan.
Common questions
Is Arch cheaper than Ledn?
The reviewed APR tables show lower Arch tiers for several comparable amounts, including below $250,000. Confirm the actual jurisdiction-specific quote, cash received and early-repayment cost. Operating history and reporting should be evaluated separately from price.
Does Ledn have the same no-rehypothecation policy as Arch?
No. Ledn explicitly permits restricted re-posting under its Custodied Loan policy. Arch states that collateral is not rehypothecated. Those descriptions should not be collapsed into one label.
Explore the individual guides: Ledn FAQs and Arch Lending FAQs.
Sources and scope
This analysis uses provider documentation, not hands-on loan testing. Comparative assessments are analysis, not provider guarantees. Financial figures and availability can change after the review date.
- Arch Lending: product / borrowing documentation
- Arch: collateral and servicing overview
- Ledn: rates, LTV and repayment
- Ledn: Custodied Loan policy
- Ledn: Open Book Report and separate Proof of Reserves
- Ledn: senior ABS-note rating announcement
- Ledn: published operating history