Our assessment
Figure combines crypto-backed borrowing with a broader lending business and offers a different collateral and payment experience from Ledn. Protection costs extra. The quoted example and broader company lending volume should not be mistaken for universal pricing or a crypto-only track record.
Start with Ledn if…
You want a managed Bitcoin-backed loan and put weight on Ledn’s lending history, Open Book Report and separate Proof of Reserves program.
Explore Ledn ↗Consider Figure if…
Multiple collateral assets, a segregated MPC wallet model and optional liquidation protection.
Explore Figure ↗The comparison at a glance
| Dimension | Ledn | Figure |
|---|---|---|
| Rate shown | 9.25–10.99% published APR | 9.999% · Published example APR |
| Rate context | 9.25% tier begins at $2M; 10.99% below $250K. See source discrepancy note. | 8.91% interest plus 1% origination fee at 50% LTV in the calculator example. |
| Collateral | BTC | BTC, ETH, SOL |
| Starting LTV | 50% typical starting LTV | 50% in published rate example |
| Term | 12 months standard | 1 year in published comparison |
| Collateral model | Custodied; restricted re-posting permitted | Segregated wallet; MPC custody described by Figure |
| Fees | APR includes applicable fees; jurisdiction matters | 1% origination in example; protection costs extra |
Source snapshots: Ledn and Figure. See rate-source discrepancies; these figures are not executable quotes.
Keep interest and APR separate
Figure’s calculator page shows 8.91% interest and 9.999% APR at 50% LTV, with a 1% origination fee. Preserve that distinction when comparing with Ledn’s APR tiers. Figure’s embedded competitor table is dated July 2026; use each competitor’s own current source for its terms.
Protection needs its own cost comparison
Figure advertises optional liquidation protection for an additional fee. Ask which market events it covers, what obligations remain and whether the quoted APR includes it. A protected offer is not directly comparable with an unprotected offer at a different LTV.
Separate company scale from product experience
Figure’s headline lending volume includes loans beyond crypto-backed borrowing. It helps establish broader lending activity but does not measure the crypto product’s performance through Bitcoin drawdowns. Assess that product’s collateral controls and servicing history specifically.
How we weigh the evidence
Ledn’s operating record and published reports provide due-diligence material, not guarantees. Its reported investment-grade rating applies to senior notes of a specific securitization, not to customer collateral or every Ledn obligation.
Compare dated evidence for the exact product: collateral permissions, funding arrangements, performance during market stress and the borrower’s contractual rights. Different custody and funding models deserve specific analysis rather than a blanket safe-or-unsafe label.
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 Figure’s advertised interest rate the all-in APR?
No. The reviewed example distinguishes 8.91% interest from 9.999% APR. Optional protection is an additional cost, and the final offer can differ.
Explore the individual guides: Ledn FAQs and Figure 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.
- Figure: product / borrowing documentation
- 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