Our assessment
SALT expands the choice beyond a standard one-year Bitcoin loan, with multiple collateral and payment options. A longer term can increase lifetime interest. The available LTV and payment structure depend on the jurisdiction and offer.
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 SALT if…
Longer available terms and a choice of interest-only, amortizing or maturity-payment structures where eligible.
Explore SALT ↗The comparison at a glance
| Dimension | Ledn | SALT |
|---|---|---|
| Rate shown | 9.25–10.99% published APR | 7.49–10.50% · Published APR range |
| Rate context | 9.25% tier begins at $2M; 10.99% below $250K. See source discrepancy note. | Offer depends on term, LTV and jurisdiction; APR includes applicable origination fees. |
| Collateral | BTC | BTC, ETH, USDC, USDT, SALT |
| Starting LTV | 50% typical starting LTV | 30%, 50% or 70%; conditions apply |
| Term | 12 months standard | 1, 3 or 5 years |
| Collateral model | Custodied; restricted re-posting permitted | Collateral pledged under SALT loan agreement |
| Fees | APR includes applicable fees; jurisdiction matters | APR includes applicable origination fees; no prepayment penalty |
Source snapshots: Ledn and SALT. See rate-source discrepancies; these figures are not executable quotes.
Term length can outweigh the headline rate
A three- or five-year term may reduce the need to refinance annually. It also extends exposure to collateral prices and the lender. Compare lifetime dollars paid and the expected payoff date, rather than treating a longer term as automatically cheaper.
Repayment structure determines cash flow
SALT lists interest-only, principal-and-interest and accrued-interest payment options, with availability conditions. An amortizing payment includes principal, so it should not be compared directly with an interest-only payment as though both represent financing cost.
Higher LTV leaves a smaller cushion
SALT lists 30%, 50% and 70% LTV options depending on terms and location. A higher starting LTV releases more cash but provides less room for a fall in collateral value. Request the actual margin-call and liquidation schedule, plus collateral-use permissions.
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
Does SALT offer only one-year Bitcoin loans?
No. Its personal-loan page lists one-, three- and five-year terms and several collateral assets, subject to eligibility. The precise repayment and LTV options vary.
Explore the individual guides: Ledn FAQs and SALT 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.
- SALT: 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