Our assessment
Unchained is a distinct alternative for borrowers who prioritize a multisignature collateral arrangement and can meet its commercial-loan minimums. The published APR is higher than Ledn’s listed tiers, with regular interest payments and substantial minimum loan sizes.
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 Unchained if…
Borrower participation in collaborative custody, onchain verification and a stated no-rehypothecation policy.
Explore Unchained ↗The comparison at a glance
| Dimension | Ledn | Unchained |
|---|---|---|
| Rate shown | 9.25–10.99% published APR | 14.18% · Published APR |
| Rate context | 9.25% tier begins at $2M; 10.99% below $250K. See source discrepancy note. | Product calculator lists 12% interest; APR includes costs. Large minimums apply. |
| Collateral | BTC | BTC |
| Starting LTV | 50% typical starting LTV | 50% equivalent to 200% collateral-to-principal |
| Term | 12 months standard | 12 payments; interest every 30 days |
| Collateral model | Custodied; restricted re-posting permitted | Multisignature collaborative custody; no rehypothecation |
| Fees | APR includes applicable fees; jurisdiction matters | Origination fee reflected in APR and net proceeds |
Source snapshots: Ledn and Unchained. See rate-source discrepancies; these figures are not executable quotes.
Eligibility is broader than older summaries suggest
The current product page describes commercial loans for individuals, trusts and businesses. Minimums generally begin at $150,000 for business entities and $500,000 for individuals, trusts and sole proprietors. That is a different audience from a smaller personal liquidity need.
A borrower key is not unilateral withdrawal control
Unchained’s collaborative custody gives the borrower a key and a way to verify the collateral onchain. The loan remains secured: holding a key does not mean being able to withdraw pledged Bitcoin whenever desired. Compare key roles, default enforcement and release conditions with Ledn’s custodied structure.
Allow for regular interest and the final principal payment
Unchained’s calculator lists 12% interest and 14.18% APR, with interest payments every 30 days and principal due with the final payment. Its 200% collateral-to-principal ratio corresponds to 50% initial LTV. Plan the recurring cash flow as well as the final repayment.
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 Unchained only for incorporated businesses?
The current page also lists individuals, trusts and sole proprietors for commercial loans, generally with a $500,000 minimum. This is not confirmation that every personal borrowing purpose is eligible.
Explore the individual guides: Ledn FAQs and Unchained 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.
- Unchained: 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