Rate Disclaimer: All rates and terms in this article reflect February 2026 market conditions. Rates change frequently based on market conditions, loan size, and term length. Visit each platform's website for real-time rates. This article is educational and does not constitute financial advice.

Introduction

Crypto loan rates have become dramatically more competitive. In 2021, you'd be lucky to find anything under 12% APR. In 2026, you can borrow against Bitcoin starting around 9–10% APR from regulated lenders.

But the landscape is fragmented. Rates vary by:

• Collateral type (Bitcoin is cheapest; altcoins cost more)

• Loan size (larger loans get better rates)

• Loan term (term length affects pricing differently across platforms)

• Fees (origination fees, processing fees, early repayment penalties)

This guide compares major lending platforms side-by-side, breaking down real APR, effective rates (including fees), LTV ratios, and which platforms suit different borrower profiles.

Quick Comparison Table

Understanding Crypto Loan Rates

Before comparing platforms, you need to understand how crypto loan rates work.

APR vs. Effective Rate

Many platforms quote "interest rate," but the true cost includes fees.

APR (Annual Percentage Rate) includes both the interest rate and fees, annualized.

Example:

• Platform quotes 10% interest rate

• Platform charges 1.49% origination fee

• You borrow $100,000

True cost (12-month loan):

• Interest: $10,000

• Origination fee: $1,490

• Total cost: $11,490

• Effective APR: ~11.49%

This is why comparing quoted interest rates without understanding fees is misleading.

Interest Payment Structures

Fixed rate: Your rate is locked for the full term (best for predictability).

Variable rate: Your rate changes based on market conditions (risky for borrowers).

Step-up rate: Your rate increases over time (like Lava's 5% for month 1 → 11.5% for month 12).

Fee Structures

Origination fee: Charged upfront when you take the loan.

• Arch Lending: 1.49%

• Ledn: 2% (waived for US/Canada borrowers)

• Unchained: 1.25–1.50%

• Strike, Lava, Figure: 0% (or included in rate)

Liquidation fee: If your collateral is liquidated.

• Arch: 2.5%

• Varies by platform

Early repayment penalty:

• Most major platforms (Arch, Lava, Strike): No penalty

LTV Ratios (Collateral Coverage)

Your LTV (Loan-to-Value) ratio determines how much you can borrow.

Example with different LTVs:

• You have 1 BTC worth $50,000

• At 50% LTV: Borrow $25,000

• At 60% LTV: Borrow $30,000

• At 75% LTV: Borrow $37,500

Higher LTV = more capital efficiency but more liquidation risk.

The difference between 50% and 75% LTV is significant: at 50%, your collateral can drop 50% before liquidation; at 75%, it only needs to drop ~25%.

Platform-by-Platform Breakdown

Arch Lending

Website: archlending.com Regulatory Status: NMLS #2637200, licensed in 44 U.S. states Credit check: Not required

Rate Tiers (Bitcoin Standard Loan):

XRP rates differ: 13.5% interest + 1.5% origination ($25K–$2M), 12.5% + 1.5% ($2M+).

LTV: Up to 60% (varies by collateral type)

Collateral: BTC, ETH, SOL, XRP

Custody: Anchorage Digital (institutional custodian)

Loan terms: Up to 12 months, rollover available

Minimum: $5,000

Pros:

• Multi-collateral (BTC, ETH, SOL, XRP) — broadest selection among regulated lenders

• Professional custody (Anchorage Digital)

• No credit score required

• No rehypothecation (your collateral isn't lent out)

• Transparent tiered pricing — you know exactly what you'll pay

• Low minimum ($5,000)

• Licensed in 44 states

Cons:

• 1.49% origination fee adds to cost

• Rates at smaller loan sizes ($5K–$250K) are higher than Strike or Figure

• Relatively new platform

Best for: Borrowers who need multi-collateral support (especially ETH, SOL, or XRP), value institutional custody, or are borrowing $750K+ where Arch's rates become very competitive.

Strike

Website: strike.me Regulatory Status: Regulated lending platform

Rates: Starting at 9.5% APR

Origination fee: 0%

Other fees: None (no origination, no monthly fees, no prepayment penalty)

Collateral: Bitcoin only

LTV: 50%

Custody: Strike's platform

Loan terms: 12 months

Min/Max: $5,000 minimum

Pros:

• Zero fees across the board — what you see is what you pay

• Starting at 9.5% APR with no origination is genuinely competitive

• Simple, clean product (Bitcoin only)

• $5K minimum is accessible

Cons:

• Bitcoin only (no ETH, SOL, or other collateral)

• 50% LTV (lower than Arch's 60% or Figure's 75%)

• 12-month terms only (less flexibility)

• Less transparent on rate tiers for different loan sizes

Best for: Bitcoin-only borrowers who want the simplest, fee-free lending experience.

Effective rate: ~9.5% (no hidden fees)

Figure Technologies

Website: figure.com Regulatory Status: Licensed lending platform

Rates: 8.91% interest (9.999% APR at 50% LTV)

Origination fee: Included in APR

Collateral: BTC, ETH, SOL

LTV: 50%–75%

Custody: Qualified custodian

Rehypothecation: No

Loan terms: Varies

Min/Max: Varies by collateral

Pros:

• Up to 75% LTV — highest in the market (significantly more borrowing power)

• Competitive rates (~10% APR)

• Multi-collateral (BTC, ETH, SOL)

• No rehypothecation

Cons:

• Less transparent rate card for different loan sizes and terms

• Newer lending product

• Insurance details not fully disclosed

• Higher LTV means higher liquidation risk

Best for: Borrowers who want maximum borrowing power (75% LTV) or need multi-collateral support with competitive rates.

Effective rate: ~10.0% APR

Ledn

Website: ledn.io Regulatory Status: Regulated in Canada; operates in U.S. (state-by-state)

Rates:

• Standard Loan: 10.4% interest + 2% origination = 12.4% APR

• Custodied Loan: 11.4% interest + 2% origination = 13.4% APR

• Important: The 2% origination fee is waived for US and Canadian borrowers, making the effective rate just the interest rate (10.4% or 11.4%)

Collateral: Bitcoin only

LTV: 50%

Custody: Institutional custody

Loan terms: 12 months

Min/Max: $500 minimum ($1,000 minimum collateral value)

Pros:

• Lowest minimum in the market ($500 loan, $1K collateral)

• Established platform (since 2018)

• Good track record

• 2% origination fee waived for US/Canada borrowers

• Two loan tiers (Standard vs. Custodied) give borrowers choice

Cons:

• Bitcoin only (no ETH, SOL, or other collateral)

• 50% LTV (lower than Arch or Figure)

• Rates higher than Strike for US/Canada (10.4% vs. 9.5%)

• Outside US/Canada, the 2% origination fee makes it expensive (12.4% effective APR)

Best for: Small Bitcoin borrowers ($500–$5K range) who can't meet minimums elsewhere, or US/Canada borrowers who want an established platform with waived fees.

Effective rate (US/Canada): 10.4% (Standard) or 11.4% (Custodied) Effective rate (international): 12.4% (Standard) or 13.4% (Custodied)

Lava

Website: lava.xyz Regulatory Status: Varies by jurisdiction

Rates (by term):

• 1-month: ~5% APR

• 3-month: ~6.5% APR

• 6-month: ~8.5% APR

• 12-month: ~11.5% APR

Also offers: BLOC revolving credit line (5% interest + 2% annual capital charge)

Origination fee: 0%

Collateral: Bitcoin and Ethereum

LTV: 50%

Custody: Non-custodial / self-custody approach

Loan terms: 1–12 months (flexible)

Min/Max: $100 minimum

Pros:

• Lowest rates for short-term loans (5% for 1-month is unbeatable)

• Lowest minimum ($100)

• Zero origination fees

• Flexible terms (1-month increments)

• BLOC product for revolving credit

Cons:

• Rates escalate sharply for longer terms (5% → 11.5%)

• 50% LTV

• Self-custody approach (less institutional protection)

• Bitcoin and Ethereum only (no SOL)

Best for: Borrowers needing short-term liquidity (1–3 months) at the lowest possible cost. Not ideal for 12-month loans.

Effective rate: 5% (1-month) to 11.5% (12-month)

Break-even analysis vs. Arch:

• 1-month loans: Lava (5%) beats Arch (~11.84% for small loans)

• 3-month loans: Lava (6.5%) still cheaper

• 6-month loans: Close — Lava (8.5%) vs. Arch (11.84% small / 10.49% at $750K+)

• 12-month loans: Arch becomes competitive for larger loans; Lava's 11.5% is similar to Arch's smaller-tier rate

Unchained

Website: unchained.com Regulatory Status: Established compliance framework

Rates: 14–15% interest + 1.25–1.50% origination fee

Collateral: Bitcoin only

LTV: Varies

Custody: Multisig (collaborative custody model)

Loan terms: Varies

Min/Max: $10,000 minimum

Important note: Unchained stopped offering consumer loans in January 2024. They now only offer business loans. Individual borrowers should look elsewhere.

Pros:

• Unique multisig custody model (you hold one of the keys)

• Long track record (founded 2017)

• Strong institutional reputation

Cons:

• Very high rates (14–15% + origination = ~15.5–16.5% effective APR)

• Business loans only (no consumer lending since Jan 2024)

• Bitcoin only

• $10K minimum

• Most expensive option among major lenders

Best for: Businesses that specifically want multisig custody for their Bitcoin collateral. Not recommended for individual borrowers.

Effective rate: ~15.5–16.5% (interest + origination)

Rate Comparison by Scenario

Scenario 1: You need $50,000 for 12 months (Bitcoin collateral)

Best options:

1. Strike: ~9.5% APR

   • Rate: 9.5% (starting)

   • Fees: $0

   • Total cost: ~$4,750

   • LTV: 50% (need ~$100K in BTC)

2. Arch Lending: 11.84% APR ($5K–$250K tier)

   • Interest: $5,175

   • Origination: $745 (1.49%)

   • Total cost: ~$5,920

   • LTV: Up to 60% (need ~$83K in BTC)

3. Ledn: 10.4% (US/Canada, Standard)

   • Rate: 10.4%

   • Fees: $0 (waived in US/Canada)

   • Total cost: $5,200

   • LTV: 50%

4. Figure: ~10.0% APR

   • Total cost: ~$5,000

   • LTV: 50–75%

Winner on rate: Strike (~$4,750) Winner on capital efficiency: Figure (75% LTV means less collateral needed) Winner if you also hold ETH/SOL: Arch (multi-collateral)

Scenario 2: You need $10,000 for 1 month

Best options:

1. Lava: 5.0% APR

   • Monthly cost: ~$42

   • Min loan: $100 ✓

2. Strike: ~9.5% APR

   • Monthly cost: ~$79

   • Min loan: $5K ✓

3. Arch Lending: 11.84% APR

   • Monthly cost: ~$99

   • Min loan: $5K ✓

Winner: Lava ($42/month)

For short-term loans, Lava is unbeatable on price.

Scenario 3: You have Ethereum and want the best rate

Borrower profile: 15 ETH as collateral (~$45,000 value), 12-month loan

Best options:

1. Figure: ~10.0% APR (up to 75% LTV)

   • Borrow up to: $33,750 (at 75% LTV)

   • Annual cost: ~$3,375

2. Arch Lending: 11.84% APR ($5K–$250K tier, up to 60% LTV)

   • Borrow up to: ~$27,000 (at 60% LTV)

   • Annual cost: ~$3,197

3. Lava: 11.5% (12-month, 50% LTV)

   • Borrow up to: $22,500 (at 50% LTV)

   • Annual cost: ~$2,588

Winner for rate: Lava and Figure are close on rate Winner for borrowing power: Figure (75% LTV) Winner for custody quality: Arch (Anchorage Digital)

Scenario 4: You need a $2M Bitcoin loan

This is where Arch Lending shines:

1. Arch Lending: 9.99% APR ($1.5M–$2.5M tier)

   • Interest: $170,000

   • Origination: $29,800 (1.49%)

   • Total cost: ~$199,800

   • LTV: Up to 60%

2. Strike: ~9.5% APR

   • Total cost: ~$190,000

   • LTV: 50%

3. Figure: ~10.0% APR

   • Total cost: ~$200,000

   • LTV: Up to 75%

At this tier, Arch, Strike, and Figure are all competitive. The choice comes down to LTV preference (Figure's 75% is highest), custody model, and collateral flexibility.

Scenario 5: You have SOL and need liquidity

Only two major regulated options:

1. Arch Lending: 11.84% APR (for $5K–$250K) with up to 60% LTV

2. Figure: ~10.0% APR with up to 75% LTV

Both accept SOL. For smaller SOL loans, Figure may be more competitive on rate. For larger loans, Arch's tiered pricing becomes attractive.

If you're willing to use DeFi: Solend and Marinade offer SOL lending at 12–18% (variable, with smart contract risk).

Hidden Fees: The Real Cost of Crypto Loans

Most platforms advertise interest rates, but hidden fees can change the true cost.

Common Fees

Origination fee (0–2%)

• Arch: 1.49%

• Ledn: 2% (waived US/Canada)

• Unchained: 1.25–1.50%

• Strike, Lava, Figure: 0%

Liquidation fee

• Arch: 2.5%

• Varies by platform

Early repayment penalty

• Most major platforms: None

Real-World Example: Borrow $100,000 for 12 months (BTC)

Arch Lending ($5K–$250K tier):

• Interest: $10,350

• Origination: $1,490

• Total cost: $11,840

• Effective APR: 11.84%

Strike:

• Interest: ~$9,500

• Fees: $0

• Total cost: ~$9,500

• Effective APR: ~9.5%

Ledn (US/Canada, Standard):

• Interest: $10,400

• Fees: $0 (waived)

• Total cost: $10,400

• Effective APR: 10.4%

Figure:

• Interest: ~$8,910

• Fees: Included

• Total cost: ~$10,000

• Effective APR: ~10.0%

Lava (12-month term):

• Interest: $11,500

• Fees: $0

• Total cost: $11,500

• Effective APR: 11.5%

At $100K for 12 months, Strike offers the lowest total cost. But this comparison changes at larger loan sizes where Arch's rates drop significantly.

How to Choose the Best Platform for You

Step 1: What collateral do you have?

Bitcoin only? → All platforms are options. Strike and Ledn are Bitcoin specialists.

Ethereum? → Arch, Figure, or Lava

Solana? → Arch or Figure (only two major regulated options)

XRP? → Arch (only major option at 13.5%/1.5% origination for $25K–$2M)

Multiple assets (BTC + ETH + SOL)? → Arch is the only platform supporting all three plus XRP

Step 2: How long do you need the loan?

1–3 months? → Lava (5–6.5% for short terms) is cheapest

6–12 months? → Compare Strike (~9.5%), Figure (~10%), Ledn (10.4%), and Arch (11.84% for small loans, lower for larger)

Step 3: How much are you borrowing?

Under $500? → Lava ($100 min)

$500–$5,000? → Ledn ($500 min) or Lava

$5,000–$50,000? → Strike ($5K min), Figure, Arch ($5K min), or Ledn

$50,000–$250,000? → All platforms; compare rates for your specific amount

$250,000+? → Arch becomes more competitive as rates drop through tiers

$750K+? → Arch's rates (10.49% APR and below) are very competitive

Step 4: How important is professional custody?

Very important? → Arch (Anchorage Digital) or Ledn (institutional custody)

Want self-custody? → Lava (non-custodial) or Unchained (multisig — but business only)

Want highest LTV? → Figure (up to 75%)

Step 5: Do you want fixed or variable rates?

Fixed (predictable)? → Arch, Strike, Ledn

Variable (potentially lower but risky)? → DeFi platforms (Morpho, Aave, etc.)

Step-up (starts low, increases)? → Lava

Red Flags and Platform Warnings

Avoid These Signs

❌ Very high rates (>15% from a regulated platform) — better alternatives exist

❌ Unclear fee structures — if a platform doesn't clearly disclose fees upfront, be cautious

❌ No custodian information — platforms should disclose who holds your collateral

❌ Unregulated platforms claiming low rates — if rates seem too good with no licensing, it's a red flag

❌ Platforms with recent hack history — check security track records

Green Flags

✓ Professional custody (Anchorage, qualified custodians) ✓ Clear fee disclosure (upfront, in writing) ✓ Fixed interest rates (if you want predictability) ✓ Regulatory licensing (NMLS, state licenses) ✓ No rehypothecation policy (your collateral isn't lent out) ✓ Transparent rate card (you know what you pay before applying)

Frequently Asked Questions

Why are crypto loan rates so different across platforms?

Rates depend on the lender's cost of capital, risk model, collateral policy, and competitive strategy. Bitcoin gets the lowest rates due to lower volatility. Smaller loans cost more because the fixed costs of origination are spread over a smaller amount. Newer platforms may price aggressively to gain market share.

Which platform has the lowest rate?

It depends on your situation:

• Lowest short-term rate: Lava (5% for 1-month)

• Lowest 12-month BTC rate (no fees): Strike (~9.5%)

• Lowest 12-month rate for large BTC loans: Arch (8.49% APR for $10M+)

• Lowest minimum: Lava ($100)

Can rates change during my loan?

Fixed-rate loans (Arch, Strike, Ledn): No — your rate is locked.

Step-up loans (Lava): The rate structure is known upfront but increases with term length.

Variable-rate loans (DeFi): Yes — rates can change at any time.

Should I refinance my existing loan?

Only if the new rate saves you at least 1% annually (to offset the hassle) and the terms work for you.

What if I can't repay?

Liquidation will occur: the lender sells your collateral to recover the loan. You keep any remaining value above the loan amount. No additional debt is created (unlike personal loans).

Are crypto loans better than selling?

Borrowing is better if: You believe your collateral will appreciate, you need short-term liquidity, and you can afford the interest.

Selling is better if: You believe prices will drop, you need to derisk, or you can't afford ongoing interest payments.

Can I repay early without penalty?

Arch, Strike, Lava, and Ledn all allow early repayment without penalty. Always confirm before signing.

Conclusion

The crypto lending market in 2026 offers genuine competition and lower rates than ever before. Here's the bottom line:

• For short-term loans (1–3 months): Lava's 5–6.5% rates are unbeatable

• For Bitcoin-only, fee-free simplicity: Strike's ~9.5% APR with zero fees is excellent

• For multi-collateral support (BTC + ETH + SOL + XRP): Arch Lending is the broadest option with rates as low as 8.49% APR for larger loans

• For maximum borrowing power: Figure's 75% LTV gives you the most capital efficiency

• For very small loans ($500+): Ledn has the lowest minimum among custodial lenders

• For businesses: Unchained offers multisig custody but at premium rates

No single platform wins every scenario. Use the comparison table and scenario analysis above to find your best option — and always verify current rates on each platform's website before applying.

Ready to borrow against your crypto? Compare rates at archlending.com or use our loan calculator to see exactly what you can borrow.

Last updated: February 18, 2026 Data source: Direct quotes from platform websites and published terms (as of Feb 2026) Next review: May 2026 (quarterly rate updates)

Related articles:

• Ethereum-Backed Loans: How to Borrow Against ETH

• Solana-Backed Loans: Borrow Against SOL Collateral

• Understanding Crypto Loan LTV Ratios

• How Crypto Loan Interest Rates Work

Disclaimer: This article is informational only and does not constitute financial advice. Crypto lending involves risks including liquidation, collateral loss, and platform risk. Consult a financial advisor before taking a crypto loan.