Side by side
| SALT | Ledn | |
|---|---|---|
| Headline APR | 7.49–10.5% | 9.25–11.5% |
| Max LTV | 70% | 50% |
| Liquidation LTV | ~91% | ~80% |
| Term | 1–5 years (flexible) | 12 months |
| Fees | No origination fee | ~2% admin |
| Custody model | Segregated (Fireblocks) | Custodial; stated no-rehypothecation; bi-annual proof-of-reserves |
| Collateral | Native BTC | Native BTC |
| Minimum loan | $5,000 | $1,000 |
| Our risk tier | Medium | Lower |
Figures reflect each lender's published terms as of the date above — always confirm at the source, since rates and terms change. See full data and source links in the comparison table.
Rates & borrowing power
SALT leads on both. Its headline APR of about 7.49–10.5% undercuts Ledn's 9.25–11.5%, and SALT charges no origination fee where Ledn adds roughly 2%. SALT also allows up to 70% LTV versus Ledn's 50%, so you can pull more cash from the same Bitcoin. If maximizing borrowing power and minimizing headline cost are your priorities, SALT is the stronger fit — provided you're comfortable with the risk trade-off below.
The catch with higher LTV
More borrowing power cuts both ways. SALT's liquidation level is around 91% LTV, but if you borrow near its 70% max you're starting much closer to that line than a Ledn borrower who maxes out at 50% against an ~80% liquidation level. A higher starting LTV means a smaller Bitcoin price drop can trigger a margin call or liquidation. Whichever lender you pick, borrowing well below the maximum is the single best way to protect yourself — see what happens at liquidation and model it with the liquidation calculator.
Safety & custody
Both are centralized lenders holding native Bitcoin, so in both cases you're trusting the company. Ledn is Bitcoin-and-stablecoin focused, publishes bi-annual proof-of-reserves attestations, and states a no-rehypothecation approach — the reasons it earns our lower risk tier. SALT holds collateral in segregated custody via Fireblocks, but its regulatory history keeps it at medium in our methodology. Neither rating is a guarantee; both are relative reads you should pair with your own due diligence and a check of SALT's current licensing where you live.
Who each is best for
Choose SALT if…
- You want a lower headline rate and no origination fee
- You need higher LTV (up to 70%) or a multi-year term
- You're comfortable with a medium risk tier and have checked state availability
Choose Ledn if…
- You prioritize a lower-risk, transparent, Bitcoin-first lender
- Proof-of-reserves and stated no-rehypothecation matter to you
- You want a small loan (from $1,000) and accept a ~2% fee
FAQ
Is SALT or Ledn cheaper?
SALT, on headline rate — about 7.49–10.5% with no origination fee, versus Ledn's 9.25–11.5% plus roughly 2%. But Ledn carries our lower risk tier while SALT is medium.
Which lets me borrow more?
SALT, at up to 70% max LTV versus Ledn's 50%. Just remember a higher starting LTV leaves less buffer before SALT's ~91% liquidation level.
Which is safer?
We rate Ledn lower-risk and SALT medium-risk. Ledn's Bitcoin focus, proof-of-reserves and stated no-rehypothecation weigh in its favor; SALT's regulatory history factors into its medium rating. Confirm SALT's current licensing before borrowing.
Do they take my actual Bitcoin?
Both use native BTC as collateral, not a wrapped token, so there's no taxable conversion. The differences are custody model, transparency and terms.
See how SALT and Ledn compare to everyone else
Rate, LTV, liquidation level, custody and fees for every lender we track — independently verified, with a source link on every row.
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