Top Bitcoin Loan Rates in September 2026 - Official Sources

The rate you pay to borrow against Bitcoin depends on more than the lender. Loan size, collateral, payment timing and the source of funding all influence the price. Comparing those details makes a headline rate useful.

This guide brings together published pricing from lenders and onchain borrowing services, with links to their own sources. It also explains how rates are set, including the role of collateral reuse and decentralised finance (DeFi).

Sources checked: 13 September 2026. Review schedule: weekly. Each row states what we could verify. Variable rates can change between checks.

“Official sources” means provider websites and documentation. This is Ledn’s comparison, not a rate sheet issued or endorsed by every provider listed. It is a selection of borrowing options, not an exhaustive market ranking. Availability and final terms depend on your location and application.

Bitcoin loan rates from official lender sources

Read the rate and its conditions together. An advertised minimum may apply to a different loan size, LTV or repayment schedule from the one you need. Figures retain the provider’s own rate label; annual interest and daily fees have not been relabelled as APR.

Onchain Bitcoin borrowing rates

These services use market-based rates. A weekly article cannot provide an executable quote for a rate that changes with market conditions. Identify the exact network, collateral token and borrowed asset before comparing costs.

For Coinbase, the published processing schedule charges 2% on the first $250,000 and 1% on the portion above it. This is a tiered calculation, not a 1% fee on the whole balance once it exceeds $250,000. A raw Morpho market rate therefore does not describe the full cost of the Coinbase route. Coinbase processing-fee documentation.

Ledn’s published Bitcoin loan rate tiers

Ledn’s product pricing table lists the APRs below. Your tier is based on the individual loan amount at application, refinance or renewal; an existing loan retains its agreed rate until refinancing or renewal. Ledn tier explanation.

Ledn’s APR starts at 9.25% for loans of $2m+, as listed in the pricing table on its Bitcoin-backed loans page.

Ledn typically starts loans at 50% LTV with a 12-month term. There are no required monthly payments before closure and no early-repayment penalty. The product page says a 2% administration fee is included in APR where applicable, with an exemption for US and Canadian clients. Check your jurisdiction’s quote and avoid adding a fee a second time when it is already reflected in APR. Ledn rates and terms.

Renewal and refinancing update: From 1 January 2027, Ledn requires accrued interest and administration fees to be paid in full to renew or refinance. Eligible principal can continue into a new term at then-current rates; renewal requires LTV below 65%. At maturity, Ledn describes using available stablecoins first, then selling the minimum BTC needed to settle a shortfall and, if necessary, reduce LTV to 64%. Plan for that cash requirement when comparing costs across multiple terms. Ledn renewal policy.

Check your Ledn rate and collateral requirement.

How Bitcoin loan rates are set

The cost of supplying dollars or stablecoins

A Bitcoin-backed loan needs two different assets: the borrower’s BTC collateral and the money being advanced. The lender or liquidity supplier needs compensation for making that money available.

A useful way to understand a lender’s price is to consider its funding cost, operating costs, risk allowance and commercial margin. Custody, servicing and maintaining liquidity all affect that calculation. This is an economic framework, not a disclosed formula for any provider in the table.

Funding can come from different places, including institutional credit and market participants supplying stablecoins. The funding arrangement affects what it costs to offer a fixed rate, how long that rate can be held and how much cash is available to lend. It does not determine the final price by itself.

Loan size, LTV, term and payment timing

LTV is the debt divided by the market value of the collateral. A lower starting LTV means more collateral backs each dollar lent. Some providers price that difference directly: SALT’s one-year schedule lists 7.49% APR at 30% LTV and 8.75% at 50% LTV. SALT’s published schedule.

Other schedules reward larger loans or distinguish monthly interest from payment at maturity. Deferring interest changes when the lender receives cash. Strike explicitly identifies payment timing and loan size as its fixed-term pricing factors. Strike’s rate explanation.

These choices affect more than price. With $100,000 of BTC, a 30% LTV loan provides $30,000; a 50% LTV loan provides $50,000. Compare the cash you need and the collateral you are willing to commit before choosing between the rates.

Collateral reuse and rehypothecation

Rehypothecation generally means a financial intermediary reuses collateral pledged by a client to support its own funding. Collateral reuse can make funding more available and reduce financing costs. It also creates dependencies between the parties using that collateral. The Financial Stability Board examines both the economic benefits and the potential transmission of stress through these arrangements. FSB report.

For a borrower, the useful questions are specific: can the lender pledge collateral to obtain dollars, lend the BTC itself to another borrower, or permit further reuse? Who holds it, and what contractual rights apply if a party cannot perform?

Those arrangements can influence funding costs, but they do not tell you what discount reaches the borrower. A low rate does not establish that collateral is reused; a high rate does not establish that it stays in one wallet. Look at the product’s documented permissions alongside its price.

For example, SALT says its loan collateral is not rehypothecated or lent out. Unchained also describes its commercial loans as having no rehypothecation. Those are statements about their respective products, not conclusions inferred from their APRs. SALT collateral policy, Unchained commercial-loan pricing.

What happens specifically with Ledn?

For Custodied Loans, Ledn permits collateral to be re-posted only to an institutional USD funding partner or a Ledn-sponsored and managed financing vehicle, including an asset-backed security structure. Its Help Center states that custody remains verifiable and collateral is legally ring-fenced from a funding partner’s assets or held in a bankruptcy-remote vehicle.

Ledn also states that neither Ledn, the institutional partner nor the financing vehicle has the right to lend out that collateral to generate interest. This describes a defined use of BTC to secure dollar funding. It should not be shortened to a claim that collateral can never be re-posted. Ledn Custodied Loans policy.

How DeFi changes the rate calculation

DeFi protocols can match liquidity suppliers and borrowers through smart contracts. In utilisation-based models, interest responds to how much of the supplied asset is being borrowed. When borrowing demand rises relative to supply, the model can raise rates; when conditions ease, rates can fall. Aave documents dynamic pricing based on utilisation and governance parameters. Aave borrowing guide.

Compound III uses a rate curve with a “kink”: above a specified utilisation level, the borrow rate rises more rapidly. Its current annualised rate describes current conditions, not a promise for the next year. Compound III interest-rate model.

This can give borrowers access to competitive liquidity and flexible repayment. The trade-off is exposure to changing rates and the operation of the chosen protocol, collateral token and price oracle. Native BTC may need to become a token on another network: for Coinbase’s Morpho route, BTC becomes cbBTC. Coinbase collateral explanation.

DeFi does not automatically mean the borrower’s collateral is lent onward. Morpho says collateral does not earn supply interest by default because it is not lent to borrowers. Compound III likewise distinguishes interest-bearing base-asset balances from collateral balances, which do not earn interest. Read the specific market design rather than applying one description to every protocol. Morpho FAQ, Compound collateral documentation.

How to compare the total cost of two quotes

Keep APR, interest and APY separate

An interest rate describes the charge for borrowing. APR expresses an annualised borrowing cost that includes applicable charges under the relevant disclosure method. APY reflects compounding over a year. A daily fee needs its own calculation based on duration and the balance to which it applies. The CFPB explains the distinction between interest and APR in its lending guidance. CFPB explanation.

Use the provider’s disclosed APR where available, then check which charges it includes. Do not add included origination fees again. Liquidation charges, network costs, currency conversion and contingent service fees may need separate consideration.

Calculate cash received and cash repaid

Consider an illustrative loan with $50,000 principal, 10% simple annual interest and a 2% origination fee deducted from the advance. Assume the principal stays outstanding for a full year and all interest is paid at maturity.

For these exact cash flows, the one-year cost is $6,000 ÷ $49,000, or about 12.24%. That is a cash-flow illustration, not a quoted provider APR or a substitute for a jurisdiction’s required APR calculation. Monthly payments, financed fees, early repayment or compounding would change the result.

For a variable loan, also calculate a higher-rate scenario. For a credit line, use expected draw dates and balances. Lava’s maximum-balance capital charge illustrates why a nominal rate alone is insufficient for that comparison. Lava fee basis.

Include the collateral you commit

Compare initial LTV separately from the liquidation threshold. At 50% initial LTV, a $50,000 debt requires $100,000 of collateral. If debt stays constant, an illustrative 80% liquidation threshold is reached when collateral falls to $62,500: a 37.5% decline. Interest added to debt reduces that buffer.

The best fit depends on both cost and your ability to manage the position. Check the rate, total cash flows, collateral permissions, liquidation process and repayment terms together.

How we maintain this comparison

We schedule weekly checks of official pricing pages, fee schedules and product documentation. Each row links to the source used and shows its check date or verification limitation. We preserve rate labels and include the conditions needed to interpret an advertised minimum.

Ledn’s rates are taken from the pricing table on its Bitcoin-backed loans page. When a rate is only available in an application or changes continuously, we say so. An unsuccessful check does not turn an older rate into a newly verified one. Contract terms and an eligible borrower’s current quote take precedence over this editorial snapshot.

13 September 2026 update: Rechecked all twelve entries; no changes to the listed rates. Added Ledn’s renewal and refinancing policy effective 1 January 2027. Ledn’s $2m+ tier is 9.25% APR. Figure’s current rate remains unverified.

8 September 2026 update: Expanded coverage from six to twelve providers and protocols; added payment and fee conditions; corrected the $500,000–$1m Ledn tier from 10.19% to the pricing table’s 10.49%; added source references and explanations of funding, collateral reuse and DeFi pricing.

Frequently asked questions

Which provider has the lowest Bitcoin loan rate?

There is no single lowest rate for every borrower. The table includes different loan sizes, collateral requirements and rate definitions. Request quotes for the same cash amount, term, payment schedule and collateral commitment, then compare the total cost.

Does a fixed rate mean my collateral cannot be liquidated?

No. A fixed rate governs borrowing cost during the agreed period. Liquidation depends on the contract or protocol’s collateral rules. Bitcoin’s price can fall while your interest rate stays unchanged.

Does rehypothecation make a loan cheaper?

It can affect the lender’s funding costs, but the borrower’s final price also depends on other costs, product terms and commercial decisions. Compare the documented collateral rights and the actual quote separately.

Are DeFi rates always lower than lender rates?

No. Market rates change with liquidity and demand. Include interface fees, processing fees, compounding, network costs and any asset-conversion costs before comparing a DeFi route with a lender’s APR.

How current are these figures?

The source-check date appears in each row. We schedule weekly reviews, but an advertised or variable rate may change sooner. Confirm the terms in the provider’s official quote or selected protocol market before borrowing.