pledge
Unchained
Collaborative multi-sig custody — you control your keys.
Run your numbers
What happens if BTC drops.
The single most important question on a Bitcoin loan. With Unchained, liquidation is a managed process. If your loan-to-value rises toward the liquidation threshold below, Unchained works through margin calls before any collateral is sold.
At Unchained's 50% opening LTV, BTC would have to fall 40% before a position opened at that LTV reaches the 83% liquidation threshold.
Cure window: 24 hours.
What Unchained publishes: Collaborative multi-sig vault provides additional protection. Margin call at 70% LTV with 24-hour grace period. Liquidation at 120% CTP (collateral-to-position), which is approximately 83.33% LTV.
The terms, translated.
With Unchained, the “contract” is the loan agreement and the platform’s risk parameters. We've pulled the key terms from Unchained's own data and translated them into plain English.
How Unchained compares to its closest cousins.
The org, the founder, the governance.
Highest safety score (9.0/10) in our tracked dataset. Pricing page (re-verified 2026-09-14): 12% interest, 2% origination, 14.18% APR, $150K minimum, 200% CTP collateral requirement, 30-day interest-only payments. Commercial-purpose loans only (entities, not sole proprietorships). Uses collaborative multi-sig custody with no commingling and no rehypothecation (borrower holds 1 of 3 keys). US-only availability. Signature service listed separately on the pricing page.
The 8-factor breakdown.
Multi-Sig. Scores 9/10 (strong) on the custody axis. Non-custodial designs score highest because no third party can move collateral; custodial designs lose points proportional to operator discretion.
Policy: none. Scores 10/10 (strong). "Strict" / "no-rehypothecation" policies score highest because collateral cannot be lent out; "permitted" policies lose points for exposure to counterparty failure on the re-pledged BTC.
Scores 10/10 (strong). Programmatic on-chain liquidation at a fixed LTV scores highest (predictable, no operator discretion); discretionary or off-chain liquidation processes lose points proportional to opacity and timing risk.
Regulatory status: licensed. Scores 9/10 (strong). US/EU-regulated lenders with explicit licensing score highest; offshore or DAO-governed entities lose points because there's less recourse if something goes wrong.
Reserves reporting via Self-verifiable on-chain (collaborative multisig — you hold keys). Scores 8/10 (solid). Recurring third-party attestation scores highest; self-attested or unpublished reserves lose points.
Scores 9/10 (strong). Lenders that publish operating reports, smart-contract code, and live rate/LTV parameters score highest; those that bury terms in PDFs or change rates without notification lose points.
10+ years operating since 2016. Scores 9/10 (strong). Older operations with surviving stress events (March 2020, Nov 2022, etc.) score highest; younger or untested operations lose points proportional to how many full cycles they've operated through.
Scores 7/10 (solid). Loan agreements with explicit liquidation order, segregated-account language, and clear borrower recourse score highest; ambiguous default terms lose points.
Same score, different shape.
Each spoke is one of the eight factors behind Unchained's 9.0/10, plotted 0–10 and ordered by methodology weight. The filled shape is the lender's safety profile. Two lenders can share an overall score and still have opposite shapes — a balanced octagon is a very different risk than a spike on one axis with thin edges everywhere else. Unchained is strongest on rehypothecation (10/10) and thinnest on loss protection (7/10).
Questions readers actually ask about Unchained.
Is Unchained safe for Bitcoin-backed loans?
Unchained has the highest Pledge safety score at 9.0/10. They use collaborative multi-sig custody where you hold 1 of 3 keys — meaning Unchained cannot move your BTC without your signature. No rehypothecation, NMLS licensed, and operating since 2016 with a clean record through the 2022 cycle — one of the longer track records in BTC lending we track.
What is the minimum loan amount for Unchained?
Unchained requires a minimum loan of $150,000, which means you need at least $300,000 in BTC collateral at 50% LTV. This makes it best suited for larger borrowers.
How does Unchained's multi-sig custody work?
Unchained uses a 2-of-3 collaborative multi-sig vault. You hold one private key, and Unchained and its key agent hold the other two. Any transaction requires at least two signatures.
What is the effective APR for an Unchained loan?
The advertised rate is 14.18% APR, but Unchained shows different public APR examples: the pricing page still shows a 12% interest / 14.18% APR example while the loan calculator shows a 14% interest / 16.21% APR estimate. Confirm the current quote before relying on the effective APR.
Does Unchained require a credit check?
No. Unchained explicitly does not require a credit check. Loan approval is based on your BTC collateral value and identity verification (KYC/AML), not your credit score.
The receipts.
Every figure on Unchained traces to a primary document. These are the ones we read — open any of them.
- Unchained bitcoin loans page ↗Verified
Commercial loan calculator, minimum principal, funding timing, and collaborative custody model. Borrower/company controls 1 of 3 keys (Unchained and Fortis Bank each hold one); no single party can move the BTC. Calculator defaults may lag; pricing page is authoritative for 12% interest / 14.18% APR / 2% origination (re-verified 2026-09-14).
- Unchained pricing page ↗Verified
Commercial loan pricing, vault fees, origination fee, trading fees, and late/returned-payment fees. 12% interest / 14.18% APR / 2% origination, $150K min, 2% forced-liquidation selling fee (re-verified 2026-09-14 on the pricing page).
Commercial purpose, 360-day term, $150,000 minimum, interest-only payments, 200% CTP collateral requirement