Pledge is a safety-first research tool for people comparing Bitcoin-backed loans. If you're borrowing against your Bitcoin — or pressure-testing whether a BTC loan makes sense at all — start with the risk stack, not just the headline APR.
What Pledge does
Pledge compares Bitcoin-backed loan platforms side by side, with a focus on the thing that matters most: safety.
We track 15 lending platforms — including Unchained, Xapo, Ledn, Arch, Figure, Lava, Nexo, YouHodler, and SALT — across 136 data points. The dataset is updated as lender disclosures change, and every tracked platform gets a safety score based on eight factors: custody model, rehypothecation policy, reserve transparency, regulatory status, track record, liquidation terms, loss protection, and transparency.
Why safety scoring matters
Most comparison sites rank platforms by advertised APR. That's dangerous.
A lower rate on a custodial platform that rehypothecates your collateral isn't a good deal if the platform fails. Celsius customers learned this the hard way. Pledge's safety score makes counterparty risk visible before you commit. Read our custody models guide to understand why custody is the single most important factor.
Real rates, no BS
Advertised APR tells you almost nothing. Origination fees, hidden charges, and compounding can push your effective rate 2-3% higher than what's on the label.
Pledge calculates effective APR from the available product terms so you can compare the modeled cost of borrowing before asking a lender for a final quote.
Free and independent
No signup. No paywall. No paid ranking placements. Pledge does not claim borrower volume, lender endorsements, or market share — the point is to make the underlying loan terms easier to inspect.
Every platform in our tracked dataset is evaluated using the same criteria. Compare them side by side →
If you're borrowing against Bitcoin, treat it like the credit decision it is. Pledge gives you the data to make that decision with your eyes open.