Platform Comparison
Figure vs Lava: CeFi Rate Leader vs DeFi-Origin Lender
Compare Figure (CeFi) and Lava (DeFi) for Bitcoin-backed loans. Figure’s 8.91% base rate (9.999% effective APR) vs Lava’s 6.5% route (custody unresolved), plus custody, safety, and trade-offs.
Figure offers a tracked 12-month BTC product that can often fund same day, with an 8.91% base rate (9.999% effective APR after its origination fee), while Lava offers one of the lowest published BTC rates we track, from 6.5% (comparable to Arch from 7.25% and SALT from 7.49%). Figure brings a US-only consumer-lending model with BBB A+ accreditation, MPC custody, and optional Liquidation Protection, while Lava requires no KYC but its custody model is unresolved (reporting indicates custodial cold storage as of Nov 2025; its site still markets self-custody). Two very different approaches to BTC lending.
Figure is stronger on simple CeFi pricing and easier onboarding: a tracked 12-month BTC loan that can often fund same day, with a 9.999% effective APR and optional Liquidation Protection. It fits borrowers who want predictable costs and accept custodial trade-offs.
Lava is stronger on headline rate: 6.5% APR with no KYC and on-chain settlement that can complete quickly. But its custody model is unresolved (reportedly custodial as of Nov 2025), so treat it as custodian-dependent rather than confirmed self-custody.
Head-to-Head Comparison
Key Differences
- Lava offers a lower starting APR (7.50% vs 8.91%)
- Figure scores higher on safety (7.1 vs 3.4)
- Lava has no known US-state exclusions, while Figure excludes 10 US states in our dataset
The Verdict
Which platform is right for you?
→ Pick Figure if:
- • You want a simple BTC-only CeFi product with a fixed 9.999% effective APR
- • You value BBB A+ accreditation and optional Liquidation Protection
- • You want same-day funding on Figure's tracked BTC product
- • You prefer regulated financial products
- • You want a straightforward fixed-rate loan
→ Pick Lava if:
- • You want one of the lowest published BTC rates we track, from 6.5% (Lava custody unresolved)
- • You want non-custodial — no custodian holds your BTC
- • You don't want KYC
- • You're comfortable with smart contract risk
- • You want to borrow as little as $100
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