pledgeWhat do you need to get a Bitcoin-backed loan?
BTC-backed loans are collateralized, so your Bitcoin does most of the underwriting work. But qualifying is still not just a checklist of documents. Use this page to understand how KYC, minimum loan sizes, state restrictions, and funding workflow fit together before you move into lender selection.
Data checked: June 21, 2026 · 15 tracked platforms
Collateral matters more than FICO here
All 15 platforms use your BTC as collateral, so approval is driven primarily by collateral value, KYC, and minimum loan thresholds rather than a traditional credit score. Most lenders also skip pay stubs or employer calls, though some may still run sanctions or fraud screening and ask for extra source-of-funds documents on larger loans.
Qualification snapshot by platform
Use this as a qualification map, not a shopping table. The goal is to understand which requirements eliminate or reshape your options before rates even matter.
| Platform | KYC Docs | Min BTC | Min Loan | Credit Check |
|---|---|---|---|---|
| Ledn | Government ID + selfie | None stated | $500 | None |
| Unchained | Government ID + SSN | None stated | $150,000 | None |
| Figure | Government ID + SSN | None stated | $500 | Soft pull |
| Arch | Government ID + SSN | None stated | $5,000 | None |
| Lava | None | None | None | None |
| Nexo | Government ID + selfie | None stated | $100 | None |
| YouHodler | Government ID + selfie | None stated | $100 | None |
State restrictions
Not every platform is available in every US state. Here are the key restrictions.
New York
New York requires a BitLicense-style compliance burden for centralized crypto lending. In our current dataset, the CeFi lenders still serving NY are Ledn, Unchained, Figure, and Arch Lending, while Nexo, YouHodler, Strike, and SALT Lendingexclude New York residents. DeFi routes like Lava, Aave, and Maker (Sky) may still be accessible because they do not rely on the same CeFi licensing model. See our New York Bitcoin loans guide for details.
Other restricted states
Connecticut, New Hampshire, Texas, and several others restrict certain platforms. Check each lender's availability page before applying. Figure and SALT have some of the broadest US state exclusions among the CeFi lenders we track. Lava (DeFi) has no tracked US-state exclusions in our dataset, but access still depends on your wallet setup and local rules rather than CeFi KYC onboarding.
How the qualification workflow actually unfolds
Step 1: Choose the constraint that matters first
Start by deciding whether jurisdiction, KYC burden, minimum loan size, or funding speed is the real gating factor. For many borrowers, the earliest fork is not rate. It is whether they need a CeFi route with stronger borrower protections, a no-KYC path like Lava, Aave, Maker (Sky), or a lender whose minimums still fit the intended loan size.
Step 2: Complete KYC verification
Upload a government-issued photo ID (passport or driver's license) and take a selfie. Some platforms also require your Social Security Number for US compliance. Verification typically takes 5–30 minutes on CeFi platforms. Lava skips this step entirely.
Step 3: Lock BTC as collateral
Transfer Bitcoin from your wallet to the platform's deposit address. The amount depends on your desired loan size and LTV ratio. At 50% LTV, a $10,000 loan requires roughly $20,000 in BTC. Most platforms credit deposits after 1–3 on-chain confirmations.
Step 4: Select loan terms and receive funds
Choose your loan amount, duration, and interest rate. Funds are sent via bank transfer (ACH/wire) or stablecoin, depending on the platform. Timeline varies significantly — use the timing table below to pressure-test whether the workflow still fits after KYC and collateral transfer.
Application-to-funding timeline
How long from starting your application to having cash in your bank account.
Times are based on Pledge's most recent verification. Wire transfers are faster than ACH. Weekend applications may delay funding on platforms that do not process on weekends.
Common reasons applications get denied
1. Unsupported jurisdiction
You reside in a state or country where the platform does not operate. Figure and SALT have the longest excluded-state lists among the regulated lenders we track, while Ledn, Nexo, and YouHodler each exclude only a couple of US states. Check availability before starting KYC.
2. KYC verification failure
Blurry ID photos, expired documents, or mismatched names between your ID and bank account. Double-check document quality before uploading. Most platforms allow you to retry.
3. Insufficient collateral
You request a loan amount that exceeds the maximum LTV for your locked BTC. Keep in mind that BTC price fluctuations between deposit and loan activation can change your available borrowing capacity.
How to use the requirements page before lender selection
Getting a BTC-backed loan is simpler than a traditional loan. Traditional credit scores matter less here, income paperwork is usually lighter, and employment history is rarely the gating factor. The main requirements are owning Bitcoin, completing KYC (except on DeFi options like Lava, Aave, Maker (Sky)), and meeting minimum loan thresholds.
If speed matters, Lava funds instantly without KYC (3.4/10 safety). For a balance of speed and safety, Ledn (7.4/10, ~10 hours) is a strong CeFi option with Open Book reporting. For maximum safety, Unchained (9.0/10) takes 3–5 days but offers multi-sig custody with no rehypothecation.
Keep the next step in the research flow, not the compare flow. Use this page to narrow the field by qualification friction first, then move into the loan hub, methodology, or no-KYC guide depending on which constraint is still driving the decision.
Related research
Bitcoin-Backed Loan Basics
How BTC collateralized lending works — LTV ratios, margin calls, and repayment structures.
New York Bitcoin Loans
Which platforms are available in New York and how BitLicense requirements affect borrowers.
No-KYC Bitcoin Loans
How to borrow against BTC without identity verification — and what you trade off for privacy.
Keep the qualification step in the research flow
Use the broader loan hub, methodology, and no-KYC guide to filter by eligibility, custody, and workflow fit before you move into side-by-side shopping.