pledge
Figure
8.91% interest rate (9.999% APR at 50% LTV) crypto loans with optional liquidation protection.
Run your numbers
What happens if BTC drops.
The single most important question on a Bitcoin loan. With Figure, liquidation is a managed process. If your loan-to-value rises toward the liquidation threshold below, Figure works through margin calls before any collateral is sold.
At Figure's 50% opening LTV, BTC would have to fall 44% before a position opened at that LTV reaches the 90% liquidation threshold.
Cure window: Loan-agreement dependent; not publicly fixed.
What Figure publishes: Interest-only 12-month term. Public pages describe margin calls and liquidation management but do not publish a fixed cure window or static threshold table. Optional Liquidation Protection is available for an additional fee. Confirm exact margin-call and liquidation terms in the loan agreement before borrowing.
The terms, translated.
With Figure, the “contract” is the loan agreement and the platform’s risk parameters. We've pulled the key terms from Figure's own data and translated them into plain English.
How Figure compares to its closest cousins.
The org, the founder, the governance.
Interest rate 8.91% (9.999% APR including 1% origination fee) at the publicly disclosed 50% LTV example, 12-month term. Figure also says borrowers may use up to 75% initial LTV, but higher-LTV pricing should be confirmed in the application flow. Uses decentralized MPC custody language through Figure Markets and says collateral will never be rehypothecated. No published reserve reporting found in this audit. Excluded states: DC, ID, IL, KY, MD, MS, SD, TX, VT, VA.
The 8-factor breakdown.
Custodial. Scores 6/10 (moderate) 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 4/10 (weak). 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: registered. Scores 8/10 (solid). 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.
No public reserves reporting. Scores 3/10 (weak). Without auditable reserves disclosure, depositors have no independent confirmation that the assets exist and are unencumbered.
Scores 7/10 (solid). 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.
8+ years operating since 2018. 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 8/10 (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 Figure's 7.1/10, 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. Figure is strongest on rehypothecation (10/10) and thinnest on reserves (3/10).
Questions readers actually ask about Figure.
Is Figure safe for Bitcoin-backed loans?
Figure has a Pledge safety score of 7.1/10 after the latest source audit. They use MPC (multi-party computation) custody for decentralized key management, and the current official loan page says collateral will never be rehypothecated. The main remaining limits are custodial/MPC collateral, no published reserve reporting, and agreement-specific liquidation terms.
What is the APR for Figure's Bitcoin loans?
Figure offers a flat 8.91% interest rate at 50% LTV on 12-month terms. With a 1% origination fee, the effective APR is slightly higher — one of the lowest total costs available.
What is Figure's maximum LTV?
Figure offers 50% LTV on 12-month terms. Higher LTV comes with significantly more liquidation risk. Optional Liquidation Protection is available for an additional fee.
Which US states does Figure exclude?
Figure is excluded in our tracked US dataset: DC, ID, IL, KY, MD, MS, SD, TX, VT, and VA.
The receipts.
Every figure on Figure traces to a primary document. These are the ones we read — open any of them.
- Figure crypto-backed loan page ↗Verified
8.91% interest rate, 9.999% APR at 50% LTV, 1% origination fee, up to 75% LTV, supported assets, restricted states, and MPC custody language
Borrower mechanics, collateral handling, payments, and repayment timing