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 41% before a position opened at that LTV reaches the 85% 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 85% 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, but pricing is under a launch-lock conflict flag. The pricing page still shows 12% interest, 2% origination, and 14.18% APR, while the loans-page calculator shows 14% interest and 16.21% APR as an estimate dated March 12, 2026. $150K minimum loan amount. Commercial-purpose loans only. Uses collaborative multi-sig custody with no commingling and no rehypothecation. 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 2 of 3 keys — meaning Unchained cannot access 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 two private keys and Unchained holds one. Any transaction requires at least two signatures. Even if Unchained disappears, you and your co-signers can still move your BTC.
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 ↗Conflict flagged
Commercial loan calculator, current public estimate, minimum principal, funding timing, and collaborative custody model
- Unchained pricing page ↗Conflict flagged
Commercial loan pricing, vault fees, origination fee, trading fees, and late/returned-payment fees
Commercial purpose, 360-day term, $150,000 minimum, interest-only payments, 200% CTP collateral requirement