Best crypto-backed loans in 2026

Lender of record and lending licence — 7/10

Two things, and the first is the one a borrower would resent most because they relied on it before sending the coin. Figure's product page promises 'Your collateral is held by our qualified custodian and will never be rehypothecated.' — but the string 'rehypothec' does not appear once in the 283,652 bytes of the binding Figure Markets General Terms of Service (independently re-run 2026-08-19: 0 hits), and the covenant that DOES exist there — 'neither Figure nor the operators of any MPC Nodes will sell, transfer, loan, hypothecate or otherwise alienate supported Digital Assets in your Digital Asset Wallet unless instructed to do so by you' — binds 'Figure', which those Terms define as 'Figure Markets Holdings, Inc., and its affiliates (including Figure Payments Corporation)'. The company that actually becomes the borrower's creditor is Figure Lending LLC, and Figure's own disclosure says 'Figure Lending is not affiliated with Figure Markets Holdings, Inc., Figure Technologies, LLC or any of its subsidiaries.' On pledge, that same lender becomes the UCC-8 'entitlement holder' of the collateral. So the borrower keeps title, gets a per-loan segregated sub-wallet and a watchable address — genuinely good, and all of it confirmed in a binding document — while the promise they bought is written against a different company, the loan agreement that would bind the real one is never published, and the words 'bankrupt' and 'insolven' return zero hits across the only binding document they can read. Second, the cost: a borrower who reads '9.999% APR' and 'twelve monthly payments of $74.25' is quoted the path they are NOT put on. 'By default, borrowers are opted into an interest-deferral feature' under which 'Accrued interest continues to compound during the deferral period' — they must actively opt out to get the loan whose APR they were shown, and no rate on the marketing page prices the compounding one. Compounding that, the same URL serves two different rate cards in a single load: the rendered page says 8.91%/11.50%, its own JSON-LD says 9.9%/12.4%.

RATE CARD, VERBATIM, https://www.figure.com/crypto-backed-loan/ (HTTP 200, 490,586 bytes, re-fetched 2026-08-19, byte count reproduced) — the vendor publishes TWO, in the same file, in the same fetch. CONFIRMED ON VERIFICATION. (A) Rendered disclosure block: '**Repayment Period (Minimum-Maximum):** 12 months' / '**Maximum APR:** 12.62% APR (APR includes interest plus applicable fees such as the 1% origination fee). Available interest rates for Figure's Crypto-Backed Loan are 8.91% (9.999% APR) at 50% LTV or 11.50% (12.62% APR) up to 75%.' / '**Representative Example (Total Cost):** As an example, a borrower receives a Crypto Backed Loan at 50% LTV of $10,000 for a term of 12 months, with an interest rate of 8.91% and a 1% origination fee of $100, for an APR of 9.999%. In this example, the borrower will receive $10,000 and will make 12 monthly payments of $74.25. Rates will be higher for applications secured by assets with a higher LTV ratio. The Figure Crypto-Backed Loan has a 12 month interest-only repayment term and allows for a maximum initial LTV ratio of 75%. Interest rates change frequently so your exact interest rate will depend on the date you apply and may depend on many factors such as LTV ratio.' (B) The single application/ld+json block in the SAME file, SAME load — isolated from the body and confirmed: 'You can borrow up to 75% of the value of your crypto at a fixed interest rates of 9.9% at 50% or below or 12.4% up to 75%.' The body carries the same sentence updated to '8.91% (9.999% APR) at 50%'. Machine-readable and human-readable prices disagree. COMPARISON TABLE ROWS — READ BY RAW COLUMN KEY ON VERIFICATION. Figure is column two (carries Figure's rate, Figure's custodian, Figure's restricted states, 'Founded 2018'). Figure's own cells: 'Interest rates' = '8.91% (9.999% APR)² @ 50%'; 'Origination fee' = '1%²'; 'Supported assets' = 'BTC, ETH, SOL'; 'Custodian' = 'Decentralized, MPC custody'; 'Term length' = '1 year'; 'Restricted US states (retail)' = 'DC, ID, IL, KY, MD, MS, SD, TX, VT, and VA'. Table footnote: 'Chart based on 3rd party review conducted in July 2026.' CORRECTION TO THE PRIOR DRAFT: 'Up to 2 years' was cited as Figure's term row contradicting the '12 months' disclosure. It is colFourValue — a COMPETITOR's cell (custodian 'Anchorage', 'Founded 2022'). Figure's own term row reads '1 year' and is CONSISTENT with the 12-month disclosure. No term contradiction exists. LTV TIERS — SCOPED, NOT FLATLY CONTRADICTORY: 'We allow an initial loan-to-value ratio (LTV) of up to 75%.' and 'allows for a maximum initial LTV ratio of 75%' are the product's cap. 'The maximum loan-to-value ("LTV") ratio is 50% at origination.' is real but sits inside the liquidation-protection footnote (which opens 'Liquidation protection is only available in CA, NY, FL, PA, AL, AK, GA, HI, MA, UT.') and recurs on figure.com/liquidation-protection-disclosures/ scoped to that optional programme. Residual ambiguity: the footnote names 'The Figure Crypto Backed Loan (CBL)' without flagging that the 50% is programme-specific. MARGIN / LIQUIDATION TIERS, https://www.figure.com/faqs/crypto-backed-loans/ (HTTP 200, 163,549 bytes, byte count reproduced) — ladder block re-extracted contiguously and confirmed character-exact: 'Ranges for loans with an initial 50% LTV:' '* LTV ≥ 75% → courtesy notice that you may soon receive a margin call' '* LTV ≥ 80% → receive margin call and must cure to ≤ initial LTV within 48 hours*' '* LTV ≥ 90% → automatic liquidation'. 'Ranges for loans with an initial 75% LTV:' '* LTV ≥ 80% → courtesy notice that you may soon receive a margin call' '* LTV ≥ 85% → receive margin call and must cure to ≤ initial LTV within 48 hours*' '* LTV ≥ 90% → automatic liquidation'. OTHER FEES: 'A 2% liquidation fee is applicable in certain regions, which is disclosed in your loan offer documents when a CBL is taken out.' / 'A renewal fee may be charged if you opt to renew.' / 'You can prepay your loan at any time without penalty.' / 'Crypto Loans starts at a minimum of $5,000, subject to state and jurisdiction-specific legal limitations.' (all figure.com/faqs/crypto-backed-loans/, verified 2026-08-19). UNPRICED: 'A one-time, non-refundable Protection Fee is paid at loan origination to enroll in the Liquidation Protection Program' (figure.com/liquidation-protection-disclosures/) — no rate or amount published anywhere. THE PAGE THAT HIDES THE REAL DOCUMENT: no Crypto-Backed Loan Agreement is served on figure.com or figuremarkets.com. https://www.figure.com/crypto-backed-loan-agreement/ = HTTP 404 and https://www.figure.com/disclosures/crypto/ = HTTP 404 (both re-tested 2026-08-19); the agreement is referenced only as 'subject to all terms and conditions of the Loan Agreement' (figure.com/liquidation-protection-disclosures/).