Best U.S. Crypto Loan Lenders in 2025: Rates & Features Compared

In 2025, crypto-backed loans have matured into a core part of many investors’ financial strategies. With Bitcoin, Ethereum, and other digital assets regaining momentum, more borrowers are looking to access liquidity without triggering taxable events or selling off their holdings.

But as the crypto lending space grows, so does the complexity. Loan terms, rates, fees, collateral handling, and even risk models can vary widely from one lender to the next. For borrowers, understanding these differences is key—not just to getting the lowest rate, but to ensuring their assets are protected throughout the life of the loan.

In this guide, we break down the key players in the U.S. crypto loan space: Milo, Ledn, Nexo, Unchained Capital, Arch, and Strike, comparing how they stack up on the features that matter most.

Milo

Milo offers crypto-backed loans designed for borrowers seeking both flexibility and predictability. Loans range from $75,000 to $5 million, secured by Bitcoin or Ethereum. Borrowers can choose 50% loan-to-value (LTV) at a fixed 12.95% APR, or opt for a 30% LTV loan at 12.75% APR, which provides more protection against margin calls for those who prefer a conservative approach.

Loan payments are interest-only, with the principal due as a balloon payment at maturity, giving borrowers the option to manage cash flow more efficiently. Additionally, Milo allows loans to be rolled over at the end of the term, subject to approval, providing added flexibility for those who may wish to extend.

Collateral is held securely with qualified custodians and is never rehypothecated, ensuring borrowers retain full control and transparency over their assets. There are no credit checks, no prepayment penalties, and the loan structure is designed for borrowers who want clear terms and the freedom to manage repayment on their timeline.

Ledn

Ledn offers two Bitcoin-backed loan products, each designed with different custody and risk profiles in mind.

The Standard Loan allows Ledn to rehypothecate the collateral, meaning the Bitcoin can be lent out to third parties. This comes with a 10.4% annual interest rate, plus a 2% origination fee, bringing the effective APR to 12.4%. This structure is aimed at borrowers comfortable with some counterparty risk in exchange for a lower borrowing cost.

For borrowers prioritizing security, Ledn also offers a Custodied Loan, where the Bitcoin collateral is held securely without rehypothecation. This model ensures your assets remain untouched, but the increased security comes at a higher price—11.4% annual interest rate with the same 2% origination fee, resulting in a 13.4% APR.

Both loan types are offered at up to 50% LTV, with monthly interest-only payments and the principal due at the end of the term. While Ledn’s loans provide repayment flexibility, borrowers should weigh the trade-offs carefully, especially considering the difference in collateral risk exposure between the two programs.

Nexo

Unlike traditional lenders, Nexo operates a crypto-backed line of credit, allowing users to draw funds as needed. Rates are determined by Nexo’s Loyalty Tier system, which is based on the ratio of NEXO tokens held in a user’s portfolio:

• Base Tier users pay 18.9% APR, with no NEXO tokens required.
• Platinum Tier users can access rates as low as 2.9% APR, but only if they hold at least 10% of their portfolio in NEXO tokens and maintain an LTV of 20% or lower.

Nexo allows borrowing up to 70% LTV, but the system is dynamic, with variable rates and rehypothecation of collateral common across all tiers. For borrowers who prefer a revolving line of credit tied to their portfolio balance, Nexo provides flexibility, though at the cost of higher complexity and platform-based risks.

Unchained Capital

Unchained Capital offers Bitcoin-only loans focused on commercial borrowers, leveraging a multisig custody model. Keys are distributed among Unchained, the borrower, and a third-party agent, ensuring no single party can access the BTC unilaterally.

The program features:

• 13% interest rate with a 2% origination fee, bringing the effective APR to 15.20%.
• LTV up to approximately 50%.
• Minimum loan size of $150,000.
• No credit checks and no prepayment penalties.

Unchained’s structure is ideal for institutions prioritizing decentralization and security, though it may feel less accessible to smaller borrowers.

Strike

Strike offers Bitcoin-backed loans with two distinct structures. Borrowers can choose monthly interest-only payments at 12% APR, with the principal due at maturity, or opt for payment at maturity with a 13% APR, where both principal and interest are repaid in a lump sum.

All loans offer:

• Up to 50% LTV.
• No rehypothecation of collateral, which is held by Strike or its partners.
• No origination fees or early repayment fees.
• Loan sizes from $75,000 to $2 million.

Interest accrues daily, and borrowers can request early closure starting 60 days after loan opening, with no penalties, making Strike’s offering particularly attractive for short-term liquidity needs.

Arch

Arch supports Bitcoin, Ethereum, and Solana as collateral, with varying LTVs:

• BTC loans up to 60% LTV.
• ETH loans up to 55% LTV.
• Solana loans up to 45% LTV.

Their BTC program comes with a 12.50% annual interest rate and a 1.50% origination fee, resulting in an annualized APR of around 14%. Arch partners with Anchorage for custody, ensuring no rehypothecation, and offers loan terms of up to 24 months.

Borrowers face no credit checks, no early repayment penalties, and a 2% liquidation fee if assets need to be sold. For those seeking higher LTVs and longer loan durations, Arch offers a compelling-but-higher-risk option.

Final thoughts In 2025’s crypto lending market, borrowers have more options than ever, but also more variables to navigate. Rates, fees, LTVs, custody practices, and repayment terms all impact not just the cost of the loan, but the borrower’s peace of mind.

For borrowers looking for predictable payments, secure custody, and the flexibility to manage or extend their loan, lenders like Milo offer clear, interest-only structures with no rehypothecation and straightforward terms.

Other lenders provide different approaches. Ledn, for example, gives borrowers the option of lower costs with rehypothecation or a higher rate with secure custody. Strike also offers interest-only payments, while Arch allows longer loan terms with higher LTVs, though borrowers should account for the liquidation fees.

Nexo’s line of credit model provides on-demand liquidity and high LTVs but comes with platform-specific terms, variable rates, and rehypothecation of assets.

In the end, the right crypto loan comes down to more than just rates. It’s about how the loan fits your goals, your tolerance for risk, and your need for flexibility or control over your collateral. Borrowers should look closely at the full structure, not just the APR, to find the right fit for their strategy.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.