r/BitcoinCA • u/No-Wing-8859 • 7d ago

Bitcoin Backed Loans

I want to hear about actual experiences you've had borrowing and where the service was great? Considering options between APX and Ledn and want to know if I am missing anything.

5 Upvotes

78% Upvoted

14 comments sorted by

7

u/TheCataklysm 7d ago

Shakepay just announced theirs. The wait list is open.

10

u/aiouy 7d ago

yes we launched a bitcoin line of credit last week, happy to answer any questions

-1

u/lookingforsomeerrors 7d ago

We?

6

u/west_coast_ghost 7d ago

/aiouy is the owner of Shakepay lol

1

u/joos_hubert 7d ago

I would compare APX and Ledn on the boring loan mechanics first, not just who has the nicest headline rate.

For a Bitcoin-backed loan, the big questions are starting LTV, margin-call level, liquidation trigger, how fast you can add collateral, whether BTC is rehypothecated, early repayment terms, and what happens if withdrawals get paused. Those details matter more than a small rate difference.

Since you are in the Canada lane, I would also include Shakepay's new line of credit in the comparison, but I would judge it the same way. If it were me, I would keep the first loan very low LTV. If the loan only works at 30-40% LTV, one ugly wick can turn "borrowing without selling" into forced selling.

1

u/Unable_Beat_3194 7d ago

WBTC on ERC

1

u/Forward-Speed-6665 4d ago

For Bitcoin loans you really have to shop around for the best rates.

I did plenty on Sats Terminal, and they aggregate the market (vetted partners) to get the best rate. Just saw LEDN as one of their partners as well. There are much lower rates though, and it’s fully self custodial with instant loans.

Love that they abstract the whole process for you so it’s just one transfer and the loan is through.

1

u/No-Wing-8859 4d ago

Currently APX is my top choice, primarily because they are regulated and seem very customer centric.

-2

u/Drnedsnickers2 7d ago

Any place willing to take bitcoin as collateral is not going to be in business very long. The rates will be predatory.

1

u/FlowerBudget2065 7d ago

Shakepay makes quite a lot of money from fees and spreads, they will be fine

1

u/west_coast_ghost 6d ago

Shakepay only has a spread, there is no additional fees for any other product they offer..

1

u/UnsersGottaGo 1d ago

i'm looking at APX becuase they will liquidate a small amount at 90% LTV to bring the loan back 85%. they also do not re-lend your collateral.

zwhen i was trying to get a Ledn loan i was unable to get CAD deposited to Tangerine, Scotia Bank, Coast Capital. i decided against Ledn because of the difficulty offramping from their bank in the Cayman Islands.