Compare
How to compare crypto lenders
There are five ways to raise cash from crypto, and the headline rate is the least of the differences between them. Here is a neutral method: the criteria that decide what you really pay and what you really risk, then our own answers to the same questions.
The options
Five ways to raise cash from crypto.
Each solves a different problem. The right one depends on what the money is for, where you need it, and what you are prepared to risk.
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Centralised crypto lender
A company lends you cash or stablecoins against crypto you deposit with it.
- Best for
- Larger loans, with a service team
- Watch out for
- Identity checks, and terms that may allow your collateral to be reused
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DeFi lending protocol
A smart contract lends you crypto, usually stablecoins, against crypto you lock in a pool.
- Best for
- Borrowing on-chain, without an intermediary
- Watch out for
- No payout to a bank, automatic liquidations, smart-contract risk
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Exchange margin loan
Your exchange lends against the assets in your account, mainly so that you can trade.
- Best for
- Short-term trading
- Watch out for
- Tight liquidation rules; the money stays on the exchange
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Private-bank Lombard loan
A bank lends against a portfolio held in its custody, typically shares and bonds.
- Best for
- Large, diversified portfolios
- Watch out for
- Full due diligence, high minimums, crypto rarely accepted
-
Selling
You sell part of your crypto on an exchange and withdraw the proceeds to your bank.
- Best for
- When you no longer want the exposure
- Watch out for
- It ends your upside and is usually a taxable disposal
Side by side
What you really pay, and what you really risk.
The rate is one line. What happens when prices fall, and who holds your collateral, matter just as much.
| Criterion | Centralised crypto lender | DeFi protocol | Exchange margin loan | Private-bank Lombard loan | Selling your crypto |
|---|---|---|---|---|---|
| Identity checks | ID, selfie, often source of funds | None: a wallet is enough | Full checks as an exchange client | Full due diligence | Required to withdraw to a bank |
| Paid to your bank account | Sometimes; often stablecoins | No: you receive crypto | No: funds stay on the exchange | Yes | Yes, after a withdrawal |
| Time to cash | Same day to 48 hours | Minutes, in crypto | Instant, on the exchange | 2–3 business days | 1–3 days |
| Typical loan-to-value | Varies by lender and asset | High, with liquidation close behind | Set by leverage limits | Rarely offered against crypto | — |
| When prices fall | Often a full sale, 0–24 h to act | Automatic partial liquidation, no grace period, penalty paid to liquidators | Automatic, often immediate | Margin call, case by case | — |
| Collateral reused | Often permitted by the terms | Usually lent to other users of the pool | Depends on the exchange’s terms | Held in bank custody | — |
| Fees | 0–2% origination, sometimes exit fees | Variable rate, network fees, liquidation penalty | Interest and trading fees | Arrangement or commitment fees | Trading and withdrawal fees |
| Checking your collateral | A balance on the lender’s website | On-chain, in the protocol | A balance on the exchange | A custody statement | — |
| Main risk you take | The lender’s solvency and its use of your assets | Smart-contract, price-oracle and governance risk | The exchange’s solvency | Strict terms; low counterparty risk | Missing a later rise |
| You keep the upside | Yes | Yes | Yes | Yes | No |
Typical terms published by each type of provider, October 2026. Individual providers differ: always read the terms. For information only.
Before you sign
Twelve questions to ask any lender.
A good lender answers every one of them clearly, in writing, in its terms.
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Price
- What is the all-in APR, including every fee?
- Are there origination, exit, payout or custody fees?
- Can the rate change during the loan, and with what notice?
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When prices fall
- At what loan-to-value does a margin call come, and how long do I have to act?
- Is a liquidation partial or total, and what does it cost?
- How will I be warned, and through which channel?
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Your collateral
- Who holds it, and is it kept apart from other clients’ assets?
- Can it be lent, staked, pledged or rehypothecated?
- Can I check it on-chain, without asking you?
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Practicalities
- Which currencies can be paid to my bank, by which payment system, and how fast?
- What do you need to know about me, and why?
- How will you contact me, and how will I know it is really you?
Where we fit
Our answers to the same questions.
Lombard Private is built for holders who want bank money rather than stablecoins, privacy rather than paperwork, and a pledge that stays where they can see it.
We are not the right choice if…
- You want to borrow more than 60% of your bitcoin’s value: we keep a cushion by design.
- You want stablecoins in a wallet rather than money in a bank account: a DeFi protocol pays out on-chain.
- You need a currency other than euros, dollars, pounds or Swiss francs.
- You live in one of our restricted jurisdictions.
- You no longer want exposure to the asset: selling is simpler.
- Identity checks
- None: no ID, selfie or proof of address
- Email or phone
- Never asked: your account is a 16-digit number
- Paid to your bank
- EUR, USD, GBP, CHF, by bank transfer
- Time to cash
- Typically within the hour of your deposit confirming
- Maximum loan-to-value
- Bitcoin 60%, ether 50%, Solana 40%, USDT and USDC 80%
- Rate, all-in
- 8.9%–12.9% APR for bitcoin 6.9% flat for stablecoins
- Fees
- No origination, administration or early-repayment fee
- When prices fall
- Margin call at 70%, 72 hours to act Partial sale at 80%, back to 65%
- Collateral reused
- Never: not lent, staked, pledged or rehypothecated
- Checking your collateral
- Its own on-chain address, on any block explorer
- Main risk you take
- Market risk on your collateral And our solvency: we are not a bank, and loans are not covered by a guarantee scheme
Questions
Comparing lenders: common questions
Short answers to the questions borrowers ask before choosing.
Help centreHow do I compare crypto loan offers?
Compare the all-in APR rather than a headline rate, then the rules that apply when prices fall: the margin-call threshold, the time you have to act, whether a liquidation is partial or total and what it costs. Then check who holds your collateral, whether it can be reused and whether you can verify it yourself.
What is a good loan-to-value for a crypto loan?
The lower, the safer. With bitcoin, a loan-to-value of 30% to 50% leaves room for a fall of 29% to 57% before a margin call at our 70% threshold. The maximum loan-to-value is a ceiling, not a target.
Are DeFi loans cheaper than other crypto loans?
Sometimes, because rates are set by supply and demand in each pool. But DeFi loans pay out in crypto rather than to your bank, liquidate automatically without a grace period, and add smart-contract risk. The cheapest rate is not always the cheapest loan.
Is it better to borrow against crypto or to sell it?
Borrowing keeps your exposure and, in many countries, avoids a taxable sale, but it costs interest and carries the risk of a liquidation if prices fall far. Selling is simpler if you no longer want to hold the asset.
Do all crypto lenders require identity checks?
Most centralised lenders and exchanges do. DeFi protocols do not, but they pay out in crypto. Lombard Private does not ask for identity documents, an email address or a phone number, and pays the loan to your bank account.
What should I look for in a lender’s terms?
Any clause that transfers ownership of your collateral to the lender or gives it a right to use, lend or rehypothecate it; the margin-call and liquidation rules and fees; how and when the rate can change; and how the lender will contact you.
Keep your crypto. Get the cash.
Price your loan in seconds and receive your funds, typically within the hour.
- No KYC
- No email, no phone
- Zero fees
- Repay any time