Best crypto loans in United States
Borrowers in the United States have two broad routes to a crypto-backed loan. The 5 DeFi protocols we track are permissionless software — accessible to anyone in United States with a self-custodial wallet, no account required. The 5 CeFi lenders are companies whose availability in United States depends on their licensing and where they choose to operate, so eligibility should always be confirmed on the platform itself.
The table below ranks every platform in our index by borrow rate. We do not gate it by region because DeFi access is global and CeFi terms change frequently; instead, use it to shortlist options, then verify that a given CeFi lender serves United States before applying.
Crypto lending in the United States is defined by a single fact: the regulatory crackdown of 2022-2023 reshaped who can lend to Americans. The collapses of Celsius, BlockFi and Voyager — all of which served US retail and all of which froze or lost customer funds — triggered an SEC and state-level enforcement wave that pushed several lenders out of the US retail market entirely. The practical result is that the menu of options for a US resident is narrower than a global rate table suggests, and the safe options are not always the cheapest.
The split that matters for US borrowers is between permissionless DeFi and licensed CeFi. DeFi protocols (Aave, Compound, Morpho, MakerDAO) are software, not companies offering you an account, so a US resident with a self-custodial wallet can use them today with no jurisdiction check — accepting that you manage your own keys, gas, and liquidation risk. CeFi access is where US residents hit walls: each lender's availability depends on its state licences and its post-2022 risk appetite, and some platforms that serve the rest of the world do not serve Americans at all.
The non-obvious point most US guides miss: 'available in the US' is not the same as 'available in your state.' New York's BitLicense regime, California's Digital Financial Assets Law, and state-by-state money-transmitter rules mean a lender can serve a Texan or Floridian while being unavailable to a New Yorker. Always confirm eligibility for your specific state, not just the country, before you count on a platform.
Every crypto lender we track, ranked by borrow rate. DeFi protocols are globally accessible; confirm CeFi availability for United States.
| Platform | Borrow APR | Max LTV | KYC | Custody | Apply |
|---|---|---|---|---|---|
NexoCeFi | 1.9–18.9% | 50% | Required | Third-party | Apply |
CompoundDeFi | 2.7–6% | 83% | No KYC | Self-custody | Apply |
AaveDeFi | 4–8% | 80% | No KYC | Self-custody | Apply |
MorphoDeFi | 4–9% | 86% | No KYC | Self-custody | Apply |
MakerDAO (Sky)DeFi | 5–9% | 80% | No KYC | Self-custody | Apply |
YouHodlerCeFi | 5.9–12% | 90% | Required | Third-party | Apply |
LednCeFi | 9.25–11.9% | 50% | Required | Third-party | Apply |
FirefishDeFi | 10.9–15% | 50% | Required | Self-custody | Apply |
CoinRabbitCeFi | 11.95–16.8% | 90% | No KYC | Third-party | Apply |
UnchainedCeFi | 14–16.21% | 50% | Required | Collaborative | Apply |
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Regulation in United States
The United States regulates crypto lending at both the federal and state level, and the landscape has tightened considerably since 2022. Several centralized lenders have narrowed or withdrawn US retail products in response, while others operate under state money-transmitter and lending licences. DeFi protocols, being permissionless software, are generally accessible to US users with a self-custodial wallet, though you remain responsible for compliance and reporting.
This is general information, not legal advice. Rules change — verify the current position with a qualified professional in United States.
Tax considerations in United States
In the US, taking a crypto-backed loan is generally not itself a taxable event because borrowing is not a disposal — but a liquidation, or repaying with appreciated crypto, can trigger capital-gains consequences. The IRS treats crypto as property. See our tax guide for the general framework, and consult a qualified US tax professional for your situation.
DeFi or CeFi in United States?
For most United States borrowers who already self-custody, a DeFi protocol is the most reliably accessible option — there is no jurisdiction check to pass, and rates start at 1.90% APR. The trade-off is that you manage the wallet, gas, and liquidation risk yourself.
If you want fiat paid to a local bank account, human support, or a fixed-style rate, a CeFi lender is the better fit — provided it serves United States. Because licensing varies, two United States residents can find different platforms available to them depending on product and timing, so treat our list as a starting point rather than a guarantee of access.
Which platforms actually accept US users
Among the CeFi lenders we track, the clearest US-friendly options are Unchained — a US-regulated, Austin-based Bitcoin lender using collaborative custody — and Ledn, which serves US clients with transparent proof-of-reserves. Both are Bitcoin-centric and KYC-required. CoinRabbit operates without KYC and serves a global user base, but no-KYC status does not override US law, so US residents should verify current terms directly.
On the restricted side, YouHodler explicitly does not serve US residents, and Nexo wound down its US retail products following a $45 million settlement with the SEC and state regulators in January 2023 over its Earn Interest Product. This is the gap a global rate table hides: Nexo's market-leading 1.9% floor is simply not on the menu for a US borrower, which changes the entire comparison.
For most US residents who already self-custody, a DeFi protocol is the most reliably accessible route — there is no jurisdiction gate to clear, and on-chain rates (Compound from 2.7%, Aave from 4%) are competitive with anything CeFi offers. The trade-off is that you, not a support desk, are responsible for monitoring the position.
What most guides get wrong about US crypto loans
Most US-focused guides still rank platforms by global advertised rates, listing options like Nexo's 1.9% at the top — without flagging that the platform exited US retail lending in 2023. A rate you cannot access is not a deal; it is noise. The honest US ranking looks different from the global one, because the cheapest lenders are frequently the ones that pulled out of the American market under regulatory pressure.
The deeper lesson the 2022 failures taught US borrowers is about custody, not rate. Celsius advertised attractive terms right up until it froze withdrawals in June 2022 and filed for bankruptcy; its US customers became unsecured creditors fighting for cents on the dollar. After that, the rational US borrower weighs 'will this company still have my coins' above 'what is the APR' — which is why collaborative-custody (Unchained) and proof-of-reserves (Ledn) lenders deserve more weight than their headline rates alone would earn.
The risks US borrowers should price in
Counterparty risk is not theoretical in the US — it has a body count. When Celsius froze withdrawals on June 12, 2022, customer collateral was trapped; in the bankruptcy, account holders were treated as unsecured creditors and recovered a fraction of their balances after years of proceedings. BlockFi and Voyager followed the same arc. A US borrower using a custodial lender is, in a worst case, an unsecured creditor of that company — which is the strongest argument for custody models where the lender cannot lose or rehypothecate your coins.
Liquidation risk applies as everywhere: borrow $50,000 against $100,000 of BTC at 50% LTV, watch BTC fall 40%, and your LTV climbs to 83% — at or past most liquidation thresholds, with your collateral sold into the decline. But the distinctly US wrinkle is tax. The IRS treats crypto as property, so a forced liquidation is a taxable disposal: a borrower liquidated in a crash can face a capital-gains bill on top of losing the coins, turning a bad week into a worse tax year.
Choosing a crypto loan as a US resident
If you are a US resident who self-custodies
A DeFi protocol (Aave, Compound, Morpho) is your most reliable access — no jurisdiction check, competitive on-chain rates, and no company holding your coins. Accept that you manage keys, gas, and liquidation monitoring yourself.
If you want a US-regulated lender for a Bitcoin loan
Unchained (collaborative custody, Austin-based, $150k minimum) and Ledn (proof-of-reserves, from a $1,000 minimum) are the clearest US-friendly CeFi options. Both prioritize custody transparency over rock-bottom rates — which, after 2022, is the right priority.
If you live in a strict-licensing state like New York
Confirm state-level eligibility before anything else. New York's BitLicense and California's DFAL narrow the CeFi field further than the federal picture; a DeFi protocol is often the only consistently accessible option, but it is still your responsibility to comply with state and federal reporting.
Frequently asked questions
- Can I get a crypto loan in United States?
- Generally yes. DeFi protocols are accessible to United States residents with a self-custodial wallet, and a number of CeFi lenders serve the region too — though CeFi availability depends on each platform's licensing, so confirm eligibility before applying.
- Are crypto loans legal in United States?
- Using a crypto-backed loan is generally permissible for individuals, but United States applies its own regulatory framework and you remain responsible for compliance and reporting. This is general information, not legal advice — consult a local professional for your situation.
- Do I pay tax on a crypto loan in United States?
- In most jurisdictions, taking a loan is not itself a taxable event because borrowing is not a sale — but a liquidation can be. In the US, taking a crypto-backed loan is generally not itself a taxable event because borrowing is not a disposal — but a liquidation, or repaying with appreciated crypto, can trigger capital-gains consequences. See our tax guide and confirm with a local tax professional.
- Which type of platform is best for United States borrowers?
- It depends on your priorities: DeFi protocols offer the most reliable access and lowest rates but require self-management, while CeFi lenders offer fiat payouts and support where they are licensed to serve United States.
- Are crypto loans legal in the United States?
- Yes, taking a crypto-backed loan is generally permissible for US individuals. What changed after 2022 is who may lend to you: the SEC and state regulators pushed several CeFi lenders out of US retail, so availability varies by platform and by state. DeFi protocols remain accessible to US residents with a self-custodial wallet. This is general information, not legal advice.
- Which crypto lenders accept US customers?
- Among platforms we track, Unchained (US-regulated, Bitcoin, collaborative custody) and Ledn (proof-of-reserves) clearly serve US clients. DeFi protocols (Aave, Compound, Morpho, MakerDAO) are accessible to anyone with a wallet. YouHodler does not serve US residents, and Nexo wound down US retail products after its January 2023 SEC settlement.
- Do I pay tax on a crypto loan in the US?
- Taking the loan is generally not a taxable event, because the IRS treats borrowing as non-disposal. But a forced liquidation is a disposal and can trigger capital-gains tax — so a borrower liquidated in a crash may owe tax on top of the loss. Repaying with appreciated crypto can also create gains. Consult a US tax professional.
- Is a crypto loan available in my state?
- Not necessarily — US crypto lending is regulated at the state level too. New York's BitLicense and California's Digital Financial Assets Law restrict which platforms can operate there, while states like Texas and Florida are more permissive. Always confirm a lender serves your specific state, not just the US generally, before applying.
Related
- Crypto loan tax guideHow crypto loans, repayments and liquidations are generally taxed.
- DeFi vs CeFi loansWhich model fits you — non-custodial protocols or managed lenders.
- Crypto loan calculatorModel your loan, LTV and liquidation price before you borrow.
- Crypto loans in United KingdomPlatforms, rates and tax notes for United Kingdom.
- Crypto loans in CanadaPlatforms, rates and tax notes for Canada.
- Crypto loans in AustraliaPlatforms, rates and tax notes for Australia.