Ledn Reviews, Ratings And Fees February 2023

Based on 3
Customer Reviews
350 Bay Street
Toronto, Ontario
M5H 2S6

Who Is Ledn

If you have invested in Bitcoin, you can use it to secure a loan through Ledn. Ledn is a Canadian company that provides a number of financial services in the crypto industry. It allows investors to leverage their cryptocurrency to earn interest on savings accounts and to access cash through loans. 

Types Of Ledn Loans

Ledn offers two main loan products, both of which are secured by your bitcoin. 

Bitcoin-Backed Loans

Ledn’s Bitcoin-backed loans (aka Dollar Loans), are loans secured by bitcoin. You can borrow loans in CAD, USD, USDC, or your local currency. You can borrow up to 50% of your bitcoin value, which will be held in a unique wallet until your loan is repaid. 

No credit checks are required and approval is provided within 24 hours. Funding will then be provided in 24 to 48 hours after you deposit your bitcoin as collateral. 


One of the main services that Ledn advertises is their B2X loan program, which allows you to improve the state of your bitcoin holdings with a loan that is secured against them. In this case, you would use the loan to purchase a sum of bitcoin that’s equal to your original holdings, thereby leaving you with twice as much cryptocurrency.

Bitcoin-backed LoansB2X
DescriptionBorrow up to 50% of your Bitcoin value. Purchase Bitcoin up to 50% of your Bitcoin value. 
Interest Rate7.9%7.9%
LTV50% loan-to-value ratio50% loan-to-value ratio
Loan Term12 months12 months
Repayment– No monthly payments required
– No prepayment penalties
– Loan due at maturity 
– No monthly payments required
– No prepayment penalties
– Loan due at maturity 

When Are Ledn Loan Payments Due?

Ledn has a flexible loan structure where you’re allowed to repay the loan principal, interest and fees at the end of the loan term. No monthly payments are required, though you’re free to make payments to reduce your loan amount. In fact, you can prepay the entire loan amount at any point without penalty. 

Features Of A Ledn Loan

  • Easy Access – You’ll be able to access your funds online from anywhere in the world 
  • Fast Funding – Funding is provided within 24 to 48 business hours after approval and deposit of Bitcoins.
  • Payment Flexibility – No monthly payments are required, full payment is only due at maturity. 
  • No Prepayment Penalty – No charges will apply to withdraw your bitcoin or repay your loan ahead of time. 
  • Extendable Loan Term – You can extend your loan term beyond 12 months.
  • Payment Options – You can use your bitcoin to pay off your loan balance. You can also pay in Canadian or American currency.

Who Can Get Approved For Ledn Bitcoin-Backed Loan? 

As previously mentioned, Ledn forgoes the traditional credit check portion of the approval process, so the only thing you’ll need to do is fill out their online application, submit it, and wait for approval. Applicants will, of course, also need to have bitcoin to use as collateral for the loan. 

How To Get Approved For A Ledn Bit-Coin Loan? 

Unlike traditional lenders in Canada, Ledn deals in bitcoin-based financing, which has a slightly different approval process than most regular loan products. According to their website, their requirements are very quite minimal. In fact, all you need to do is fill out one of their online applications and provide standard proof of your identity.

Step 1. Create An Account – To apply for a bitcoin-backed loan with Ledn, you’ll first need to create an account with them. 

Step 2. Apply For Loan – Once you’ve created an account, go to the dashboard screen and apply for a loan by selecting “Borrow” and then “Apply for Loan Instantly”. You’ll need to fill out the application with the appropriate information. 

You may be required to provide various pieces of personal and financial information, including but not limited to your:

  • Name and residency details
  • Employment status/location
  • Social insurance number (SIN)
  • Bank account information (for transfer of funds)
  • Pay stubs, bank statements, or other proof of income  

Step 3. Submit Application – Once your application is submitted, it can take 24 hours before you receive approval. 

Step 4. Get Funded – If you’re approved, you’ll receive an email with instructions on where to deposit your bitcoin (collateral). Once your deposit is received, Ledn will fund the loan within 24-48 hours.

Costs Associated With Ledn Bitcoin Loans

Although bitcoin loans are somewhat different than traditional loans, they serve the same purpose, in that you can use your funds to acquire various commodities. However, these kinds of services don’t come free and, like any other lender, Ledn charges certain fees and interest rates. 

Bitcoin-backed LoansB2X
Interest Rate7.9%7.9%
Term12 months12 months

Ledn does not charge any prepayment penalties. You are free to repay the loan at any time. No monthly payments are required until maturity, at which point the entire loan amount will be due, plus interest and fees. 

Pros And Cons of Applying With Ledn

Here is a short list that details the overall benefits and drawbacks of applying for one of Ledn’s loans.

Ledn Pros

  • You can make money on your holdings if your bitcoin’s value increases
  • Interest rates are fixed (easier to calculate) and may be lower than other loans
  • Ledn is upfront about the fees that they charge
  • They provide a detailed loan calculator to tally up your estimated balance
  • There are minimal requirements and wait times for loan approval
  • Relatively large credit amounts are available to qualified customers  

Ledn Cons

  • Borrowing with any cryptocurrency can carry significant financial risk
  • With no monthly payments required, interest and fees can accrue, which can drive up the cost of your loan.
  • Debt problems can occur if you cannot afford your loan

What Happens To My Loan If The Bitcoin Price Drops? 

When you get your loan with Ledn, your bitcoin holdings will be stored in a separate account known as a “segregated wallet”. Unfortunately, the balance you hold can decrease if your cryptocurrency drops in value during your repayment plan. Ledn will then ask you to deposit extra funds into your wallet to offset your primary loan balance.

In other words, you are still responsible for your loan payments, regardless of whether your bitcoin holdings increase or decrease over time.

Ledn Loan FAQs

Are Ledn loans secured or unsecured?

Ledn loans are secured loans. The loan is secured by your bitcoin balance, which acts as collateral and grows over time.

Do Ledn Loans require a credit check? 

Fortunately, there won’t be a credit check involved, so no hard inquiries will appear on your credit report. 

What happens if I can’t repay my loan? 

If you’re unable to repay your loan at maturity, the loan will be automatically renewed (if LTV is 65% or lower).

What happens to my loan if Bitcoin value increases? 

If Bitcoin’s value increase in value, your LTV ratio will decrease. This means your collateral is higher than the borrowed amount, which puts you in a more secure position. Any increase in the Bitcoin value is yours, you’ll only have to pay what you owe. 

Bottom Line

While many borrowers may find the idea of a bitcoin-based loan confusing, it essentially involves getting a loan that is secured by the value of your bitcoin. You can then repay your loan through monthly installments or fully at maturity, after which your bitcoin will be released as collateral.

If you have bitcoin and are looking for a loan, you can easily secure one through Ledn. 


Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Bitcoin-Backed Loan

$500 - $1,000,000
Interest Rate
Term (Months)
Funding Time
Within 24 - 48 hours
Funding Method
Repayment Options
Must provide proof of identity

Reviews & Ratings

See what others have to say about Ledn

They have good products for crypto, I have a year with my account, I highly recommend them.

- Luis Gil (July 6, 2020)

Everything seems legit. Ledn is also backed by YouTuber Datadash which makes me biased since I trust him almost blindly. But great service, they answe... read more

- Alex (January 20, 2020)

I like these guys, good customer service got all my questions answered. Cool crypto products.

- Jack (June 10, 2019)


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