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Best Secured Personal Loans of 2023

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THE BEST OF ALL

Best Secured Personal Loans of 2023

Secured personal loans permit you to borrow on the basis of the value of an asset like car or savings. Secured loans might have lower interest rates, but they also carry risk.

By Annie Millerbernd

Dec 13, 2022

Many or all of the items featured on this page are provided by our partners, who pay us. This could affect the products we feature as well as the place and way the product appears on the page. However, this doesn’t influence our evaluations. Our opinions are our own. Here’s a list and .

The majority of personal loans are not secured, which means approval is based on your creditworthiness. If you’re not eligible for an unsecure loan or get the rate you want on a low-credit loan, a secured loan is an option.

This kind of loan requires you to pledge collateral to secure money. The disadvantage is that if you fail to pay on time due to the lender could seize your property.

Learn about secured and how to look for them, including online lenders, banks as well as credit unions.

Be aware that the information provided by each lender is specific to its unsecured loans. The criteria for qualification and loan details may be different in secured loans.

The majority of personal loans are unsecured, so approval is based on your creditworthiness. But if you can’t qualify for an unsecured loan, or you don’t get the rate you want for a bad credit loan or secured loan is a viable option.

This kind of loan requires you to put up collateral in order to get money. The disadvantage is that if you don’t pay your loan on time in time, the lender may seize your assets.

Here’s what to know about secured and where to look for them, including banks, online lenders and credit unions.

Be aware that the information provided by each lender is specific to its unsecured loans. Qualification criteria and loan details may be different when it comes to secured loans.

Best Personal Loans Secured

Lender

NerdWallet rating The ratings of NerdWallet are set by our editorial staff. The scoring formulas consider multiple data points for every financial product or service.

Est. APR

Loan amount

Min. credit score

Learn more

Best Egg on Best Egg’s website

Best to Secured loans by online loan lenders

8.99 — 35.99%

$2,000 — $50,000

600

on Best Egg’s website

Upgrade on the Upgrade website.

Best for Secured loans by online loan lenders

8.24 — 35.97%

$1,000 — $50,000

560

on the Upgrade’s website

OneMain Financial on OneMain Financial’s website

Best to Secured loans from online lenders

18.00 — 35.99%

$1,500 — $20,000

None

The average score is 600 — 700

on OneMain Financial’s site

First Tech Credit Union Personal Loan via NerdWallet’s secure website

Best to Secure loans by credit unions

6.70 — 18.00%

$500 — $50,000

660

on NerdWallet’s secure site

Navy Federal Credit Union Personal Loan through NerdWallet’s secure website

Best option for secured loans at credit unions

7.49 — 18.00%

$250 — $50,000

None

on the secure NerdWallet website.

Our top pick for Secured loans by online lending institutions

on the Best Egg’s website

Good Egg 4.5 NerdWallet’s ratings are based on the opinions of the editorial staff of our website. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including impact to credit score rates and fees, customer experience and ethical lending practices.

Est. APR 8.99 — 35.99%

Loan amount $2,000 — $50,000

Min. credit score 600

View the full details

on the website of Best Egg.

View more information

Min. credit score of 600

Key details Best Egg secured loans are like home equity loans but they are secured by items to your home rather than the property itself as collateral.

Pros offers a wide variety of loan amounts.

Provides secured loan option for homeowners.

Direct payment to customers with the debt consolidation loans.

Cons Origination cost.

No rate discounts.

No option to choose initial payment date.

The minimum credit score is 600. The average for borrowers is 700. Minimum credit history: Three years and three accounts. The minimum amount of income required is $3500 The average of borrower’s income is $80,000. The borrower should have sufficient cash flow to cover current financial obligations. Maximum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%. Employment: Must provide proof of income. Part-time employees are qualified. Must provide proof of a valid U.S. address and Social Security number.

Available Term Lengths 3 to 5 years

Fees Origination fee: 0.99% — 8.99%. Return fee: $15 if the payment is not processed.

Disclaimer *Trustpilot TrustScore at June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank that is a Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. «Best Egg» is a registered trademark of Marlette Holdings, Inc. (a Delaware corporation. The use in the name of «Best Egg» refer to «the Best Egg personal loan», «the Best Egg Secured Loan» or «Best Egg» on behalf of Cross River Bank or Blue Ridge Bank, as creator of the Best Egg personal loan,» in the event that it is applicable. The amount, term and the APR for each loan we provide will depend on your credit score and income, as well as debt payment commitments, loan amount, credit history and other factors. The loan agreement will contain specific conditions and terms. Around half of our customers get their funds the following day. Once you have verified your identity, the cash will be in your bank account within 1-3 business days. The amount of funds available following loan approval can vary based on the policies of your bank. The amount of loans ranges between $2,000 and $50,000. Residents of Massachusetts are required to have a minimum loan amount of $6500 ; New Mexico and Ohio, $5,000. Georgia, $3,000. Georgia, $3,000. To get a second Best Egg loan you must ensure that your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) vary from 8.99%-35.99%. The APR is the cost of credit in a yearly rate and is a reflection of the interest rate you pay and the origination cost of 0.99%-8.99% of the loan amount to be taken from any loan profits you get. The origination fee on a loan that is four years or more will be at minimum 4.99 percent. The length of your loan duration will affect your APR, which may be greater than our advertised rate. You must have an at-least 700 FICO(r) score as well as an annual income for you as an individual of $100,000 to be eligible for our lowest APR. For example: a 5-year loan of $10,000 loan with 9.99 percent APR will have 60 monthly scheduled payments of $201.81, and a 3-year $5,000 loan with 7.99 APR, which is a.75% rate, has 36 scheduled monthly installments of $155.12. To assist the federal government in combating the funding of terrorism and money laundering, Federal law requires all financial institutions to obtain the information, verify and document information that can identify every person who has an account. What does this mean for you: When you open an account, we will ask for your name address, address, birthday, as well as other information that allows us to recognize you. We might also request to see your driver’s licence or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, West Virginia, the District of Columbia, or U.S. Territories.

on Upgrade’s website

Upgrade 5.0 NerdWallet’s ratings are determined by our editorial team. The scoring algorithm takes into consideration aspects we believe are beneficial to the consumer, including the impact on credit score rate and fees, customer service and ethical lending practices.

Est. APR 8.24 + 35.97%

Loan amount $1,000 — $50,000

Min. credit score 560

View details

on the website of Upgrade.

View the full details

Min. credit score 560

Important facts Upgrade applicants are able to secure their loans with a car and the worth of that factors into your rate.

The pros of secured and joint loans.

Multiple rate discounts.

Mobile app for managing loan payments.

Direct payment to creditors with the debt consolidation loans.

Repayment terms for home renovation loans.

Cons Origination cost.

There is no option to select your payment time.

Qualifications Minimum credit score 560. Minimum number of accounts on credit history: One account. Maximum ratio of debt to income: 75%, excluding that loan the applicant is applying for. Minimum period of your credit record: 2 years. Minimum income requirement: None. Lender will consider alimony, retirement, child support, Social Security and other sources.

Available Term Lengths from 2 to 7 years

Fees Origination Fee: 1.85% to 8.99 percent. Late Fee 10$. Failed payment fee 10 dollars.

Disclaimer The personal loans that are made using the Upgrade feature APRs (APRs) that range from 8.24%-35.97%. All personal loans have a 1.85% to 8.99 per cent origination charge which is taken from the loan proceeds. The lowest rates are contingent on Autopay and the payment of a portion of existing debts directly. Loans feature repayment terms of 24-84 months. For example, if you get a $10,000 loan with a 36-month term and a 17.59% APR (which comprises a 13.94% yearly interest rate and a 5% one-time origination fee) the loan would pay 9500 dollars in your account, and would be required to pay a monthly installment of $341.48. Through the term of the loan you would pay amount to $12,293.46. The interest rate for your loan could be higher or lower and the loan offers may not have different lengths of terms that are available. The actual rate is based on your the credit score, use history loan term, and other elements. The late payment or the subsequent charges and fees may increase the price for your fixed-rate loan. There isn’t a fee or penalty for paying off a loan early. Personal loans are provided by Upgrade’s bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners .

on OneMain Financial’s site

OneMain Financial 4.0 NerdWallet’s ratings are evaluated by our editorial staff. The scoring formula is based on the factors we believe to be beneficial to the consumer, such as impact on credit score rate and fees, customer service and responsible lending practices.

Est. APR 18.00 — 35.99 percent

Loan amount $1,500 — $20,000

Min. credit score None Average score is 600- 700

View the full details

on OneMain Financial’s site

View more information

Min. credit score None

Important information OneMain Secured loans require a vehicle to serve as collateral. They can also apply for an additional co-applicant on the application.

Pros Option: Choose to alter the payment date.

Secured and joint loans.

Fast funding.

Direct payment to creditors on consolidating debt loans.

Cons Rates are higher in comparison to other lenders.

Charges for origination fees.

No rate discounts.

The pre-qualification process does not permit prospective borrowers to view rates.

Qualifications You must have a Social Security number or taxpayer identification number. You must be at least 18 years old in all states. Minimum credit score: None. Minimum number of accounts listed on credit reports: None, but applicants with no credit history may not qualify. Minimum income: None. This lender accepts the income earned from employment, alimony pension, child support, retirement, Social Security payments, investments and public assistance.

Available Term Lengths 2 to 5 years

Fees Origination fee between $25 and $500 or 1% to 10% from the loan amount. Late fee: $5 to $30 or 1.5 percent to 15% of your monthly payment. Non-sufficient funds fee $15.

Disclaimer: Not all applicants will be considered. The approval of loans and the actual loan terms depend on your ability to meet our credit requirements (including having a credit history that is responsible as well as a steady income following the month’s expenses, and the being able to show collateral). If approved however, not all applicants will be eligible for higher loan amounts or most favorable loan terms. Larger loan quantities require first lien on a vehicle not more than 10 years old, that meets our requirements for value, and is titled in your name and backed by current insurance. The loan approval process and loan terms depend on the state in which you reside and your ability to meet our standards for credit (including a responsible credit history, sufficient income following monthly expenses and collateral availability). APRs generally are higher on loans that are not secured by vehicles. Highly-qualified applicants may be offered more loan amounts and/or APRs that are lower than the rates shown above. OneMain offers origination fees when legal. Based on the state in which you are opening your loan the origination fee may be either flat as well as a proportion of the loan amount. The flat fee amount varies per state, ranging from $25 to $500. Percentage-based fees differ by state and range from 1% to 10 percent of your loan amount subject to state restrictions on the fee amount. Visit omf.com/loan-fees for more details. The proceeds of loans cannot be used to pay for postsecondary education expenses as per the CFPB’s Regulation Z such as college, university or vocational expense as well as for any other commercial or business use; for the purchase of cryptocurrency assets, securities, derivatives or other speculative investments as well as for gambling or illicit purposes. In these states, borrowers must adhere to these requirements for minimum loan dimensions: Alabama: $2,100. California: $3,000. Georgia In the event that you are not a present customer, $3,100 minimal loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other other than existing customers) in states like these are subject to the following maximum unsecure loan size: North Carolina: $7,500. Unsecured loan is a loan that does not need you to offer collateral (such as a motor vehicle) to the lender. Example Loan: A $6,000 loan with a 24.99 APR, payable in 60 monthly installments will result in monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a debit card issued by a bank. Payments made by cheque or ACH can take up to 1-2 business days after loan closing.

Our choice of Secured loans from credit unions

on NerdWallet’s secure site

First Tech Credit Union Personal Loan 5.0 NerdWallet’s ratings are set by our editorial staff. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score rates and fees, customer experience and responsible lending practices.

Est. APR 6.70 + 18.00 Percent

The loan amount is $500-$50,000.

Min. credit score of 660

View more information

on NerdWallet’s secure website

View details

Min. credit score 660

The most important details First Tech members have access to secured loans that are secured by a CD, savings account or stocks.

Pros Co-sign, joint and secured loan options.

Direct payment to creditor with credit consolidation loans.

You can choose to change the date of your payment.

Fast and quick funding.

Cons Only available for members of credit unions.

Payments are reported to one of the three major credit bureaus.

No rate discount.

The applicant must be a Member of First Tech Federal Credit Union. Minimum credit score of at least 660. The applicant must show a Social Security number and driver’s license or any other ID issued by the state. Maximum debt-to-income ratio: 50%. Minimum monthly income: $700 if living with others; $1,000 if renting or owning your own home. Credit history must be at least two established accounts.

Available Term Lengths from 2 to 7 years

Fees Origination fee: None. Late fee: Varies. Check returned fee $28.

on the secure website of NerdWallet.

Navy Federal Credit Union Personal loan 5.0 NerdWallet’s ratings are determined through our team of editors. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact on credit score, rates and fees, customer experience and ethical lending practices.

Est. APR 7.49 + 18.00 percent

Amount of loan: $250 — $50,000

Min. credit score None

View details

on NerdWallet’s secure website

View more information

Min. credit score None

Important facts In addition to unsecured loans, Navy Federal offers secured loans that are backed by an account called a Navy Federal savings account or CD.

Pros Wide choice in loan amounts.

Quick funding.

Discount on rates for certain customers.

Co-signing, joint and secured loan options.

Direct payment to creditor with the debt consolidation loans.

Cons Only available to credit union members.

It is not possible to pre-qualify using the use of a soft credit test.

You cannot choose to alter your payment date.

You must be a Navy Federal Credit Union member to be eligible. No minimum credit score requirement.

Available Term Lengths 1 — 5 years

Fees Origination fee: None. Late fee: $29. Fee for returned payments of $29.

>> COMPARE:

What’s a secured personal loan?

Secured personal loan is an loan you get by pledging something you own in exchange for borrowed cash that you pay back over time and with interest.

The lender has the right to seize your collateralfor example, a car or funds in a savings account, for instance, but they’ll only do it if you are unable to repay the loan. After the loan is paid in full and the loan is paid in full, the lender does not have the power to take your collateral.

Like an unsecured loan credit as well as income and other debts are still essential to getting secured loan, but offering up collateral lowers the risk to the lender. Additionally, the odds of getting approved are better for secured loans and the rate is typically lower.

>> MORE:

How to get a secured loan

The procedure for getting secured loan will differ depending on the kind of collateral you’re using, but here are the steps to follow:

Inquire about the loan. Some lenders provide secured loans only after an applicant does not qualify for an unsecure loan. If you aren’t able to pre-qualify with the lender, or you don’t have a secured loan alternative, contact the lender directly regarding secured loans.

Check your budget. Check your cash flow and discover how much you can afford to put towards the loan each month. Use a to see what percent of your annual income, loan amount and repayment period you’ll need to ensure that you keep your monthly payments within your budget.

Choose a lender. Compare lenders to find out what kinds of collateral they will accept and what rates they offer.

Collect documents. Before you submit your application make sure you have the necessary documents that lenders require for an application. These can include an ID issued by the government as well as bank statements, W-2s, and pay stubs. You may also need documents to secure collateral, for example, a car title.

Apply. Many lenders offer online applications. After you have submitted, an approval decision may take several days, or even longer if a lender must assess the value of the collateral.

>> MORE:

Pros and pros and loans

Weigh the benefits of getting a secured loan against the possible negatives prior to committing yourself to borrowing.

Pros

Better approval odds. An lender will be more inclined to approve an secured loan application.

Lower interest costs and larger loan amounts. Because the risk loss of money reduced for the lender the loan may be approved for a larger loan with a less cost.

Cons

The lender might take your collateral. If your vehicle is collateral for an loan and you’re in need of it to travel to work, for instance the loss of it could place you in a worse situation than before you borrowed.

Not as widely available as unsecured loans. Many credit unions, banks and online lenders provide only loans that are not secured loans.

>> MORE:

Secured loan examples

home equity loans and HELOCs A house equity loan or line of credit is a mortgage that gives you access to cash based on the worth the home. Like the first mortgage the lender can take your house when you fail to pay.

>> MORE:

Auto-secured loans: With an auto-secured loan the lender takes into account information such as your car’s model, make and year — along with your financial and credit scoreto determine your rate. If they approve, you give the lender your car title and they return it once the loan is paid off. These are different from auto title loans that can come with triple-digit APRs (more about them below).

CD loans If you own an account with a bank, you may be able to utilize it as collateral to secure a personal loan. Rates are generally low — typically starting at a few percentage points above the CD rate — and it’s a method of accessing funds without having to withdraw the CD early and paying penalties.

401(k) loans: An employer-sponsored 401(k) plan may allow employees to draw funds from their retirement account for up to five years. The rates are typically low for 401(k) loans, but by borrowing from the account, you’re losing out on market gains and compound interest from your retirement savings.

Where can I find a secured personal loan

Banks: Banks usually provide a savings or CD-secured loan. A bank account you have with the bank will be collateral for the loan, but you will not be able to use that account up until loan is repaid.

Credit unions: Certain credit unions offer share-secured loans, which is another name for savings-secured loans. Credit unions will store your savings as you pay the loan.

If your credit union doesn’t provide these loans, you could be eligible for an unsecured loan, because Credit unions tend for having softer borrower requirements and lower APRs.

>> MORE:

Online lenders: Most online lenders who offer secured loans require a vehicle as collateral. Some lenders allow you to apply for the loan upfront, but other lenders may offer the possibility only after you’ve attempted to apply for an unsecure loan.

Many lenders let you check the rate of an unsecure loan without impacting your credit, so it’s not a bad idea to check the with multiple lenders.

You can use the NerdWallet lender marketplace to find rates for unsecured loans.

Secured loans to avoid

: Pawnshops let you hand the cash you have in exchange for cash you will have to pay back, usually within a couple of weeks. These loans may be a 200% APR and can be difficult to pay back. If you do not pay, the pawnshop may keep your item.

They are high-interest short-term loans typically ranging from a few hundred or thousand dollars. Because they’re hard to repay on time, this type of loan can lead to repeat borrowing, which can cause you to enter into a debt cycle. Avoid auto-secured loans with rates that exceed 36%, which is the highest rate consumer advocates say an affordable loan could have.

>> MORE:

Last updated on December 13, 2022.

Methodology NerdWallet’s review procedure reviews and ranks personal loan products offered by more than 35 financial institutions. We collect over 45 information points for each lender and interview representatives from the company and compare the lender with others that seek the same type of customer or offer similar individual loan product. NerdWallet editors and writers conduct an exhaustive fact-check and review each year. We we also conduct updates every year when needed.

Our stars are awarded points to lenders who provide consumers-friendly features such as soft credit checks that allow you to pre-qualify, competitive interest rates and no fees, transparency of rates and conditions as well as flexible payment options, quick time to fund, easy customer support, and reporting of all payments to credit bureaus, and financial education. We also consider regulatory actions filed by agencies like that of the Consumer Financial Protection Bureau. We weigh these factors in accordance with our analysis of which ones are the most significant to consumers and how meaningfully they impact consumers’ experience.

This method is only applicable to lenders that set interest rates at 36%, which is the highest rate that experts in finance and consumer advocacy agree is the acceptable limit for the loan that is affordable. NerdWallet does not get paid for our star ratings. Find out more about our and our .

To recap our selections… NerdWallet’s Best Secured Personal Loans for 2023 : Best for Secured loans from online lenders : Best for Secured loans from online lenders : Best for Secured loans from online lenders : The best for Secured loans from credit unions: Best for Secured loans from credit unions

Most frequently asked questions What exactly do you mean by a personal loan?

Secured personal loan is an loan that requires collateral -typically a car or bank account. Along with your credit and income, the lender considers the value of the collateral in determining whether you’re eligible for the loan, and how much they will loan you, and also your interest rate. The repayment of this kind of loan with fixed monthly installments, which is similar to an unsecured loan. However, unlike an unsecure loan it is possible for the lender may be able to take your collateral in the event that you don’t pay.

Are secured loans easier to get?

Secured loans are easier to get than other loans since you can use something you own as collateral to secure the loan, which the lender can take if you fail to repay it. This means that the loan more secure for the lender, so the credit and income requirements are usually softer on secured loan.

About Annie Millerbernd, the author is a personal loans writer. Her work has appeared on The Associated Press and USA Today.

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