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Best Secured Personal Loans of 2023
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THE BEST OF
Top Secured Personal Loans for 2023
Secured personal loans allow you to borrow against the worth of an asset, such as a car or savings. Secured loans can have lower interest rates, but they also carry risk.
By Annie Millerbernd
Dec 13, 2022
Many or all of the products we feature are made by our partners, who pay us. This can affect which products we review and where and how the product appears on an article. But, it doesn’t affect our opinions. Our opinions are entirely our own. Here is a list of and .
The majority of personal loans are unsecured, so approval is based on your creditworthiness. But if you can’t qualify for an unsecure loan or receive the interest you desire on a low-credit loan or secured loan is one alternative.
This type of loan requires you to put up collateral to secure money. The disadvantage is that if you don’t make timely payments due to the lender may seize your assets.
Learn about secured, and where you can find them, including banks, online lenders as well as credit unions.
Note that the information for each lender is unique to the lender’s non-secured loans. The criteria for qualification and loan details may be different in secured loans.
Most personal loans are secured, and approval is based on your creditworthiness. But if you can’t qualify for an unsecure loan or get the rate you want on a bad-credit loan then a secured loan is an option.
This kind of loan requires you to pledge collateral in order to borrow money. The drawback is that if you don’t pay your loan on time in time, the lender can seize your asset.
Learn about secured and how to locate them, such as online lenders, banks as well as credit unions.
Note that the information for each lender is unique to the lender’s non-secured loans. The criteria for qualification and loan details may be different for secured loans.
Best Personal Loans Secured
Lender
NerdWallet rating The ratings of NerdWallet are determined by our editorial team. The scoring formulas take into account several data points associated with each financial product and service.
Est. APR
Loan amount
Min. credit score
Learn more
Best Egg on Best Egg’s website
Best for Secured loans via online lending
8.99 — 35.99%
$2,000 — $50,000
600
on the Best Egg’s website
Upgrade on Upgrade’s website
Best option for secured loans from online 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 — 650
on OneMain Financial’s site
First Tech Credit Union Personal Loan via NerdWallet’s secure website
Best for Secured loans by credit unions
6.70 — 18.00%
$500 — $50,000
660
on the secure website of NerdWallet.
Navy Federal Credit Union Personal Loan on 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 choice for Secured loans via online lender
on the website of Best Egg.
The Best Egg 4.5 NerdWallet’s scores are determined by our editorial team. The scoring formula considers factors we consider to be a good choice for consumers, such as impact to credit score rates and fees, customer experience and ethical lending practices.
Est. APR 8.99 — 35.99 Percent
Loan amount $2,000 — $50,000
Min. credit score 600
View more information
on the Best Egg’s website
View the full details
Min. credit score 600
Important details Best Egg secured loans are similar to home equity loans however they use items that are attached to your home instead of the property it self as collateral.
Pros offers a wide variety of loan amounts.
Provides secured loan option for homeowners.
Offers direct payment to the debtors who have taken out credit consolidation loans.
Cons Origination fee.
No rate discounts.
There is no choice to choose the first payment date.
The minimum credit score is 600. The average for borrowers is 700. Minimum credit history: Three months and 3 accounts. Minimum income requirement is $3,500 and the average borrower is $80,000. Borrower must have enough cash flow to cover current financial obligations. Maximum debt-to-income ratio: 40% or 65% including the mortgage. The average of borrowers is 40 percent. Employment: Must provide proof of income; part-time employees are qualified. You must provide a valid U.S. address and Social Security number.
Available Term Lengths 3 to 5 years
Fees Origination fee: 0.99% — 8.99%. Refund fee: $15 in the event that payments are not processed.
Disclaimer *Trustpilot TrustScore in June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made through Cross River Bank, a New Jersey State Chartered Commercial Bank that is a Members FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. «Best Egg» is a trademark of Marlette Holdings, Inc., a Delaware corporation. The use for «Best Egg» refer to «the Best Egg personal loan», «the Best Egg Secured Loan», and/or «Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as creator of the Best Egg personal loan,» depending on the circumstances. The length, the amount, and the APR for each loan we offer to you will depend the credit rating of your and income, as well as debt payment obligation, loan amount, credit history, and many other variables. The loan agreement will have specific conditions and terms. The majority of our customers get their money the next day. After successful verification, your cash will be transferred to your bank account within 1-3 business days. The amount of funds available following loan approval could vary based on the policies of your bank. The amount of loans ranges between $2,000 and $50,000. Residents of Massachusetts have the minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. To get a second Best Egg loan the total current Best Egg loan amounts cannot exceed 100,000. Annual Percentage Rates (APRs) range from 8.99%-35.99%. The APR represents the cost of credit per year at a rate, and it includes the interest rate as well as the origination cost of 0.99%-8.99% of the loan amount, which will be deducted from any loan proceeds you receive. Origination fees for an loan that is four years or more will be at least 4.99%. The length of your loan duration will affect your APR, which may be higher than our lowest advertised rate. You need at least 700 FICO(r) score as well as a minimum individual annual income of $100,000 to qualify the lowest interest rate. For instance, a five-year loan of $10,000 loan with 9.99 percent APR will have 60 monthly scheduled payments of $201.81 while a 3 year five-figure loan with 7.99 APR, which is a.75% rate, has 36 scheduled monthly installments of $155.12. In order to assist the government in fighting the financing of terrorism and money laundering activities, Federal law requires all banks to collect, verify, and record information that identifies the person who creates an account. What does this mean to you: If you sign up for an account, we will ask for your name, address, dates of birth and any other information that will allow the institution to verify your identity. We may also ask for your driver’s license or other documents that identify you. Best Egg products aren’t accessible if you reside in Iowa, Vermont, West Virginia and in the District of Columbia, or U.S. Territories.
on the website of Upgrade.
Upgrade 5.0 NerdWallet’s rating is determined by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to the consumer, including the impact on credit score, rates and fees, the customer experience and ethical lending practices.
Est. APR 8.24 + 35.97%
Loan amount $1,000 — $50,000
Min. credit score 560
View more information
on Upgrade’s website
View the full details
Min. credit score 560
Important facts Upgrade applicants are able to back their secured loans with a vehicle and the worth of that factors into your rate.
Pros Secured and joint loans.
Multiple rate discounts.
Mobile app for managing loan payments.
Direct payment to creditors using credit consolidation loans.
The terms of repayment for home renovation loans.
Cons Origination fee.
You cannot choose your payment time.
Qualifications Minimum credit score: 560. Minimum number of credit accounts on history: one account. Maximum ratio of debt to income: 75%, excluding any loan the applicant is applying for. Minimum length of credit history: two years. Minimum income requirement: None. Lender will consider alimony, retirement, child support as well as Social Security and various other sources.
Available Term Lengths: 2 to 7 years
Fees Origination Fee: 1.85% to 8.99%. Late Fee $10. Fee for late payment: $10.
Disclaimer The personal loans made through Upgrade feature annual percentage rates (APRs) between 8.24%-35.97 percent. All personal loans have an 1.85% to 8.99% origination fee, which is deducted from the loan profits. Lowest rates require Autopay and the payment of a portion of existing debts directly. These loans have repayment terms of 24-84 months. As an example, if get a $10,000 loan with a 36-month term and a 17.59 percent APR (which comprises a 13.94 percent annual rate of interest and the 5% one-time origination fee) the loan would pay 9500 dollars in your account, and would be required to pay a monthly payment of $341.48. In the course of the loan you would pay amount to $12,293.46. The APR for your loan could be higher or lower and your loan offers may not have various lengths of term offered. The actual rate is based on your the credit score, utilization history, loan duration, as well as other elements. The late payment or the subsequent fees and charges could increase the cost on your fixed rate loan. There is no charge 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 determined by our editorial team. 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 18.00 — 35.99 Percent
The loan amount is $1,500 to $20,000
Min. credit score None Scores range from 600 to 650
View details
on the OneMain Financial website.
View more information
Min. credit score None
Important details OneMain Secured loans require a vehicle as collateral. They can also apply for an applicant who is a co-applicant.
Pros Option: Choose to alter the date of your payment.
Joint and secured loans.
Fast funding.
Direct payment to creditors on consolidating debt loans.
Cons Rates are higher as compared to other lenders.
Charges charge for origination fees.
No rate discounts.
Pre-qualification does not allow borrowers to preview potential rates.
Qualifications You must have a Social Security number or taxpayer identification number. The minimum age is 18 or over in the majority of states. Minimum credit score is: None. The minimum number of accounts on the credit report: None however applicants with no credit history are unlikely to be considered. Minimum income: None. This lender will accept the income earned from employment, alimony, retirement, child support, Social Security payments, investments , and public assistance.
Available Term Lengths from 2 to 5 years
Fees Origination fee between $25 and $500 or 1to 10 percent of your loan amount. Late fee: $5-$30 or 1.5 percent to 15 percent of your monthly payment. Fee for non-sufficient funds: $15.
Disclaimer Not all applicants will be approved. Loan approval and actual loan terms are contingent on the ability of you to satisfy our credit requirements (including a responsible credit history, sufficient income after expenses per month, and the being able to show collateral). If they are approved, not all applicants will be eligible for greater loan amounts or favorable loan terms. Larger loan amount require first lien on a motor vehicle no older than ten years and meeting our requirements for value, and is titled in your name and backed by valid insurance. Loan approval and actual loan terms depend on the state in which you reside and your ability to meet our standards for credit (including having a good credit history, a sufficient income after expenses paid monthly, and availability of collateral). APRs are generally higher on loans not secured by the vehicle. Highly-qualified applicants may be offered more loan amounts or lower APRs than those previously mentioned. OneMain charges origination fees where permitted by law. Depending on the state where you take out your loan the origination fee can be a flat amount as well as a proportion of your loan amount. The flat fee amount varies per state, and can range from $25 to $500. Percentage-based fees are different for each state ranging between 1% and 10% of the loan amount, subject to state limits on the fee amount. Go to omf.com/loan-fees for more information. The loan proceeds are not utilized for educational costs postsecondary as defined by the CFPB’s Regulation Z such as college and university costs, or vocational expenses; for any commercial or business reason; to purchase crypto assets such as securities, derivatives, or other investments that are speculative or to fund gambling or other illegal activities. Borrowers in these states are subject to these minimal loan size limits: Alabama: $2,100. California: $3,000. Georgia: Unless you are an existing customer, you must pay $3,100 as the minimal loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in states like these are limited to these maximum secured loan size: North Carolina: $7,500. An unsecured loan is one type of loan which does not need you to offer collateral (such as an automobile) to the lender. Example: A $6,000 loan with a 24.99% APR that is payable in 60 monthly installments, with monthly payment of $176.07. Time to Fund Loans: Funding within one hour of closing via SpeedFunds is required to a bank-issued debit card. Payments made by check or ACH may take up to 2 business days following loan closing.
Our choice is for secured loans from credit unions
on the secure website of NerdWallet.
First Tech Credit Union Personal Loan 5.0 NerdWallet’s ratings are evaluated by our editorial team. The scoring algorithm takes into consideration the factors we believe to be friendly to consumers, such as the impact on credit score rate and fees, the customer experience and ethical lending practices.
Est. APR 6.70 — 18.00 percent
The loan amount is $500-$50,000.
Min. credit score of 660
View the full details
on NerdWallet’s secure site
View the full details
Min. credit score of 660
The most important facts First Tech members have access to secured loans backed by the CD or savings account, as well as stocks.
Pros Co-signing, joint and secured loan options.
Direct payment to creditors with credit consolidation loans.
Options to choose and change the payment date.
Fast and quick funding.
Cons Exclusive to credit union members.
Pays only 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. You must provide a Social Security number and driver’s license or other state-issued ID. Maximum debt-to-income ratio: 50%. Minimum monthly income: $700 when living with others Renting; $1,000; $1,500 if you own your home. Minimum credit history: At minimum two accounts with a history of being established.
Available Term Lengths 2 to 7 years
Fees Origination fee: None. Late fee: Varies. Check returned fee: $28.
on NerdWallet’s secure website
Navy Federal Credit Union Personal Loan 5.0 NerdWallet’s ratings are determined through our team of editors. The scoring formula considers the factors we believe to be beneficial to consumers, including impact to credit score rates and fees, customer experience and ethical lending practices.
Est. APR 7.49 + 18.00%
Amount of loan: $250 — $50,000
Min. credit score None
View more information
on NerdWallet’s secure website
View the full details
Min. credit score None
Important facts In addition to non-secured loans, Navy Federal offers secured loans secured by an account called a Navy Federal savings account or CD.
Pros A wide range in loan amounts.
Quick funding.
Rate discount for some customers.
Co-sign, joint and secured loan options.
Direct payment to creditor with the debt consolidation loans.
Cons Exclusive to credit union members.
There is no option to pre-qualify for a soft credit check.
You cannot choose to alter your payment date.
Qualifications Must be a Navy Federal Credit Union member to apply. No minimum credit score requirement.
Available Term Lengths 1 to 5 years
Fees Origination fee: None. Late fee of $29. Returned payment fee $29.
>> COMPARE:
What exactly is a personal loan?
An secured personal loan is a loan that you obtain by pledging something you own to get money , which you will repay over time and with interest.
Lenders have the right to take your collateral — a vehicle or money in a savings account for instance — however, they’ll only do it if you fail to pay back the loan. Once the loan is paid in full then the lender does not have the power to take your collateral.
Like an unsecured loan credit, income and other debts are still essential to obtaining secured loan However, providing collateral reduces the risk for the lender. The odds of approval are better for secured loans and the rate is typically lower.
>> MORE:
How do you get a secured loan
The process of getting secured loan will differ depending on the kind of collateral you’re using, however, here are the steps to follow:
Find out more regarding the loan. Some lenders offer secured loans only after the applicant does not for an unsecured loan. If you aren’t able to pre-qualify with the lender or don’t have an option for a secured loan option, ask the lender directly regarding secured loans.
Check your budget. Review your cash flow to find out what you’re able to pay toward the loan every month. Utilize a calculator to determine the annual percentage rate, loan amount and repayment term you’d need to keep the monthly payment affordable.
Choose one lender. Compare lenders to find out what types of collateral they accept and what rates they offer.
Gather documents. Before you apply make sure you have the necessary documents that lenders require for an application. This could include a government-issued ID as well as bank statements, W-2s and pay stubs. It is also possible to require documents for collateral, like the title to your car.
Apply. The majority of lenders accept online applications. After you’ve submitted your application, an approval decision may take several days or more if the lender has to assess the collateral’s value.
>> MORE:
Pros and pros and loans
Compare the benefits of getting secured loan against the potential negatives prior to committing yourself to borrowing.
Pros
Better approval odds. The lender has a higher chance to approve secured loan application.
Lower interest costs and larger loan amounts. Since the risk loss of money lower for the lender you could be granted a bigger loan at a lower rate.
Cons
The lender may take your collateral. If your vehicle is collateral for a loan and you need it in order to go to work, say, losing it could put you in a much worse position than before you borrowed.
Not as readily available as the unsecured loans. A lot of credit unions, banks and online lenders only offer unsecured loans.
>> MORE:
Secured loan examples
home equity loans and HELOCs A house equity loan or line of credit is a second mortgage that lets you access cash based on the worth that your house. Similar to the original mortgage the lender may take possession of your home if you don’t repay.
>> MORE:
Auto-secured loans When you take out an auto-secured loan the lender will take into consideration information such as the vehicle’s make, model, and year — along with your credit and finances -to determine your rate. If approved, you send the lender your vehicle’s title, and they return it when the loan is paid in full. They are not the same as auto title loans, which can have triple-digit APRs (more about them below).
CD loans If you own a certificate of deposit at an institution, you may be eligible to make use of it as collateral for a personal loan. Rates are usually low on — typically starting a couple of percentage points higher than the CD rate. it’s a method of accessing funds without withdrawing the CD before the due date and incurring a penalty.
401(k) loans: An employer-sponsored 401(k) plan could permit employees to borrow money from their retirement accounts at a maximum of five years. The rates are typically low for 401(k) loans, but by borrowing money from the account, you’re missing out on market gains and compound interest from your retirement savings.
Where can I find the secured personal loan
Banks: Most banks provide a savings or CD-secured loan. An account that you have with the bank will serve as collateral, and you can’t access that money till the loan is repaid.
Credit unions: Certain credit unions offer share-secured loans, which is another name that refers to savings secured loans. They will keep your savings while you repay the loan.
However, if your institution does not offer these, you may be eligible for an unsecured loan as the credit unions have been known for having less stringent requirements for borrowing and lower APRs.
>> MORE:
Online lenders: Most online lenders that provide secured loans require a vehicle as collateral. Some allow you to apply for the loan at the beginning, while others might offer you the possibility after having attempted to apply for an unsecure loan.
Some lenders let you examine the rate of an unsecure loan without impacting your credit score, therefore it’s not a bad idea to check the with multiple lenders.
You can make use of NerdWallet’s lender marketplace to evaluate rates on unsecure loans.
Secured loans to prevent
: Pawnshops let you hand your valuables to them in exchange for cash that you will have to pay back, usually within a couple of weeks. These loans can have 200% APRs and are often difficult to pay back. If you don’t pay back, the pawnshop can retain your possession.
: These are high-interest, short-term loans typically ranging from between a few hundred and a thousand dollars. Since they are difficult to pay back on time, this type of loan could encourage repeated borrowing, and lead you into a debt cycle. Avoid auto-secured loans that have rates of more than 36%, the most expensive rate that advocates for an affordable loan can be able to have.
>> MORE:
Updated on December 13, 2022.
Methodology NerdWallet’s review process evaluates and rates personal loan products offered by more than 35 financial institutions. We collect more than 45 data points from each lender and interview representatives from the company and evaluate the lender to other lenders that are seeking the same type of customer or offer similar to a personal loan product. NerdWallet writers and editors conduct a full fact check and review each year. We they also update every year when needed.
Our star ratings award points to those who offer consumer-friendly features, including: soft credit checks to help you qualify, competitive interest rates and no charges, transparent rates and terms as well as various payment choices, fast funding times, accessible customer service, reporting of payment information to credit bureaus as well as financial education. We also take into consideration regulatory actions filed by agencies such as that of the Consumer Financial Protection Bureau. We weigh these factors in accordance with our analysis of which are most significant to consumers and how meaningfully they impact consumers’ experiences.
This method is only applicable to lenders that set their interest at 36%. This is the maximum rate that most experts in the field and consumer advocates are in agreement with as the ideal rate for an loan that is affordable. NerdWallet does not receive compensation for our star rating. Learn more about us and our .
To recap our selections… The NerdWallet’s Top Secured Personal Loans for 2023 : Best for Secured loans from online lenders: The best for Secured loans from online lenders: The best for Secured loans from online lenders The best for Secured loans from credit unions: Best in Secured loans from credit unions
Commonly asked questions What do you mean by a personal loan?
An secured personal loan is a loan which requires collateraltypically a vehicle or bank account. In addition to your credit score and income the lender evaluates the value of the collateral to determine whether you qualify and the amount they can loan you, as well as the rate of interest. You repay this type of loan with fixed monthly installments, which is similar to an unsecure loan. However, unlike an unsecure loan it is possible for the lender can be able to take your collateral in the event that you fail to repay.
Are secured loans more readily available?
Secured loans are easier to obtain than unsecured loans because you offer an asset you own as collateral for the loan and the lender could take if you fail to repay it. This means that your loan much less risky to the lender, so the requirements for income and credit are usually softer on secured loan.
About Annie Millerbernd, author of Annie Millerbernd. She is a personal loans writer. Her work has appeared in The Associated Press and USA Today.
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