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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 permit you to borrow on the basis of the value of an asset, such as an automobile or savings. Secured loans may carry lower interest rates, but they also come with risk.
By Annie Millerbernd
Dec 13, 2022
Many or all of the items featured on this page are provided by our partners who compensate us. This could affect the products we review as well as the place and way the product appears on the page. But, it doesn’t influence our assessments. Our opinions are our own. Here is a list of and .
The majority of personal loans are unsecured, so they are based on creditworthiness. If you’re not eligible for an unsecured loan or get the price you’d like on a low-credit loan, a secured loan is a viable option.
This type of loan requires you to put up collateral in order to borrow money. The downside: If you don’t pay your loan on time in time, the lender can seize your asset.
Learn about secured and where to find them, including online lenders, banks as well as credit unions.
The information provided for each lender is specific to its unsecured loans. Criteria for qualifying and loan details may differ for secured loans.
The majority of personal loans are not secured, which means approval is based on your creditworthiness. If you’re not eligible for an unsecured loan or get the price you’d like on a low-credit loan then a secured loan is one alternative.
This type of loan requires you to put up collateral in order to borrow money. The disadvantage is that if you don’t pay your loan on time, the lender could seize your property.
Learn about secured and where to look for them, including online lenders, banks and credit unions.
The information for each lender is specific to its non-secured loans. Criteria for qualifying and loan details could differ when it comes to secured loans.
Best Personal Loans Secured
Lender
NerdWallet rating. The NerdWallet ratings are made by our editorial team. The scoring formulas take into account several data points associated with every financial product or service.
Est. APR
Loan amount
Min. credit score
Find out more
Best Egg on Best Egg’s website
Best to Secured loans via online lending
8.99 — 35.99%
$2,000 — $50,000
600
on the Best Egg’s website
Upgrade on the Upgrade website.
Best option for secured loans by online loan lenders
8.24 — 35.97%
$1,000 — $50,000
560
on Upgrade’s website
OneMain Financial on OneMain Financial’s website
Best for Secured loans via online lending
18.00 — 35.99%
$1,500 — $20,000
None
The average score is 600 — 600 —
on OneMain Financial’s site
A personal loan from First Tech CreditUnion through NerdWallet’s secure website
Best option 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 Credit Loan on NerdWallet’s secure site
Best to Secured loans from credit unions
7.49 — 18.00%
$250 — $50,000
None
on NerdWallet’s secure website
Our pick of Secured loans via online lender
on the website of Best Egg.
Good Egg 4.5 NerdWallet’s ratings are determined by Our editorial department. The scoring formula takes into account the factors we believe to be a good choice for consumers, such as the impact on credit scores as well as fees and rates as well as the customer’s experience and responsible lending practices.
Est. APR 8.99 — 35.99 Percent
The amount of the loan is $2,000 to $50,000.
Min. credit score 600
View details
on the Best Egg’s website
View the full details
Min. credit score of 600
Key information Best Egg secured loans are like home equity loans but use items attached to your home instead of the home that is the collateral.
Pros provides a variety of loan amounts.
Offers a secured loan option for homeowners.
Offers direct payment to customers with debt consolidation loans.
Cons Origination cost.
No rate discounts.
There is no option to select the initial payment date.
The minimum credit score is 600; borrower average is 700. Minimum credit history: 3 consecutive years, and at least three different accounts. The minimum amount of income required is $3500 and the average borrower is $80,000. Borrower must have enough funds to meet the current financial obligations. Maximum ratio of debt to income: 40% or 65% including a mortgage; borrower average is 40%. Employment: Must show proof of income. Part-time employees are eligible. It is required to provide a 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%. Refund fee: $15 in the event that the payment is not completed.
Disclaimer *Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are offered via Cross River Bank, a New Jersey State Chartered Commercial Bank and 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 various uses 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 the originator of the Best Egg personal loan,» as applicable. The amount, term and the APR for each loan we provide to you will depend upon your score on credit and income, as well as debt payment commitments, loan amount, credit history, and many other variables. The loan agreement will have specific conditions and terms. About half of our customers receive their money the next day. Once you have verified your identity, the money will be transferred to the account of your bank account within 1-3 business days. The timing of available funds after loan approval can vary based on the policies of your bank. The loan amounts vary from $2,000to $50,000. Residents of Massachusetts are required to have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000. Georgia is Georgia $3,000. For the second Best Egg loan, your total existing Best Egg loan balances cannot exceed 100,000. APRs (APRs) vary between 8.99%-35.99 percent. The APR is the cost of credit per year at a rate and reflects both your interest rate and an origination fee of 0.99%-8.99 percent of your loan amount that will be subtracted from any loan funds you receive. The origination cost for an loan that is four years or more will be at minimum 4.99%. The length of your loan duration will affect the APR of your loan, which could be greater than our advertised rate. You must have an at-least 700 FICO(r) score as well as a minimum individual annual income of $100,000 to be eligible for our lowest APR. For instance, a five-year $10,000 loan with 9.99 percent APR will have 60 scheduled monthly payments of $201.81 and a three-year loan of $5,000 loan with 7.99 percent APR will have 36 scheduled monthly installments of $155.12. In order to assist the government in fighting the financing of terrorists and money laundering activities, Federal law requires all financial institutions to obtain verification, confirm, and record information that identifies the person who creates an account. What this means for you: When you open an account we’ll request your name and address, as well as your birthday, and other details that allow us to identify you. 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 the District of Columbia, or U.S. Territories.
on Upgrade’s website
Upgrade 5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, rates and fees, the customer experience and responsible lending practices.
Est. APR 8.24 — 35.97 percent
The amount of the loan is $1,000.
Min. credit score 560
View details
on the website of Upgrade.
View more information
Min. credit score 560
The most important thing to know is that Upgrade applicants can back their secured loans with a vehicle, the value of which can be incorporated into the rate.
Advantages of joint and secured loans.
Multiple rate discounts.
Mobile application to manage loan payments.
Direct payment to creditors using the debt consolidation loans.
The terms of repayment for home renovation loans.
Cons Origination cost.
You cannot choose your payment date.
Credit Score Minimum: 560. Minimum number of credit accounts on history: one account. Maximum debt-to-income ratiois 75%, excluding the loan the applicant is applying for. Minimum period of credit-related history Two years. Minimum income requirement: None. Lender will consider retirement, alimony and 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 percent. Late Fee $10. Failed payment fee 10 dollars.
Disclaimer Disclosure: Personal loans made through Upgrade have annual percentage rates (APRs) that range from 8.24%-35.97 percent. All personal loans include a 1.85 percent to 8.99 per cent origination charge which is taken from the loan proceeds. Lowest rates require Autopay and the payment of some of the debts directly. These loans have repayment terms of 24-84 months. For example, if you get an amount of $10,000 loan with a term of 36 months and a 17.59 APR of 17.59% (which includes a 13.94 percent annual interest rate and an origination fee of 5% that is one-time fee), you would receive 9500 dollars in your account, and would have a required monthly payment of $341.48. Through the term of the loan you would pay total $12,293.46. The rate of interest for your loan may be higher or lower and your loan offers may not have different lengths of terms available. The rate you pay for your loan will depend on your the credit score, use history loan duration, as well as other factors. The late payment or the subsequent fees or charges may raise the price on your fixed rate loan. There isn’t a fee or penalty for paying off an 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 the OneMain Financial website.
OneMain Financial 4.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula is based on aspects we believe are consumer-friendly, including impact to credit score rates and fees, the customer experience and ethical lending practices.
Est. APR 18.00 — 35.99 percent
Amount of loan $1,500-$20,000
Min. credit score None Average score is 600- 700
View the full details
on OneMain Financial’s website
View the full details
Min. credit score None
Important information OneMain Secured loans require a vehicle as collateral. They can also apply for an applicant who is a co-applicant.
Pros Option to select and alter your payment date.
Joint and secured loans.
Quick funding.
Direct payment to creditor on consolidating debt loans.
Cons Rates are high compared to other lenders.
Charges origination fee.
No rate discounts.
The pre-qualification process does not permit prospective borrowers to view rates.
Qualifications Must have a Social Security number or taxpayer identification number. The minimum age is 18 or over in all states. Minimum credit score is: None. Minimum number of accounts on credit report: None, however applicants with no credit history are unlikely to be eligible. Minimum income: None. This lender will accept income from employment, alimony pension, child support, retirement, Social Security payments, investments , and public assistance.
Available Term Lengths: 2 to 5 years
Fees Origination Fee: $25 to $500 or 1to 10 percent of the loan amount. Late fee: $5-$30 or 1.5 percent to 15% of your monthly payment. Fee for non-sufficient funds: $15.
Disclaimer: Not every applicant will be accepted. Loan approval and actual loan terms are contingent on your ability to meet our credit standards (including a responsible credit history and a sufficient income after expenses per month, and the ability to provide collateral). If you are approved some applicants may not qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old and that meets our requirements for value, and is titled in your name with valid insurance. Loan approval and actual loan terms are contingent on your residence state and your ability to meet our credit requirements (including a responsible credit history, adequate income after monthly expenses and collateral availability). APRs tend to be higher for loans that are not secured by the vehicle. The most qualified applicants could be offered more loan amounts or lower APRs than the ones previously mentioned. OneMain charges origination fees where permitted by law. Depending on the state where you take out your loan the fee for origination may be either a flat amount or a percentage of the loan amount. Flat fee amounts vary by state, and range between $25 and $500. Percentage-based fees vary by state and range between 1% and 10% of the loan amount subject to certain limitations on fees. Visit omf.com/loan-fees to learn more. The proceeds of loans cannot be used for postsecondary educational expenses according to the CFPB’s Regulation Z such as college, university or vocational expense as well as for any other business or commercial reason; to purchase crypto assets, securities, derivatives or other investments that are speculative; or for gambling or illicit purposes. Borrowers in these states must adhere to these requirements for minimum loan size limits: Alabama: $2,100. California: $3,000. Georgia If you’re not an existing customer, $3100 minimal loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. The borrower (other other than existing customers) in these states are limited to the following maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is one type of loan which does not require collateral (such as a motor vehicle) for the lender. Example of a Loan: A $6,000 loan with an 24.99 APR, repayable in 60 monthly installments would have monthly installments of $176.07. Time to Fund Loans: Funding must be made within one hour of closing via SpeedFunds must be disbursed to a debit card issued by a bank. The process of disbursement via cheque or ACH may take up to 1-2 business days after loan closing.
Our top pick is for secured loans by credit unions
on NerdWallet’s secure website
First Tech Credit Union Personal Loan 5.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer service and responsible lending practices.
Est. APR 6.70 — 18.00 percent
The loan amount is $500-$50,000.
Min. credit score 660
View details
on NerdWallet’s secure site
View details
Min. credit score of 660
Key details First Tech members have access to secured loans that are secured by the CD or savings account, as well as stocks.
Pros Secured, joint and co-sign loan options.
Direct payment to creditor with the debt consolidation loans.
You can choose to change the payment date.
Quick funding.
Cons Only available to members of credit unions.
Pays only one credit bureau out of three.
No rate discount.
You must be a member of First Tech Federal Credit Union. Minimum credit score of 666. Must provide Social Security number and driver’s license or another ID issued by a state. Maximum debt-to-income ratio: 50%. Minimum monthly income of $700 if living with other people or renting; $1,500 if you own your home. Minimum credit score: At least two credit accounts that are established.
Available Term Lengths: 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 compiled through our team of editors. The scoring formula takes into account factors we consider to be consumer-friendly, including the impact on credit score rate and fees, customer service and responsible lending practices.
Est. APR 7.49 + 18.00 percent
Loan amount $250 — $50,000
Min. credit score None
View more information
on the secure NerdWallet website.
View the full details
Min. credit score None
The key facts In addition non-secured loans, Navy Federal offers secured loans that are backed by the Navy Federal savings account or CD.
Pros A wide range of loan amounts.
Fast and quick funding.
Rate discount for some customers.
Secured, joint and co-sign loan options.
Direct payment to creditors using debt consolidation loans.
Cons Only available for members of credit unions.
There is no option to pre-qualify for an informal credit check.
You cannot choose to change the date of your payment.
You must be an Navy Federal Credit Union member to be eligible. No minimum credit score requirement.
Available Term Lengths: 1 to 5 years
Fees Origination fee: None. Late fee is $29. Returned payment fee: $29.
>> COMPARE:
What exactly is a personal loan?
Secured personal loan is an loan that you obtain by offering something you have in exchange for 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 take it if you fail to pay back the loan. Once the loan is paid in full, the lender is no longer able to exercise the right to take the collateral.
As with an unsecured loan credit, income and other debts are still central to obtaining a secured loan However, providing collateral reduces the risk for the lender. In turn, approval odds are better with secured loans and the interest rate is typically lower.
>> MORE:
How can you obtain a secured loan
The procedure for getting secured loan is different according to the type of collateral you’re applying for, however, here are the steps you’ll need to take:
Ask concerning the loan. Some lenders offer secured loans only if the applicant has not been approved for an unsecured loan. If you aren’t able to pre-qualify with the lender or don’t see any secured loan option, ask the lender directly about secured loans.
Check your budget. Review your cash flow to find out the amount you’re able to put towards the loan every month. Utilize a calculator to determine the percent of your annual income, loan amount and repayment term you’d need to keep monthly payments affordable.
Choose a lender. Compare lenders to find out what types of collateral they accept and the rates they will offer.
Gather documents. Before applying make sure you have the necessary documents that lenders require to make an application. They may require an ID issued by the government, Bank statements, W-2s, and pay stubs. It is also possible to require documents for the collateral, for example, a car title.
Apply. Most lenders have online applications. After you’ve submitted your application the application, approval may take several days, or even longer if a lender must assess the collateral’s value.
>> MORE:
Pros and negatives of secured loans
Weigh the benefits of getting secured loan against the possible disadvantages before you take out a loan.
Pros
Better approval odds. A lender is more likely to accept an secured loan application.
Lower interest rates and greater loan amounts. Since the chance loss of money less for the lender, you may get a larger loan for a lesser rate.
Cons
The lender may take your collateral. If your car is collateral for the loan and you need it to get to work, say you lose it, it could put you in a worse situation than before you borrowed.
Not as readily available as loans that are not unsecured loans. Many banks, credit unions and online lenders provide only unsecured loans.
>> MORE:
Secured loan examples
Equity home loans and HELOCs The house equity loan or line of credit is a type of mortgage that allows you to access cash based on the worth the home. Similar to the original mortgage the lender may take possession of your home in the event that you fail to repay.
>> MORE:
Auto-secured loans: With an auto-secured loan, the lender takes into account information such as your vehicle’s make, model, and year — as well as your credit and finances -to determine the rate. If they approve, you give the lender your title and they return it once you have paid off the loan is paid off. These are different from auto title loans, which can have triple-digit APRs (more on those below).
CD loans: If you have a certificate of deposit with an institution, you may be eligible to utilize it as collateral to secure an individual loan. The rates are typically low — typically starting at a few percentage points higher than the CD rate. it’s a method of accessing funds without withdrawing the CD early and paying penalties.
401(k) loans: An employer-sponsored 401(k) plan could allow employees to borrow from their retirement accounts at a maximum of five years. Rates are usually low on 401(k) loans, but when you borrow from the account, you’re missing the market’s gains as well as compound interest earned from saving for retirement.
Where to get the secured personal loan
Banks: Banks typically provide a savings or CD-secured loan. An account you already have with the bank will serve as collateral, and you can’t access that money up until loan is paid back.
Credit unions: Some credit unions provide share-secured loans which is a different name used to describe savings-secured loans. They will store your savings while you repay the loan.
If your credit union does not offer these, you may qualify for an unsecured loan as credit unions are known for having less stringent requirements for borrowing and lower APRs.
>> MORE:
Online lenders: The majority of online lenders that provide secured loans require a vehicle to serve as collateral. Some lenders allow you to apply for the loan in advance, while other lenders may offer the possibility after having attempted to apply for an unsecure loan.
Some lenders let you examine your rate on an unsecured loan without affecting your credit, so it’s not a bad idea to check the loan with several lenders.
It is possible to use the NerdWallet lender marketplace to find rates for unsecured loans.
Secured loans to avoid
: Pawnshops let you hand your valuables to them to get cash which you must repay, typically within a few weeks. These loans could be a 200% APR and are often difficult to repay. If you fail to pay back, the pawnshop can keep your item.
: These are high-interest, short-term loans of usually several hundred or thousands of dollars. Because they’re hard to repay in time, this kind of loan can encourage repeat borrowing, and lead you into the cycle of debt. Avoid auto-secured loans that have rates of more than 36%, the most expensive rate consumer advocates say an affordable loan could have.
>> MORE:
The last update was on December 13, 2022
Methodology The review process of NerdWallet examines and scores personal loan products offered by more than 35 financial institutions. We collect more than 45 data points from each lender as well as interview representatives of the company and compare the lender against other lenders who seek the same customer or offer the same individual loan product. NerdWallet writers and editors conduct an exhaustive fact-check and review each year. We we also conduct updates throughout the year as necessary.
Our star ratings give points to lenders that offer consumers-friendly services, such as soft credit checks that allow you to pre-qualify, competitive interest rates and no charges, transparency of rates and conditions and flexible payment options, quick funding times, accessible customer service, reporting of all payments to credit bureaus and financial education. We also look at the regulatory actions taken by organizations like that of the Consumer Financial Protection Bureau. We evaluate these aspects in accordance with our analysis of which are most crucial to consumers, and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders who set interest rates at 36%. This is the maximum rate that most experts in the field and consumer advocates accept as the appropriate limit to consider an loan in order to make it affordable. NerdWallet does not get paid for our top rating. Learn more about us and our .
For a recap of our choices… The NerdWallet’s Top 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 The best in Secured loans by credit unions
Commonly asked questions What is a secured personal loan?
Secured personal loan is one type of loan that needs collateral- usually a vehicle or bank account. In addition to your credit score and income The lender examines the worth of the collateral to determine whether you are eligible, how much to loan you, as well as your interest rate. The repayment of this kind of loan in monthly fixed installments, much like an unsecure loan. However, unlike an unsecured loan one, the lender can take your collateral if you don’t pay.
Are secured loans more readily available?
Secured loans can be easier to obtain than secured loans because you offer the collateral of something you own to secure the loan, which the lender could take if you do not repay the loan. This makes the loan more secure for the lender, so the criteria for credit and income are usually softer on secured loan.
About Annie Millerbernd, the author is a private loans writer. Her writing has been featured in The Associated Press and USA Today.
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