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Best Secured Personal Loans of 2023
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THE BEST OF ALL
The most secure personal loans of 2023
Secured personal loans allow you to borrow against the value of an asset, such as car or savings. Secured loans may carry lower interest rates, but they also come with risk.
By Annie Millerbernd
Dec 13, 2022
A majority or all of the items featured on this page are provided by our partners who pay us. This could affect the products we feature and the location and manner in which the product appears on the page. However, this doesn’t influence our assessments. Our views are our own. Here’s a list of and .
The majority of personal loans are unsecured, so approval is based on your creditworthiness. However, if you aren’t eligible for an unsecure loan, or you don’t get the price you’d like for a bad credit loan, a secured loan is an option.
This kind of loan requires you to put up collateral to secure money. The downside: If you fail to pay on time, the lender could seize your property.
Here’s what to know about secured and how to look for them, including banks, online lenders as well as credit unions.
Note that the information for each lender is unique to the lender’s unsecured loans. Qualification criteria and loan details could differ when it comes to secured loans.
Most personal loans are unsecured, so the approval process is based on your creditworthiness. However, if you aren’t eligible for an unsecure loan, or you don’t get the price you’d like on a bad-credit loan then a secured loan is an option.
This type of loan requires the pledge of collateral in order to get money. The disadvantage is that if you don’t pay your loan on time, the lender can seize your asset.
Learn about secured and where to look for them, including online lenders, banks as well as credit unions.
Note that the information for each lender is specific to its unsecured loans. Criteria for qualifying and loan information may differ in secured loans.
Best Secured Personal Loans
Lender
NerdWallet rating. The NerdWallet ratings are set by our editorial staff. The scoring formulas take into account multiple data points for every financial service and product.
Est. APR
Loan amount
Min. credit score
Find out more
Best Egg on Best Egg’s website
Best option for secured loans by online loan lenders
8.99 — 35.99%
$2,000 — $50,000
600
on the website of Best Egg.
Upgrade on Upgrade’s website
Best 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 for Secured loans by online loan lenders
18.00 — 35.99%
$1,500 — $20,000
None
The average score is 600 — 600 —
on OneMain Financial’s website
A personal loan from First Tech CreditUnion through NerdWallet’s secure website
Best to Secure 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 by credit unions
7.49 — 18.00%
$250 — $50,000
None
on NerdWallet’s secure website
Our top pick for Secured loans from online lenders
on Best Egg’s website
The Best Egg 4.5 NerdWallet’s ratings are determined by the editorial staff of our website. The scoring formula considers aspects we consider to be a good choice for consumers, such as the impact on credit scores as well as fees and rates, customer experience and ethical 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 more information
on Best Egg’s website
View details
Min. credit score 600
Important facts Best Egg secured loans are similar to home equity loans but use items attached to your home, rather than the home itself as collateral.
Pros provides a variety of loan amounts.
Provides secured loan option for homeowners.
Offers direct payment to creditors with the debt consolidation loans.
Cons Origination cost.
No rate discounts.
There is no choice to choose the first payment date.
Qualifications Minimum credit score: 600; the average of borrowers is 700. Minimum credit history: 3 months and 3 accounts. Minimum income requirement is $3,500 The average of borrower’s income is $80,000. The borrower should have sufficient cash flow to pay current financial obligations. Maximum ratio of debt to income: 40% or 65% including the mortgage. The borrower’s average is 40%. Employment: Must provide proof of income; part-time employees are qualified. 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%. Return fee: $15 if payments aren’t completed.
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 registered trademark of Marlette Holdings, Inc. (a Delaware company. All uses in the name of «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 creator of the Best Egg personal loan,» depending on the circumstances. The amount, term, and APR of any loan we provide to you will be based on your credit score your income, debt repayment obligations, loan amount, credit history, and many other variables. The loan contract will include specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money will be transferred to the account of your bank account within 1-3 business days. The time frame for funds available following loan approval could vary based on your bank’s policy. Loan amounts range from $2,000- $50,000. Residents of Massachusetts have the minimum loan amount of $6500 ; New Mexico and Ohio, $5,000; and Georgia $3,000. If you want to take out the second Best Egg loan you must ensure that your total existing Best Egg loan balances must not exceed $100,000. The Annual Percentage Rates (APRs) vary from 8.99%-35.99 percent. The APR is the price of credit as a yearly rate and is a reflection of both your interest rate and an initial fee that is 0.99%-8.99 percent of the loan amount to be taken from any loan funds you receive. The origination cost for an loan duration of 4 years or more will be at least 4.99 percent. The length of your loan term will impact your APR, which can be greater than our advertised rate. You need at least 700 FICO(r) score as well as an annual income of at least of $100,000 to qualify for our lowest APR. For example: a 5-year 10,000 loan with 9.99 percent APR comes with 60 monthly installments scheduled for $201.81 and a three-year $5,000 loan with 7.99% APR has 36 monthly scheduled payments of $155.12. To help the government fight the financing of terrorists and money laundering activities, Federal law requires all financial institutions to obtain, verify, and keep records of information that identify each person who opens an account. What this means for youis that when you open an account, we’ll ask you for your name, address, birthday, and other details that allow us to recognize you. We may also want for your driver’s license or other identification documents. Best Egg products aren’t accessible if you reside in Iowa, Vermont, West Virginia or 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 algorithm takes into consideration aspects we believe are friendly to consumers, such as the impact on credit score rate and fees, the customer experience and ethical lending practices.
Est. APR 8.24 — 35.97 percent
Loan amount $1,000 — $50,000
Min. credit score 560
View details
on the website of Upgrade.
View more information
Min. credit score 560
The most important thing to know is that Upgrade applicants can repay their secured loans with a vehicle and the worth of that is a factor in your rate.
The pros of secured and joint loans.
Multiple rate discounts.
Mobile app to manage loan payments.
Direct payment to creditor with credit consolidation loans.
Long repayment terms on home renovation loans.
Cons Origination cost.
No option to choose your payment date.
Credit Score Minimum 560. Minimum number of accounts on credit history: one account. Maximum debt-to-income ratiois 75%, excluding that loan you’re applying for. Minimum time period of your credit record: two years. Minimum income requirement: None. Lender accepts income from retirement, alimony and child support as well as Social Security and other sources.
Available Term Lengths from 2 to 7 years
Fees Origination Fee: 1.85% to 8.99 percent. Late Fee 10$. Failed payment fee 10 dollars.
Disclaimer The personal loans that are made using the Upgrade have APRs (APRs) that range from 8.24%-35.97 percent. All personal loans include an 1.85 percent to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off some of the debt directly. The terms for repayment vary from between 24 and 84 months. For instance, if you get a $10,000 loan with a term of 36 months and a 17.59 percent APR (which also includes a 13.94% yearly interest rate and an origination fee of 5% that is one-time fee) You would be able to receive $9,500 in your account and would be required to pay a monthly payment of $341.48. Over the life of the loan, your payments would be $12,293.46. The rate of interest for your loan may be higher or lower and the loan offers may not have various lengths of term offered. The actual rate is based on your the credit score, usage history, loan term, and other variables. Late payments or subsequent fees and charges could increase the cost on 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 website
OneMain Financial 4.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are beneficial to the consumer, such as impact on credit score rate and fees, the customer experience and responsible 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 more information
on OneMain Financial’s website
View more information
Min. credit score None
Important details OneMain secured loans require a vehicle as collateral. The borrower can also include an applicant who is a co-applicant.
Pros Option to choose and alter the date of your payment.
Joint and secured loans.
Quick funding.
Direct payment to creditor on debt consolidation loans.
Cons Rates are higher as compared to other lenders.
Charges for origination fees.
No rate discounts.
The pre-qualification process does not permit the borrower to see rates they might be able to afford.
Qualifications You must have an Social Security number or taxpayer identification number. You must be at least 18 years old in the majority of states. Minimum credit score: None. The minimum number of accounts on the credit report: None, however, applicants who have no credit history may not be eligible. The minimum income is none. This lender accepts earnings from alimony, employment, retirement, child support, Social Security payments, investments , and public assistance.
Available Term Lengths: 2 to 5 years
Fees Origination fee of $25-$500 or 10% to 1% of the loan amount. Late fee: $5-$30 or 1.5 percent to 15 percent of your monthly payment. Non-sufficient funds fee 15 dollars.
Disclaimer: Not all applicants will be considered. The approval of loans and the actual loan terms are contingent upon the ability of you to satisfy our credit standards (including an established credit history, sufficient income after the month’s expenses, and the being able to show collateral). If you are approved however, not all applicants will qualify for larger loan amounts or most favorable loan conditions. Higher loan amount require first lien on a motor vehicle no more than 10 years old and meeting our standards for value, and is registered in your name and backed by valid insurance. Loan approval and actual loan terms are contingent on your residence state and your capacity to meet our standards for credit (including a responsible credit history, a sufficient income following monthly expenses, and availability of collateral). APRs tend to be higher for loans not secured by vehicles. The most qualified applicants could be offered higher loan amounts or lower APRs than those previously mentioned. OneMain charges origination fees where permitted by law. The state in which you are opening your loan, the origination fee could be flat as well as a proportion of your loan amount. The amount of flat fees varies by state, ranging between $25 and $500. Percentage-based fees vary by state, ranging between 1% and 10 percent of the loan amount subject to limitations on fee amount. Visit omf.com/loan-fees for more details. The proceeds of loans cannot be used for postsecondary educational expenses according to the CFPB’s Regulation Z such as college and university costs, or vocational expenses and for any commercial or business use; for the purchase of crypto assets and derivatives, securities, or other investments that are speculative as well as for gambling or illicit purposes. Borrowers in these states are subject to these requirements for minimum loan size limits: Alabama: $2,100. California: $3,000. Georgia: Unless you are an existing customer, $3100 maximum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are limited to the following maximum unsecured loan size: North Carolina: $7,500. Unsecured loan is one type of loan that does not require collateral (such as a motor vehicle) in exchange for the lender. Example: A $6,000 loan with an 24.99 APR, repaymentable in 60 installments will result in monthly payment of $176.07. Time to fund loans: Funding within one hour of closing via SpeedFunds is required to a debit card issued by the bank. Disbursement by check or ACH may take up to 2 business days following loan closing.
Our top pick of Secured loans from credit unions
on NerdWallet’s secure website
First Tech Credit Union Personal Loan 5.0 NerdWallet’s ratings are evaluated by our editorial team. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score rate and fees, customer service and ethical lending practices.
Est. APR 6.70 — 18.00 Percent
Amount of loan $500 — $50,000
Min. credit score of 660
View details
on NerdWallet’s secure site
View more information
Min. credit score 660
The most important details First Tech members have access to secured loans backed by the CD or savings account, as well as stocks.
Pros Co-sign, joint and secured loan options.
Direct payment to creditors with the debt consolidation loans.
You can choose to change your payment date.
Quick funding.
Cons Only available for members of credit unions.
Payments are reported to one credit bureau out of three.
No rate discount.
Qualifications 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 when living with others; $1,000 if renting; $1,500 if you own your home. Credit history must be at minimum two accounts with a history of being established.
Available Term Lengths from 2 to 7 years
Fees Origination fee: None. Late fee: Vary. Return check fee: $28.
on NerdWallet’s secure site
Navy Federal Credit Union Personal loan 5.0 The ratings of NerdWallet are determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, including impact to credit score, rates and fees, customer service and responsible lending practices.
Est. APR 7.49 — 18.00%
Loan amount $250 — $50,000
Min. credit score None
View more information
on the secure NerdWallet website.
View details
Min. credit score None
Key facts In addition to non-secured loans, Navy Federal offers secured loans backed by an account called a Navy Federal savings account or CD.
Pros Wide selection of loan amounts.
Quick funding.
Discount on rates for certain customers.
Secured, joint and co-sign loan options.
Direct payment to creditor with credit consolidation loans.
Cons Only available for members of credit unions.
It is not possible to pre-qualify using an informal credit check.
There is no option to select or change the date of your payment.
The applicant must be an Navy Federal Credit Union member for application. There is no minimum credit score required.
Available Term Lengths 1 to 5 years
Fees Origination fee: None. Late fee is $29. Fee for returned payments $29.
>> COMPARE:
What is a secured personal loan?
A secured personal loan is an loan you can get by pledging something that you have in exchange for money , which you will repay in time, paying interest.
Lenders are able to seize your collateralsuch as a car or money in a savings account for instance, but they’ll only accept it if you fail to pay back the loan. Once the loan is paid in full, the lender does not have the power to take your collateral.
Similar to an unsecure loan credit score or income, as well as other debts are still essential to getting approved for 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 do you get a secured loan
The process of getting a secured loan can vary according to the type of collateral you’re using, but here are some of the steps you’ll take:
Find out more concerning the loan. Some lenders provide secured loans only after the applicant does not require an unsecured loan. If you can’t pre-qualify with the lender or have a secured loan option, you can ask the lender directly about secured loans.
Check your budget. Review your cash flow to find out the amount you’re able to contribute to the loan each month. Utilize a calculator to determine the annual percentage rate, loan amount and repayment time you’ll need to make monthly payments within your budget.
Choose one lender. Compare lenders to determine what types of collateral they accept and the rates they will offer.
Collect documents. Before applying to a lender, collect the documents lenders require for an application. This could include the ID of a government official and Bank statements, W-2s, and pay stubs. It is also possible to require documents for the collateral, like a car title.
Apply. The majority of lenders accept online applications. After you’ve submitted your application, an approval decision may take a couple of days or longer if a lender needs to evaluate the value of collateral.
>> MORE:
Pros and pros and loans
Consider the advantages of taking a secured loan against the possible negatives prior to committing yourself to borrowing.
Pros
Better approval odds. The lender is more likely to accept a secured loan application.
Lower interest rate and larger loan amounts. Since the risk of losing money is less for the lender, you may be approved for a larger loan at a lower cost.
Cons
The lender might take your collateral. If your vehicle is collateral for a loan and you’re in need of it to travel to work, for instance, losing it could put you in a worse situation than when you took out the loan.
Not as widely available as loans that are not unsecured loans. Many credit unions, banks and online lenders only offer unsecured loans.
>> MORE:
Secured loan examples
Home equity loans and HELOCs The line of credit or home equity loan or line of credit is a type of mortgage that allows you to access money based on the value of your home. Like the first mortgage one 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 will take into consideration information such as the vehicle’s make, model, and year along with your credit score and financial situation- to decide your rate. If they approve, you give the lender your car title and they will return it after it is loan is paid off. This is different from auto title loans that can come with triple-digit APRs (more on these below).
CD loans If you hold a certificate of deposit at a bank, you may be able to use it as collateral for a personal loan. Rates are usually low on the average, starting just at a few percentage points higher than 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 might permit employees to borrow money from their retirement accounts for up to five years. The rates are typically low for 401(k) loans, but when you borrow from the account, you’re losing the market’s gains as well as compound interest earned from your retirement savings.
Where to get a secured personal loan
Banks: Most banks offer a savings- or CD-secured loan. An account that you have with the bank will serve as collateral and you won’t be able to use that account until the loan is paid back.
Credit unions: Certain credit unions provide share-secured loans that is a different term that refers to savings secured loans. They will keep your savings until you pay back the loan.
In the event that your financial institution doesn’t offer theseloans, you might qualify for an unsecured loan as Credit unions tend for having less stringent requirements for borrowing and lower APRs.
>> MORE:
Online lenders: The majority of online lenders offering secured loans require a vehicle to serve as collateral. Some lenders allow you to apply for the loan in advance, while others might offer you the possibility after having attempted applying for an unsecure loan.
Some lenders let you examine your interest rate for an unsecured loan without impacting your credit score, so it doesn’t hurt to take the loan with several lenders.
It is possible to use the NerdWallet lender marketplace to find rates for unsecured loans.
Secured loans to help avoid
: Pawnshops let you hand over valuables to get cash which you must repay, typically within a few weeks. These loans may be a 200% APR and can be difficult to repay. If you do not repay, the pawnshop will keep your item.
They are high-interest short-term loans typically of several hundred or thousands of dollars. Since they are difficult to pay back on time, this kind of loan can lead to repeat borrowing, and cause you to enter into the cycle of debt. Avoid auto-secured loans with rates that exceed 36%, the highest rate that advocates for an affordable loan can have.
>> MORE:
The last update was on December 13, 2022.
Methodology NerdWallet’s review procedure evaluates and rates personal loan products offered by more than 35 financial institutions. We gather 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 type of customer or offer a similar personal loan product. NerdWallet editors and writers conduct an exhaustive fact-check and update annually, but also make updates throughout the year as necessary.
Our stars are awarded points to those who offer consumers-friendly services, such as soft credit checks that allow you to pre-qualify for loans, competitive interest rates, no charges, transparent rates and conditions and flexibility in payment methods, fast processing times for funding, easy customer service, reporting of payments to credit bureaus, and financial education. We also take into consideration legal actions that are filed by organizations like Consumer Financial Protection Bureau. Consumer Financial Protection Bureau. We evaluate these aspects in accordance with our analysis of which are the most significant to consumers and how meaningfully they impact consumers’ experience.
This methodology applies only to lenders that cap the interest rate at 36%. This is the maximum rate that most experts in finance and consumer advocacy agree is the acceptable limit for the loan that is affordable. NerdWallet does not get paid for our top rating. Read more about our and our .
To recap our selections… The NerdWallet’s Best Personal Loans that are Secured for 2023 : Best Secured loans from online lenders : Best for Secured loans from online lenders: The best for Secured loans from online lenders Best for Secured loans from credit unions Best for Secured loans by credit unions
Commonly asked questions What is a secured personal loan?
Secured personal loan is a loan that needs collateraltypically a vehicle or bank account. Along with your credit score and income, the lender examines the worth of the collateral in determining whether you are eligible and the amount they can loan you, and also your rate of interest. You repay this type of loan in monthly fixed installments, much like an unsecure loan. However, unlike an unsecure loan one, the lender may be able to take your collateral in the event that you fail to repay.
Are secured loans easier to get?
Secured loans can be easier to get than other loans because you offer an asset you own as collateral for the loan, which the lender may take in the event that you don’t repay the loan. This makes this loan much less risky to the lender as criteria for credit and income are usually softer on secured loan.
About the author Annie Millerbernd is a personal loans writer. Her writing has been featured on The Associated Press and USA Today.
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