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Top Secured Personal Loans for 2023
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THE BEST OF
Top Secured Personal Loans for 2023
Secured personal loans let you borrow money against the worth of an asset such as car or savings. Secured loans may carry lower interest rates, however 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 pay us. This could affect the products we review and where and how the product appears on the page. But, it doesn’t influence our assessments. Our views are our own. Here’s a list of and .
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 you don’t get the rate you want for a bad credit loan then a secured loan is one alternative.
This kind of loan requires you to put up collateral in order to borrow money. The drawback is that if you fail to pay on time in time, the lender could seize your property.
Find out more about secured and how to find them, including banks, online lenders as well as credit unions.
The information provided for each lender is specific to its secured loans. Qualification criteria and loan details may be different 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 rate you want on a bad-credit loan, a 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 could seize your property.
Find out more about secured and how 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 details may differ for secured loans.
Best Personal Loans Secured
Lender
NerdWallet rating The ratings of NerdWallet are made by our editorial team. The scoring formulas consider 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 to Secured loans by online loan lenders
8.99 — 35.99%
$2,000 — $50,000
600
on Best Egg’s website
Upgrade on the website of Upgrade.
Best option for secured loans via online lending
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
Average score is 600 — 700
on the OneMain Financial website.
A personal loan from First Tech CreditUnion through NerdWallet’s secure website
Best for Secured loans at 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 option for secured loans at credit unions
7.49 — 18.00%
$250 — $50,000
None
on the secure NerdWallet website.
Our choice to secure loans by online lending institutions
on Best Egg’s website
Best Egg 4.5 NerdWallet’s scores are determined by the editorial staff of our website. The scoring formula considers the factors we believe to be beneficial to consumers, such as the impact on credit scores, rates and fees, customer experience and ethical lending practices.
Est. APR 8.99 — 35.99 percent
Amount of loan $2,000 — $50,000
Min. credit score of 600
View details
on the Best Egg’s website
View details
Min. credit score of 600
Key facts Best Egg secured loans are similar to home equity loans but use items attached to your home, rather than the home it self as collateral.
Pros Offers wide range of loan amounts.
Offers a secured loan option for homeowners.
Direct payment to the debtors who have taken out credit consolidation loans.
Cons Origination cost.
No rate discounts.
No option to choose initial payment date.
Qualifications Minimum credit score: 600. The average for borrowers is 700. Minimum credit history is three months and 3 accounts. Minimum income requirement is $3,500 The average of borrower’s income is $80,000. Borrower must have enough funds to meet the current financial obligations. Maximum debt-to-income ratio: 40 percent or 65%, excluding a mortgage; borrower average is 40 percent. Employment: Must provide proof of income; part-time employees are qualified. Must provide valid U.S. address and Social Security number.
Available Term Lengths 3 to 5 years
Fees Origination fee: 0.99% — 8.99%. Fee for return: $15 if payments are not processed.
Disclaimer *Trustpilot TrustScore at 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 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 trademark of Marlette Holdings, Inc. which is a Delaware company. The use 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,» in the event that it is applicable. The length, the amount, and the APR for each loan we provide to you will be based upon your score on credit your income, debt repayment obligations, loan amount, credit history and other aspects. Your loan agreement will have specific conditions and terms. Around half of our customers get their funds the following 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 after loan approval can vary based upon your bank’s policies. The loan amounts vary from $2,000to $50,000. Residents of Massachusetts must have the minimum loan amount of $6,500; New Mexico and Ohio, $5,000. Georgia is Georgia $3,000. To get a second Best Egg loan, your current 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 cost of credit in a yearly rate that is a reflection of both your interest rate and the origination cost of 0.99%-8.99% of the loan amount, which will be deducted from any loan funds you receive. The origination cost for an loan duration of 4 years or more will be at least 4.99%. Your loan term will impact your APR, which can be higher than our lowest advertised rate. You must have an at-least 700 FICO(r) score as well as a minimum individual annual income of $100,000 in order to qualify to receive our lowest rate. For example: a 5-year 10,000 loan with 9.99 percent APR comes with 60 monthly installments scheduled for $201.81, and a 3-year loan of $5,000 loan with 7.99% APR has 36 monthly scheduled payments 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 verification, confirm, and record information that identifies each person who opens an account. What does this mean to you: If you open an account we will ask for your name, address, date of birth, as well as other information that will allow us to identify you. We might also request to see your driver’s licence or other documents that identify you. Best Egg products are not accessible if you reside in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
on the website of Upgrade.
Upgrade 5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring algorithm takes into consideration aspects we believe are beneficial to the consumer, including 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 — $50,000
Min. credit score 560
View details
on Upgrade’s website
View more information
Min. credit score 560
The most important thing to know is that Upgrade applicants can repay their secured loans with a car The value of which is a factor in your rate.
Pros Secured and joint loans.
Multiple rate discounts.
Mobile app to manage loan payments.
Direct payment to creditors with debt consolidation loans.
Long repayment terms on home improvement loans.
Cons Origination cost.
No option to choose your payment date.
Credit Score Minimum: 560. Minimum number of accounts on credit history: one account. Maximum debt-to-income ratio: 75%, including that loan you’re applying for. Minimum time period of credit-related history two years. Minimum income requirement: None. Lender accepts income from retirement, alimony and child support as well as Social Security and other sources.
Available Term Lengths 2 to 7 years
Fees Origination Fee: 1.85% to 8.99 Percentage. Late Fee 10$. Failed payment fee 10 dollars.
Disclaimer The personal loans made through Upgrade offer Annual Percentage Rates (APRs) of 8.24%-35.97 percent. All personal loans have an 1.85% to 8.99 percent origination fee, which is deducted from the loan profits. The lowest rates are contingent on Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24-84 months. For instance, if you get a $10,000 loan with a 36-month period and a 17.59 percent APR (which comprises a 13.94% yearly interest rate and an origination fee of 5% that is one-time fee) the loan would pay $9,500 in your account and will be required to make a monthly installment of $341.48. Through the term of the loan you would pay amount to $12,293.46. The rate of interest for your loan could be different, or even lower and the loan offers may not have different lengths of terms available. Actual rate depends on the credit score, use history loan length, along with other factors. The late payment or the subsequent fees or charges may raise the price on your fixed rate loan. There is no fee or penalty for repaying an loan early. Personal loans offered by Upgrade’s banking 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 aspects we believe are friendly to consumers, such as the impact on credit score rate and fees, 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 — 650
View details
on OneMain Financial’s site
View more information
Min. credit score None
Important facts OneMain secured loans require a car as collateral. They can also apply for a co-applicant to an application.
Pros Option: Choose to alter your payment date.
Joint and secured loans.
Quick funding.
Direct payment to the creditors of debt consolidation loans.
Cons Rates are very high when as compared to other lenders.
Charges charge for origination fees.
No rate discounts.
Pre-qualification doesn’t allow borrowers to preview potential rates.
Qualifications You must have an Social Security number or taxpayer identification number. You must be at least 18 years old in most states. Minimum credit score is: None. The minimum number of accounts on the credit reports: None, however, applicants who have no credit history may not be eligible. The minimum income is none. This lender will consider the income earned from employment, alimony and retirement benefits, child support, Social Security payments, public assistance and investments.
Available Term Lengths 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 payments. Fee for non-sufficient funds 15 dollars.
Disclaimer: Not all applicants will be considered. Approval of loan and loan terms are contingent on being able to fulfill our standards for credit (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 they are approved however, not all applicants will be eligible for greater loan amounts or favorable loan conditions. Larger loan quantities require first lien on a motor vehicle that is not more than 10 years old and that meets our value requirements, titled in your name, and with current insurance. Loan approval and actual loan terms are contingent on the state in which you reside and your capacity to meet our credit requirements (including having a good credit history, adequate income following monthly expenses, and availability of collateral). APRs tend to be higher for loans not secured by vehicles. For applicants who are highly qualified, they may receive greater loan amounts or lower APRs than those previously mentioned. OneMain charges origination fees where legal. Depending on the state where you are opening your loan the origination fee could be an amount that is fixed or a percentage of your loan amount. The amount of flat fees varies by state, and range between $25 and $500. Percentage-based fees vary by state and range between 1% and 10 percent of the loan amount subject to certain state restrictions on the fees. Visit omf.com/loan-fees for more information. Loan proceeds cannot be utilized for educational costs postsecondary as per the CFPB’s Regulation Z such as college and university costs, or vocational expenses and for any commercial or business reason; to purchase crypto assets and derivatives, securities, or other investments that are speculative as well as for gambling or illegal purposes. In these states, borrowers must adhere to these minimal loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are an existing customer, you must pay $3,100 as the maximum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. The borrower (other other than existing customers) in states like these are subject to the following maximum unsecured loan size: North Carolina: $7,500. An unsecured loan is an unsecure loan which does not need you to offer collateral (such as a motor vehicle) for the lender. Example: A $6,000 loan with an 24.99 APR, repayable in 60 monthly installments would have monthly payment 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. Disbursement by check or ACH could take as long as 1-2 business days after loan closing.
Our choice of Secured loans at credit unions
on the secure website of NerdWallet.
First Tech Credit Union Personal Loan 5.0 NerdWallet’s ratings are set by our editorial staff. The scoring algorithm takes into consideration factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees, the customer experience and responsible lending practices.
Est. APR 6.70 — 18.00%
The loan amount is $500-$50,000.
Min. credit score of 660
View more information
on NerdWallet’s secure site
View the full details
Min. credit score 660
Key information First Tech members have access to secured loans backed by the CD, savings account or stocks.
Pros Co-signing, joint and secured loan options.
Direct payment to creditors using the debt consolidation loans.
Options to choose and change your payment date.
Fast funding.
Cons Only available for members of credit unions.
Pays only one credit bureau out of three.
No rate discount.
Qualifications Must be a Member of First Tech Federal Credit Union. Minimum credit score is 660. 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; $1,000 if 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. Return check 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 factors we consider to be a good choice for consumers, such as impact to credit score, rates and fees, customer experience and responsible lending practices.
Est. APR 7.49 — 18.00 Percentage
The loan amount is $250-$50,000.
Min. credit score None
View the full details
on NerdWallet’s secure website
View details
Min. credit score None
The key facts In addition loans that are not secured loans, Navy Federal offers secured loans secured by a Navy Federal savings account or CD.
Pros A wide range of loan amounts.
Fast funding.
Discount on rates for certain customers.
Co-signing, joint and secured loan options.
Direct payment to creditor with debt consolidation loans.
Cons Only available to members of credit unions.
There is no option to pre-qualify for an informal credit check.
There is no option to select or alter your payment date.
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 is a secured personal loan?
Secured personal loan is an loan you get by offering something you own to get cash that you pay back over time and with interest.
The lender has the right to take your collateral -such as a car or money in a savings account for example — but they’ll only take it if you don’t repay the loan. After the loan is fully paid and the loan is paid in full, the lender is no longer able to exercise the power to take your collateral.
As with an unsecured loan credit score as well as income and other debts are still central to getting secured loan, but offering up collateral reduces the risk for the lender. In turn, approval odds are better with secured loans and the rate generally lower.
>> MORE:
How do you get a secured loan
The process for getting a secured loan can vary according to the type of collateral you’re using, but here are some of the steps you’ll need to take:
Find out more concerning the loan. Some lenders provide secured loans only if the applicant has not been approved qualify for an unsecure loan. If you’re unable to pre-qualify the lender, or you don’t see an option for a secured loan option, ask the lender directly about secured loans.
Check your budget. Examine your cash flow to discover how much you can afford to pay toward the loan each month. Use a to see what percent of your annual income, loan amount and repayment term you’d need to keep monthly payments affordable.
Choose a lender. Compare lenders to determine what types of collateral they will accept and the rates they will offer.
Gather documents. Before you apply make sure you have the necessary documents that lenders require for an application. This could include an ID issued by the government as well as bank statements, W-2s, and pay stubs. There may be additional documents for the collateral, such as an auto title.
Apply. The majority of lenders accept online applications. After you’ve submitted your application your application, a decision on approval could take several days or longer if a lender must assess the collateral’s value.
>> MORE:
Pros and cons of secured loans
Compare the benefits of getting a secured loan against potential drawbacks before you borrow.
Pros
Better approval odds. An lender is more likely to approve an secured loan application.
Lower interest rate and higher loan amounts. Because the risk that you will lose money less for the lender you could be approved for a larger loan at a lower rate.
Cons
The lender could use your collateral. If your car is collateral for a loan and you need it to get to work, for example, losing it could put you in a worse situation than when you took out the loan.
Not as accessible as loans that are not unsecured loans. A lot of credit unions, banks and online lenders offer only unsecured loans.
>> MORE:
Secured loan examples
home equity loans and HELOCs: A line of credit or home equity loan or line of credit is a second mortgage that lets you access cash based on the worth of your home. As with the initial mortgage one lender can take your house if you don’t 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 financial and credit scoreto determine your rate. If they approve, you give the lender your vehicle’s title, and they return it when it is loan is paid off. These are different from auto title loans that can come with triple-digit APRs (more on those below).
CD loans If you hold a certificate of deposit with a bank, you may be allowed to utilize it as collateral to secure a personal loan. Rates are usually low on generally starting with a couple of percentage points above the CD rate. it’s a way to access funds without having to withdraw the CD before the due date and incurring a penalty.
401(k) loans: An employer-sponsored 401(k) plan could allow employees to draw funds from their retirement account at a maximum of five years. The rates are typically low for 401(k) loans, but by borrowing from the account, you’re missing out on market gains and compound interest on the retirement funds.
Where can I find a secured personal loan
Banks: Banks usually provide 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 up until loan is paid back.
Credit unions: Some credit unions offer share-secured loans that is a different name that refers to savings secured loans. They will store your savings as you pay the loan.
If your credit union does not provide these loans, you could be eligible for an unsecure loan, because Credit unions tend for having low requirements for borrowers and less restrictive APRs.
>> MORE:
Online lenders: Most online lenders offering secure loans require a vehicle to serve as collateral. Some 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’s not a bad idea to check the loan with several lenders.
You can make use of NerdWallet’s lender marketplace to compare rates on unsecured loans.
Secured loans to avoid
: Pawnshops let you hand over valuables in exchange for cash that you will have to pay back, usually within a few weeks. These loans could have 200% APRs and can be difficult to pay back. If you do not repay, the pawnshop will keep your item.
: These are high-interest, short-term loans typically of between a few hundred and a thousand dollars. Since they are difficult to pay back in time, this kind of loan can lead to repeat borrowing, which can result in an unsustainable cycle of debt. Avoid auto-secured loans with rates above 36%, the highest rate that advocates for an affordable loan could have.
>> MORE:
Last updated on December 13, 2022.
Methodology NerdWallet’s review procedure reviews and ranks personal loan products from more than 35 financial institutions. We collect over 45 points of data from every lender, interview company representatives and compare the lender to other lenders that are seeking the same type of customer or offer a similar individual loan product. NerdWallet editors and writers conduct thorough fact checks and update each year, but also make updates all through the year if.
Our stars are awarded points to those who offer consumers-friendly services, such as soft credit checks to pre-qualify with competitive interest rates and no charges, transparent rates and terms as well as various payment choices, fast funding times, accessible customer service, and reporting of payment information to credit bureaus, and financial education. We also take into consideration the regulatory actions taken by organizations like that of the Consumer Financial Protection Bureau. We assess these elements according to our evaluation of which are the most important to consumers and how meaningfully they impact consumers’ experience.
This method is only applicable to lenders who set their interest at 36%, the maximum rate most experts in finance and consumer advocacy accept as the appropriate limit for the loan in order to make it affordable. NerdWallet does not get paid for our top rating. Find out more about our and our .
To summarize our choices… The NerdWallet’s Best Secured Personal Loans for 2023 : Best 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 for Secured loans by credit unions
Commonly asked questions What is a secured personal loan?
A secured personal loan is a loan that requires collateral -typically a car or bank account. Along with your credit score and income the lender examines the worth of the collateral in determining whether you’re eligible and the amount they can loan you, and also the interest rate. This type of loan in monthly fixed installments, much like an unsecure loan. However, unlike an unsecured loan, the lender could take your collateral if you don’t pay.
Are secured loans more accessible?
Secured loans are easier to obtain than unsecured loans because you pledge an asset you own as collateral for the loan and the lender can take if you do not repay the loan. This means that the loan much less risky to the lender, so the criteria for credit and income are usually softer on secured loan.
About Annie Millerbernd, the author is a personal loans writer. Her work has appeared in The Associated Press and USA Today.
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