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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 let you borrow money on the basis of the value of an asset such as an automobile or savings. Secured loans might have lower interest rates, but they also carry risk.

By Annie Millerbernd

Dec 13, 2022

A majority or all of the products we feature are made by our partners, who pay us. This could affect the products we write about and where and how the product appears on a page. However, this doesn’t influence our assessments. Our views are our own. Here is a list of and .

The majority of personal loans are secured, and the approval process is based on your creditworthiness. However, if you aren’t eligible for an unsecure loan or get the rate you want on 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 downside: If you fail to pay on time, the lender can seize your asset.

Find out more about secured and how to look for them, including online lenders, banks and credit unions.

The information provided for each lender is unique to the lender’s non-secured loans. The criteria for qualification and loan information may be different for secured loans.

Most personal loans are secured, and the approval process is based on your creditworthiness. But if you can’t qualify for an unsecure loan or receive the interest you desire on a bad-credit loan, a secured loan is an option.

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

Find out more about secured and how to find them, including online lenders, banks as well as credit unions.

The information for each lender is unique to the lender’s non-secured loans. Qualification criteria and loan details may be different in secured loans.

Best Secured Personal Loans

Lender

NerdWallet rating. The NerdWallet ratings are set by our editorial staff. The scoring formulas are based on multiple data points for each financial product and service.

Est. APR

The loan amount

Min. credit score

Find out more

Best Egg on Best Egg’s website

Best for Secured loans from online 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 by online loan lenders

8.24 — 35.97%

$1,000 — $50,000

560

on the website of Upgrade.

OneMain Financial on OneMain Financial’s website

Best for Secured loans by online loan lenders

18.00 — 35.99%

$1,500 — $20,000

None

Average score is 600 — 700

on the OneMain Financial website.

The First Tech Credit Union Personal loan through NerdWallet’s secure website

Best to Secure loans from credit unions

6.70 — 18.00%

$500 — $50,000

660

on NerdWallet’s secure site

Navy Federal Credit Union Personal Credit Loan on NerdWallet’s secure site

Best to Secured loans at credit unions

7.49 — 18.00%

$250 — $50,000

None

on NerdWallet’s secure website

Our choice of Secured loans by online lending institutions

on the website of Best Egg.

The Best Egg 4.5 NerdWallet’s ratings are determined by Our editorial department. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score as well as fees and rates as well as the customer’s experience and responsible lending practices.

Est. APR 8.99 — 35.99 Percent

Amount of loan $2,000 — $50,000

Min. credit score 600

View details

on the Best Egg’s website

View details

Min. credit score 600

Important information Best Egg secured loans are like home equity loans however they use items that are attached to your home, rather than the property itself as collateral.

Pros Offers wide range in loan amounts.

Secured loan option for homeowners.

Directly pay customers with debt consolidation loans.

Cons Origination fee.

No rate discounts.

No option to choose initial payment date.

Credit Score Minimum: 600; borrower average is 700. Minimum credit history: Three months and 3 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. The maximum ratio of debt-to-income is 40% or 65% including a mortgage; borrower average is 40%. Employment: Must present proof of income. Part-time employees are eligible. Must provide 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 aren’t processed.

Disclaimer *Trustpilot TrustScore at June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank that is a Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. «Best Egg» is a trademark owned by Marlette Holdings, Inc. which is a Delaware corporation. The use of «Best Egg» refer to «the Best Egg personal loan», «the Best Egg Secured Loan» or «Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as creator of the Best Egg personal loan,» in the event that it is applicable. The length, the amount and the APR for each loan we provide to you will be based the credit rating of your, income, debt payment commitments, loan amount, credit history, and many other variables. The loan agreement will contain specific conditions and terms. Around half of our customers get their money on the same day. Following successful authentication, your money will be transferred to the account of your bank account within 1-3 business days. The time frame for funds available upon 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 the minimum loan amount of $6,500; New Mexico and Ohio, $5,000. Georgia, $3,000. Georgia $3,000. For the second Best Egg loan you must ensure that your current Best Egg loan balances cannot exceed $100,000. The Annual Percentage Rates (APRs) range from 8.99%-35.99 percent. The APR represents the cost of credit in a yearly rate, and it reflects the interest rate as well as an initial fee that is 0.99%-8.99 percent of the loan amount, which will be deducted from any loan funds you receive. The origination cost for the loan that is four years or more is at least 4.99 percent. 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 be eligible for our lowest APR. For example: a 5-year $10,000 loan with 9.99% APR has 60 monthly scheduled payments of $201.81 and a three-year $5,000 loan with 7.99% APR has 36 scheduled monthly installments of $155.12. To assist the federal government in combating the financing of terrorists and money laundering, Federal law requires all financial institutions to gather verification, confirm, and document information that can identify each person who opens an account. What this means for you: When you sign up for an account, we will ask for your name, address, birthday, and any other information that will allow us to recognize you. We may also want for your driver’s license or other identification documents. Best Egg products are not available for residents of Iowa, Vermont, West Virginia and in the District of Columbia, or U.S. Territories.

on the Upgrade’s website

Upgrade 5.0 NerdWallet’s rating is determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to the consumer, including the impact on credit score rate and fees, customer service and ethical lending practices.

Est. APR 8.24 — 35.97 Percent

Loan amount $1,000 — $50,000

Min. credit score 560

View the full details

on the website of Upgrade.

View the full details

Min. credit score 560

The most important thing to know is that Upgrade applicants can secure their loans with a car and the worth of that can be incorporated into the rate.

Pros Secured and joint loans.

Multiple rate discounts.

Mobile app for managing loan payments.

Direct payment to creditors using credit consolidation loans.

Long repayment terms on home renovation loans.

Cons Origination fee.

No option to choose your payment date.

Credit Score Minimum 560. Minimum number of credit accounts on history: one account. Maximum ratio of debt to income: 75%, excluding any loan you’re applying for. Minimum period of credit history: Two years. Minimum income requirement: None. Lender will consider retirement, alimony, child support and 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 of $10.

Disclaimer Personal loans obtained through the Upgrade feature annual percentage rates (APRs) that range from 8.24%-35.97%. All personal loans come with the 1.85 percent to 8.99 percent origination fee which is taken from the loan profits. Lowest rates require Autopay and the payment of some of the debt directly. The terms for repayment vary from 24-84 months. For instance, if you get the 10,000 loan with a 36-month term and a 17.59 percent APR (which also includes a 13.94 percent annual interest rate and an origination fee of 5% that is one-time fee) the loan would pay $9,500 to your account and would have a required monthly payment of $341.48. Over the life of the loan you would pay total $12,293.46. The rate of interest on your loan may be different, or even lower and the loan offer may not come with various lengths of term available. The actual rate is based on your credit score, credit use history loan term, and other variables. Late payments or subsequent fees and charges could increase the price for your fixed-rate loan. There is no 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 the OneMain Financial website.

OneMain Financial 4.0 NerdWallet’s ratings are determined by our editorial team. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score rates and fees, the customer experience and responsible lending practices.

Est. APR 18.00 APR 18.00 — 35.99 percent

Loan amount $1,500 — $20,000

Min. credit score None Scores range from 600 to 500

View the full details

on the OneMain Financial website.

View the full details

Min. credit score None

Important information OneMain secured loans require a car as collateral. The borrower can also include an additional co-applicant on the application.

Pros Option: Choose to modify the date of your payment.

Joint and secured loans.

Fast funding.

Direct payment to creditors on consolidating debt loans.

Cons Rates are higher compared to other lenders.

Charges for origination fees.

No rate discounts.

Pre-qualification doesn’t allow borrowers to preview potential rates.

The requirements include a Social Security number or taxpayer identification number. Must be 18 or older in the majority of states. Minimum credit score zero. The minimum number of accounts on the credit report: None however applicants with no credit history may not qualify. Minimum income: None. This lender accepts income from employment, alimony and retirement benefits, child support, Social Security payments, investments , and public assistance.

Available Term Lengths: 2 to 5 years

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

Disclaimer: Not all applicants will be approved. The approval of loans and the actual loan terms depend on the ability of you to satisfy our standards for credit (including a responsible credit history and a sufficient income after monthly expenses, and availability of collateral). If approved some applicants may not qualify for larger loan amounts or favorable loan conditions. Larger loan amount require first lien on a motor vehicle that is not older than ten years and that meets our standards for value, and is registered in your name and backed by an insurance policy that is valid. The loan approval process and loan conditions are contingent upon your residence state and your ability to meet our standards for credit (including an established credit history, a sufficient income following monthly expenses and collateral availability). APRs tend to be higher for loans not secured by the vehicle. For applicants who are highly qualified, they may receive greater loan amounts and/or lower APRs than those that are listed above. OneMain offers origination fees when allowed by law. The state in which you open your loan, the origination fee could be a flat amount in addition to a portion of your loan amount. The flat fee amount varies per state, and can range from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10 percent of the loan amount subject to state limits on the fee amount. Visit omf.com/loan-fees to learn more. Loan proceeds cannot be utilized for educational costs postsecondary as defined by the CFPB’s Regulation Z such as college or university expenses as well as for any other commercial or business-related use; for the purchase of cryptocurrency-related assets such as securities, derivatives, or other speculative investments or for gambling or illegal purposes. In these states, borrowers must adhere to these requirements for minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are restricted to these maximum secured loan size: North Carolina: $7,500. An unsecured loan is a loan that doesn’t require you to provide collateral (such as the motor vehicle) for the lender. Example Loan: A $6,000 loan with a 24.99 APR of 4% 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 cheque or ACH could take as long as 2 business days following loan closing.

Our top pick of Secured loans by credit unions

on NerdWallet’s secure website

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, customer experience and responsible lending practices.

Est. APR 6.70 — 18.00 percent

Loan amount $500 — $50,000

Min. credit score 660

View details

on NerdWallet’s secure site

View details

Min. credit score 660

Important facts First Tech members have access to secured loans that are secured by a CD, savings account or stocks.

Pros Co-sign, joint and secured loan options.

Direct payment to creditor with credit consolidation loans.

Choices to select and alter the payment date.

Fast funding.

Cons Only available to members of credit unions.

Reports payments to only one credit bureau out of three.

No rate discount.

The applicant must be an active Member of First Tech Federal Credit Union. Minimum credit score: 666. Must provide Social Security number and driver’s license or any other ID issued by the state. Maximum debt-to-income ratio: 50%. Minimum monthly income: $700 if living with others or renting the property; or $1,500 if you own your home. Minimum credit score: At minimum two accounts with a history of being established.

Available Term Lengths from 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 by the editorial staff of our website. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score rates and fees, customer service and ethical lending practices.

Est. APR 7.49 — 18.00 Percentage

The loan amount is $250-$50,000.

Min. credit score None

View details

on the secure NerdWallet website.

View the full details

Min. credit score None

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

Pros Wide range in loan amounts.

Fast funding.

Rate discount for some customers.

Co-sign, joint and secured loan options.

Direct payment to creditor with debt consolidation loans.

Cons Exclusive to members of credit unions.

No option to pre-qualify with an informal credit check.

No option to choose or alter your payment date.

Qualifications Must be a Navy Federal Credit Union member to apply. No minimum credit score requirement.

Available Term Lengths 1 — 5 years

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

>> COMPARE:

What exactly is a personal loan?

Secured personal loan is an loan you can get by pledging something that you own in exchange for borrowed money , which you will repay in time, paying interest.

Lenders are able to take your collateral -such as a car or money in a savings or savings account, for instance, but they’ll only take it if you don’t pay back the loan. Once the loan is fully paid then the lender does not have the authority to take the collateral.

Like an unsecured loan, your credit or income, as well as other debts are still central to getting approved for a secured loan however, offering collateral decreases the risk to the lender. Additionally, the odds of getting approved are better for secured loans and the interest rate is typically lower.

>> MORE:

How to get a secured loan

The procedure for getting secured loan is different according to the type of collateral you’re using, but here are the steps to follow:

Inquire about the loan. Certain lenders offer secured loans only after an applicant has not been approved require an unsecured loan. If you aren’t able to pre-qualify with the lender, or you don’t think you’ll be able to get an option for a secured loan alternative, contact the lender directly regarding secured loans.

Check your budget. Review your cash flow to determine what you’re able to pay toward the loan each month. Make use of a calculator to find out what percent of your annual income, loan amount and repayment time you’ll need to make monthly payments affordable.

Select a lender. Compare lenders to find out what kinds of collateral they are willing to accept as well as what rates they are willing to offer.

Gather documents. Before applying, gather the documents most lenders require to make an application. They may require a government-issued ID and 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. Once you submit, an approval decision may take a couple of days or longer if a lender must assess the value of collateral.

>> MORE:

Pros and cons of secured loans

Consider the advantages of taking secured loan against the possible disadvantages before you take out a loan.

Pros

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

Lower interest rate and higher loan amounts. Because the risk that you will lose money reduced for the lender, you may get a larger loan at a lower rate.

Cons

The lender might take your collateral. If your car is collateral for the loan and you require it to travel to work, say you lose it, it could put you in a more difficult situation than before you borrowed.

Not as accessible as loans that are not unsecured loans. A lot of credit unions, banks and online lenders provide only loans that are not secured loans.

>> MORE:

Secured loan examples

Home equity loans and HELOCs A home equity loan or line of credit is a type of mortgage that gives you access to money based on the value of your home. Similar to the original mortgage the lender could 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 car’s make, model and year along with your credit and finances — to decide your rate. If they approve, you give the lender your title and they return it once you have paid off the loan is paid in full. This is different from auto title loans that may have triple-digit APRs (more about them below).

CD loans If you own an account with the bank, you might be eligible to utilize it as collateral to secure a personal loan. Rates are generally low — typically starting a couple of percentage points above the CD rate. it’s a way to access funds without withdrawing the CD early or paying an interest.

401(k) loans: An employer-sponsored 401(k) plan might allow employees to draw funds from their retirement account in up to 5 years. There are generally low rates on 401(k) loans, but by borrowing from the account, you’re losing out on market gains and compound interest from your retirement savings.

Where can I find a secured personal loan

Banks: Banks typically offer a savings- or CD-secured loan. An account that you have with the bank will serve as collateral, and you can’t use that account till the loan is repaid.

Credit unions: Some credit unions offer share-secured loans, which is another term that refers to savings secured loans. They will store your savings while you repay the loan.

However, if your institution doesn’t offer theseloans, you might be eligible for an unsecure loan as Credit unions tend to have low requirements for borrowers and less restrictive APRs.

>> MORE:

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

Many lenders let you check your rate on an unsecured loan without impacting your credit score, therefore it doesn’t hurt to take the with multiple lenders.

It is possible to use the NerdWallet lender marketplace to compare rates on unsecured loans.

Secured loans to avoid

: Pawnshops let you hand the cash you have in exchange for cash that you must repay, typically within a couple of weeks. These loans could have a rate of 200% and may be difficult to pay back. If you fail to pay back, the pawnshop can keep the item.

: These are high-interest, short-term loans of usually several hundred or thousands of dollars. Since they are difficult to pay back in time, this kind of loan can encourage repeat borrowing, which could lead you into a debt cycle. Avoid auto-secured loans with rates that exceed 36%, the most expensive rate consumer advocates say an affordable loan can have.

>> MORE:

Updated on December 13, 2022

Methodology The review process of NerdWallet evaluates and rates personal loan products from 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 customer or offer the same individual loan product. NerdWallet writers and editors conduct a full fact check and update each year, but also make updates throughout the year as necessary.

Our star ratings award points to those who offer consumers-friendly services, such as soft credit checks that allow you to pre-qualify with competitive interest rates and no charges, transparency of rates and terms as well as flexibility in payment methods, quick time to fund, easy customer service, reporting of payments to credit bureaus, and financial education. We also consider legal actions that are filed by agencies like that of the Consumer Financial Protection Bureau. We assess these elements according to our evaluation of which are most significant to consumers and how meaningfully they impact the consumer’s experience.

This approach is only available to lenders that set the interest rate at 36%, which is the maximum rate that most experts in finance and consumer advocacy are in agreement with as the ideal rate to consider the loan that is affordable. NerdWallet is not compensated for our top rating. Learn more about us and our .

To summarize our choices… The NerdWallet’s Top Secured Personal Loans of 2023 : Best for Secured loans from online lenders : The best for Secured loans from online lenders: Best for Secured loans from online lenders: The best for Secured loans from credit unions Best for Secured loans from credit unions

Commonly asked questions What are the definitions of a secure personal loan?

Secured personal loan is one type of loan that needs collateral- usually a vehicle or bank account. Apart from your credit and income, the lender considers the value of the collateral in determining whether you are eligible and the amount they can loan you and your rate of interest. The repayment of this kind of loan in fixed monthly installments, similar to an unsecure loan. However, unlike an unsecured loan it is possible for the lender could be able to take your collateral in the event that you do not pay back.

Are secured loans more readily available?

Secured loans can be easier to obtain than other loans because you pledge the collateral of something you own for the loan and the lender may take in the event that you don’t repay the loan. This makes the loan less risky for the lender, so the credit and income requirements are typically less stringent with a secured loan.

About Annie Millerbernd, author of Annie Millerbernd. She is a personal loans writer. Her writing has been featured in The Associated Press and USA Today.

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