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The most secure personal loans of 2023

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THE BEST OF ALL

Top Secured Personal Loans for 2023

Secured personal loans permit you to borrow on the basis of the value of an asset, such as a car or savings. Secured loans can have lower interest rates, but they also come with risk.

By Annie Millerbernd

Dec 13, 2022

The majority of items featured on this page are provided by our partners who pay us. This can affect which products we feature and the location and manner in which the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here’s a list of and .

The majority of personal loans are not secured, which means they are based on creditworthiness. If you’re not eligible for an unsecure loan or receive the interest you desire on a bad-credit loan, a secured loan is one alternative.

This kind of loan requires you to pledge collateral to secure money. The downside: If you don’t make timely payments, the lender can seize your asset.

Here’s what to know about secured, and where you can locate them, such as banks, online lenders and credit unions.

Be aware that the information provided by each lender is specific to its non-secured loans. The criteria for qualification and loan information may be different when it comes to secured loans.

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 receive the interest you desire for a bad credit loan, a secured loan is an option.

This type of loan requires the pledge of collateral to obtain money. The downside: If you don’t make timely payments due to the lender can seize your asset.

Learn about secured and where to locate them, such as online lenders, banks and credit unions.

Note that the information for each lender is specific to its unsecured loans. The criteria for qualification and loan information may differ when it comes to secured loans.

Best Secured Personal Loans

Lender

NerdWallet rating. The NerdWallet ratings are made by our editorial team. The scoring formulas are based on multiple data points for every financial product or service.

Est. APR

Loan amount

Min. credit score

Find out more

Best Egg on Best Egg’s website

Best option for secured loans via online lending

8.99 – 35.99%

$2,000 – $50,000

600

on the Best Egg’s website

Upgrade on Upgrade’s website

Best option for secured loans by online loan lenders

8.24 – 35.97%

$1,000 – $50,000

560

on the Upgrade’s website

OneMain Financial on OneMain Financial’s website

Best option for secured loans by online loan lenders

18.00 – 35.99%

$1,500 – $20,000

None

Average score is 600 – 650

on OneMain Financial’s website

A personal loan from First Tech CreditUnion via NerdWallet’s secure website

Best option for secured loans from credit unions

6.70 – 18.00%

$500 – $50,000

660

on NerdWallet’s secure site

Navy Federal Credit Union Personal Loan through NerdWallet’s secure website

Best to Secured loans from credit unions

7.49 – 18.00%

$250 – $50,000

None

on the secure NerdWallet website.

Our pick for Secured loans from online lenders

on the website of Best Egg.

Best Egg 4.5 NerdWallet’s ratings are determined by Our editorial department. The scoring formula considers the factors we believe to be beneficial to consumers, such as the impact on credit score, rates and fees as well as the customer’s experience and ethical lending practices.

Est. APR 8.99 — 35.99%

Amount of loan $2,000 – $50,000

Min. credit score 600

View details

on the website of Best Egg.

View the full details

Min. credit score of 600

Key details Best Egg secured loans are similar to home equity loans but they are secured by items to your home instead of the house it self as collateral.

Pros provides a variety in loan amounts.

Offers a secured loan option for homeowners.

Directly pay customers with credit consolidation loans.

Cons Origination cost.

No rate discounts.

No option to choose initial payment date.

Qualifications Minimum credit score: 600; the average of borrowers 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. The borrower should have sufficient cash flow to cover the current financial obligations. Maximum debt-to-income ratio: 40 percent or 65%, excluding the mortgage. The borrower’s average is 40%. Employment: Must provide proof of income. Part-time employees are qualified. Must provide an official U.S. address and Social Security number.

Available Term Lengths: 3 to 5 years

Fees Origination fee: 0.99% – 8.99%. Refund fee: $15 in the event that payments are not completed.

Disclaimer *Trustpilot TrustScore at June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are provided by Cross River Bank, a New Jersey State Chartered Commercial Bank, Members FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. « Best Egg » is a trademark of Marlette Holdings, Inc., a Delaware corporation. The use of « Best Egg » refer to « the Best Egg personal loan », « the Best Egg Secured Loan » and/or « Best Egg for Cross River Bank or Blue Ridge Bank as the originator of the Best Egg personal loan, » depending on the circumstances. The length, the amount and the rate of interest for any loan we provide to you will be based upon your score on credit your income, debt repayment obligation, loan amount, credit history and other aspects. The loan agreement will contain specific terms and conditions. The majority of our customers get their money on the same day. Following successful authentication, your cash can be deposited in 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. Loan amounts range from $2,000- $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia $3,000. For a second Best Egg loan the total current Best Egg loan amounts cannot exceed 100,000. APRs (APRs) range between 8.99%-35.99%. The APR is the price of credit as a yearly rate, and it reflects the interest rate as well as the origination cost of 0.99%-8.99% of the loan amount, which will be deducted from any loan proceeds you receive. Origination fees for a loan duration of 4 years or more is at least 4.99%. The length of your loan term will affect your APR, which can be higher than our lowest advertised rate. You need a minimum 700 FICO(r) score as well as an annual income for you as an individual of $100,000 in order to qualify for our lowest APR. For example: a 5-year 10,000 loan with 9.99 percent APR comes with 60 scheduled monthly payments of $201.81, and a 3-year loan of $5,000 loan with 7.99% APR has 36 scheduled monthly installments of $155.12. To help the government fight the funding of terrorism and money laundering, Federal law requires all financial institutions to gather verification, confirm, and keep records of information that identify every person who has an account. What does this mean for you: When you open an account we will ask for your name and address, as well as your date of birth, and any other information that allows us to identify you. We may also ask to see your driver’s licence or other identification documents. Best Egg products aren’t available if you live in Iowa, Vermont, West Virginia and in the District of Columbia, or U.S. Territories.

on the Upgrade’s website

Upgrade 5.0 NerdWallet’s ratings are compiled 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 rate and fees, customer experience and ethical lending practices.

Est. APR 8.24 + 35.97 Percent

The amount of the loan is $1,000.

Min. credit score 560

View details

on Upgrade’s website

View details

Min. credit score 560

Important facts Upgrade applicants are able to repay their secured loans with a car and the worth of that is a factor in your rate.

Advantages of joint and secured loans.

Multiple rate discounts.

Mobile app for managing loan payments.

Direct payment to creditors with credit consolidation loans.

Repayment terms for home renovation loans.

Cons Origination cost.

There is no option to select the payment date.

Credit Score Minimum 560. Minimum number of credit accounts on history: One account. Maximum ratio of debt to income: 75%, excluding the loan that you’re applying to. Minimum time period of credit history: Two years. Minimum income requirement: None. Lender will accept income from retirement, alimony, child support as well as Social Security and various other sources.

Available Term Lengths from 2 to 7 years

Fees Origination Fee: 1.85% to 8.99 Percentage. Late Fee $10. Failed payment fee: $10.

Disclaimer Personal loans that are made using the Upgrade have Annual Percentage Rates (APRs) of 8.24%-35.97 percent. All personal loans have an 1.85 percent to 8.99% origination fee, which is deducted from the loan proceeds. The lowest rates are contingent on Autopay and the payment of a portion of existing debts directly. These loans have repayment terms of 24-84 months. For example, if you receive an amount of $10,000 loan with a 36-month period and a 17.59 percent APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee) You would be able to receive 9500 dollars in your account, and would be required to pay a monthly payment of $341.48. Over the life of the loan the payments would be $12,293.46. The APR for your loan could be different, or even lower and your loan offer may not come with different lengths of terms that are available. The actual rate is based on your credit score, credit utilization history, loan term, and other factors. Late payments or subsequent fees and charges could increase the cost on your fixed rate loan. There isn’t a fee or penalty for repaying the 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 algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score rate and fees, the customer experience and responsible lending practices.

Est. APR 18.00 – 35.99 percent

Loan amount $1,500 – $20,000

Min. credit score None Average score is 600 – 650

View the full details

on the OneMain Financial website.

View details

Min. credit score None

Key facts OneMain Secured loans require a vehicle as collateral. The borrower can also include a co-applicant to an application.

Pros Option: Choose to change the payment date.

Joint and secured loans.

Fast and quick funding.

Direct payment to the creditors of debt consolidation loans.

Cons Rates are higher as compared to other lenders.

Charges origination fee.

No rate discounts.

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

The requirements include a Social Security number or taxpayer identification number. You must be at least 18 years old in all states. Minimum credit score is: None. Minimum number of accounts listed on credit reports: None, but applicants with no credit history might not be eligible. 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 from 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% to 15% of your monthly payment. Non-sufficient funds fee $15.

Disclaimer Not every applicant will be accepted. Loan approval and actual loan terms are contingent upon the ability of you to satisfy our standards for credit (including an established credit history and a sufficient income after monthly expenses, and being able to show collateral). If you are approved however, not all applicants will qualify for larger loan amounts or the most favorable loan conditions. Higher loan amounts require a first lien on a vehicle not older than ten years and meeting our standards for value, and is registered in your name with valid insurance. Loan approval and actual loan conditions are contingent upon the state in which you reside and your ability to meet our standards for credit (including an established credit history, sufficient income following monthly expenses, and availability of collateral). APRs tend to be higher for loans that are 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 charges origination fees where permitted by law. The state in which you are opening your loan the fee for origination can be an amount that is fixed or a percentage of your loan amount. The amount of flat fees varies by state, and can range from $25 to $500. Percentage-based fees vary by state and range from 1% to 10% of your loan amount subject to certain limitations on fee amount. Go to omf.com/loan-fees for more details. The loan proceeds are not utilized for educational costs postsecondary according to the CFPB’s Regulation Z such as college and university costs, or vocational expenses; for any commercial or business-related purpose; to purchase cryptocurrency assets such as securities, derivatives, or other speculative investments or to fund gambling or other illegal activities. The states in which these loans are offered must adhere to these minimal loan sizes: Alabama: $2,100. California: $3,000. Georgia If you’re not an existing customer, $3100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. The borrower (other than present customers) in these states are subject to the following maximum unsecure loan sizes: North Carolina: $7,500. An unsecured loan is one type of loan that does not require collateral (such as the motor vehicle) for the lender. Example: A $6,000 loan with a 24.99% APR that is payable in 60 monthly installments will result in monthly payment of $176.07. Time to fund loans: Funding within one hour after closing through SpeedFunds should be made available to a debit card issued by a bank. Payments made by check or ACH can take up to 1-2 business days after loan closing.

Our choice 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 factors we consider to be consumer-friendly, including impact to credit score rate and fees, the customer experience and ethical lending practices.

Est. APR 6.70 – 18.00%

Amount of loan $500 – $50,000

Min. credit score 660

View details

on NerdWallet’s secure website

View more information

Min. credit score of 660

The most important details First Tech members have access to secured loans that are secured by the CD or savings account. They can also access 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.

Fast and quick funding.

Cons Only available to members of credit unions.

Pays only one credit bureau out of three.

No rate discount.

The applicant must be an active participant in First Tech Federal Credit Union. Minimum credit score of 660. The applicant must show a Social Security number and driver’s license or other state-issued ID. Maximum debt-to-income ratio: 50%. Minimum monthly income of $700 if living with others or renting or owning your home. Minimum credit history: At least two established accounts.

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 The ratings of NerdWallet are determined by our editorial team. The scoring algorithm takes into consideration 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%

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

Min. credit score None

View details

on the secure website of NerdWallet.

View details

Min. credit score None

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

Pros A wide range of loan amounts.

Fast funding.

Rate discount for some customers.

Co-sign, joint and secured loan options.

Direct payment to creditor with the debt consolidation loans.

Cons Only available to members of credit unions.

No option to pre-qualify with a soft credit check.

You cannot choose to change your payment date.

The applicant must be a 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: $29. Returned payment fee of $29.

>> COMPARE:

What’s a secured personal loan?

A secured personal loan is an loan you can get by pledging 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, but they’ll only accept it if you don’t pay back the loan. Once the loan is paid in full then the lender does not have the power to take your collateral.

Similar to an unsecure loan, your credit as well as income and other debts are still central to getting a secured loan however, offering collateral reduces the risk for the lender. The odds of approval are better with secured loans and the interest rate is usually lower.

>> MORE:

How to get a secured loan

The process for getting secured loan is different according to the type of collateral you’re applying for, but here are the steps you’ll take:

Ask about the loan. Some lenders provide secured loans only if the applicant does not for an unsecured loan. If you aren’t able to pre-qualify with the lender or don’t see an option for a secured loan option, ask the lender directly about secured loans.

Check your budget. Review your cash flow to determine what you’re able to contribute to the loan each month. Utilize a calculator to determine the annual percentage rate, loan amount and repayment term you’d need to keep monthly payments affordable.

Select the right lender. Compare lenders to determine what kinds of collateral they accept and the rates they will offer.

Collect documents. Before applying make sure you have the necessary documents that lenders require for an application. They may require the ID of a government official as well as bank statements, W-2s and pay stubs. You may also need documents to secure collateral, for example, a car title.

Apply. The majority of lenders accept online applications. After you have submitted your application, a decision on approval could take several days or more if the lender must assess the value of collateral.

>> MORE:

Pros and negatives of secured loans

Weigh the benefits of getting secured loan against the possible drawbacks before you borrow.

Pros

Better approval odds. A lender has a higher chance to accept a secured loan application.

Lower interest rate and greater loan amounts. Because the risk that you will lose money lower for the lender you could be approved for a larger loan at a lower interest.

Cons

The lender might accept your collateral. If your vehicle is collateral for the loan and you require it to get to work, for example, losing it could put you in a much worse position than when you took out the loan.

Not as readily available as loans that are not unsecured loans. Many credit unions, banks and online lenders provide only non-secured loans.

>> MORE:

Secured loan examples

home equity loans and HELOCs: A house equity loan or line of credit is a type of mortgage that lets you access money based on the value the home. Like the first mortgage one lender can take your house 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, as well as your credit score and financial situationto determine the rate. If they approve, you give the lender your car title and they return it once you have paid off the loan is paid in full. These are different from auto title loans that may have triple-digit APRs (more about them below).

CD loans If you hold a certificate of deposit with an institution, you may be allowed to use it as collateral for an individual loan. Rates are usually low on generally starting at a few percentage points above the CD rate — and 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 borrow from their retirement account for up to five years. Rates are usually low on 401(k) loans, but by borrowing money from the account, you’re missing out on the gains in the market and compound interest from the retirement funds.

Where to get the secured personal loan

Banks: Most banks provide a savings or CD-secured loan. An account that you have with the bank will be collateral and you won’t be able to have access to that money till the loan is repaid.

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

In the event that your financial institution doesn’t offer these, you may qualify for an unsecured loan due to the fact that the credit unions have been known to have softer borrower requirements and lower APRs.

>> MORE:

Online lenders: Many online lenders that provide secure loans require a vehicle to serve as collateral. Some let you apply for the loan upfront, but other lenders may offer the possibility after having attempted applying for an unsecure loan.

Many lenders let you check your rate on an unsecured loan without impacting your credit, so it’s not a bad idea to check the with multiple lenders.

It is possible to use NerdWallet’s lender marketplace to find rates for unsecured loans.

Secured loans to help avoid

: Pawnshops let you hand over valuables to get cash which you have to repay within a couple of weeks. These loans could have a rate of 200% and are often difficult to repay. If you don’t repay, the pawnshop will retain your possession.

They are high-interest short-term loans typically of between a few hundred and a thousand dollars. Because they’re difficult to repay on time, this kind of loan can encourage repeat borrowing, which could result in the cycle of debt. Avoid auto-secured loans with rates that exceed 36%, the most expensive rate consumer advocates say an affordable loan could have.

>> MORE:

Updated on December 13, 2022

Methodology NerdWallet’s review procedure evaluates and rates personal loan products from over 35 financial institutions. We collect over 45 information points for each lender as well as interview representatives of the company and evaluate the lender to other lenders that are seeking the same type of customer or offer the same individual loan product. NerdWallet editors and writers carry out thorough fact checks and update annually, but they also update all through the year if.

Our star ratings give points to lenders who provide consumers-friendly features such as soft credit checks to help you qualify with competitive interest rates and no fees, transparency of rates and terms and flexible payment options, fast funding times, accessible customer service, and reporting of all payments to credit bureaus as well as financial education. We also consider regulatory actions filed by agencies such as that of the Consumer Financial Protection Bureau. We evaluate these aspects according to our evaluation of which are most crucial to consumers, and the impact they have on the consumer’s experience.

This methodology applies only to lenders who set interest rates at 36%. This is the maximum rate most experts in the field and consumer advocates are in agreement with as the ideal rate for a loan to be affordable. NerdWallet does not receive compensation for our top ratings. Find out more about our and our .

To summarize our choices… the NerdWallet’s Best 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 Best for Secured loans from credit unions The best to secure loans from credit unions

Commonly asked questions What is a secured personal loan?

Secured personal loan is one type of loan which requires collateral- usually a vehicle or bank account. Along with your credit and income the lender evaluates the value of the collateral in determining whether you qualify, how much to loan you, and also the interest rate. The repayment of this kind of loan with fixed monthly installments, similar to an unsecure loan. However, unlike an unsecure loan one, the lender may use your collateral should you don’t pay.

Are secured loans more readily available?

Secured loans are more straightforward to get than secured loans since you can use an asset you own as collateral to secure the loan, which the lender may take in the event that you do not repay the loan. This helps make your loan more secure for the lender as requirements for income and credit are generally less strict with a secured loan.

About Annie Millerbernd, author of Annie Millerbernd. She is a private loans writer. Her work has appeared in The Associated Press and USA Today.

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