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Top Secured Personal Loans for 2023

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Top Secured Personal Loans for 2023

Secured personal loans let you borrow money against the worth of an asset, such as a car or savings. Secured loans can have lower interest rates, however they also come with 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 review as well as the place and way the product appears on the page. However, this doesn’t influence our assessments. Our opinions are entirely our own. Here’s a list and .

The majority of personal loans are unsecured, so the approval process is based on your creditworthiness. However, if you aren’t eligible for an unsecured loan or get the price you’d like on a low-credit loan or secured loan is an option.

This kind of loan requires you to pledge collateral in order to borrow money. The downside: If you don’t make timely payments in time, the lender could seize your property.

Find out more about secured and where to locate them, such as banks, online lenders as well as credit unions.

The information provided for each lender is specific to its secured loans. The criteria for qualification and loan details may differ when it comes to secured loans.

Most personal loans are not secured, which means the approval process is based on your creditworthiness. If you’re not eligible for an unsecured loan, or you don’t receive the interest you desire on a bad-credit loan or secured loan is an option.

This type of loan requires you to pledge collateral to obtain money. The drawback is that if you don’t make timely payments in time, the lender may seize your assets.

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

Be aware that the information provided by each lender is unique to the lender’s non-secured loans. The criteria for qualification and loan information may differ when it comes to secured loans.

Best Secured Personal Loans


NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring formulas consider many 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 to Secured loans via online lending

8.99 – 35.99%

$2,000 – $50,000


on Best Egg’s website

Upgrade on the Upgrade website.

Best option for secured loans by online loan lenders

8.24 – 35.97%

$1,000 – $50,000


on the website of Upgrade.

OneMain Financial on OneMain Financial’s website

Best option for secured loans by online loan lenders

18.00 – 35.99%

$1,500 – $20,000


The average score is 600 – 700

on the OneMain Financial website.

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

Best to Secure loans at credit unions

6.70 – 18.00%

$500 – $50,000


on the secure website of NerdWallet.

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

Best for Secured loans at credit unions

7.49 – 18.00%

$250 – $50,000


on the secure NerdWallet website.

Our pick for Secured loans by online lending institutions

on the website of Best Egg.

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

Est. APR 8.99 — 35.99 percent

Loan amount $2,000 – $50,000

Min. credit score 600

View details

on the website of Best Egg.

View details

Min. credit score of 600

The key information Best Egg secured loans are like home equity loans but use items attached to your home, rather than the property itself as collateral.

Pros offers a wide variety in loan amounts.

Secured loan option for homeowners.

Directly pay the debtors who have taken out debt consolidation loans.

Cons Origination cost.

No rate discounts.

There is no choice to choose the first payment date.

Credit Score Minimum: 600; borrower average is 700. Minimum credit history: 3 months and 3 accounts. The minimum income requirement is $3500 The average of borrower’s income is $80,000. Borrower must have enough cash flow to cover the current financial obligations. Maximum debt-to-income ratio: 40% or 65% including a mortgage; borrower average is 40%. Employment: Must show evidence of income; part-time employees are eligible. 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%. Fee for return: $15 if the payment is not completed.

Disclaimer *Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are offered via Cross River Bank, a New Jersey State Chartered Commercial Bank and member of the 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 various uses 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 the source of the Best Egg personal loan,” as applicable. The amount, term, and APR of any loan we provide to you will be based the credit rating of your your income, debt repayment obligation, loan amount, credit history, and many other variables. Your loan contract will include specific terms and conditions. About half of our customers receive their funds the following day. Once you have verified your identity, the money will be transferred to your bank account within 1-3 business days. The timing of available funds upon loan approval could vary based on your bank’s policy. The amount of loans ranges from $2,000to $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000. Georgia, $3,000. Georgia $3,000. If you want to take out a second Best Egg loan the total current Best Egg loan balances must not exceed 100,000. Annual Percentage Rates (APRs) vary between 8.99%-35.99%. The APR is the price of credit as a yearly rate, and it is a reflection of both your interest rate and an origination fee of 0.99%-8.99% of the loan amount, which will be deducted from any loan profits you get. The origination cost for the loan duration of 4 years or more is at least 4.99 percent. The length of your loan term will impact the APR of your loan, which could be higher than our lowest advertised rate. You need at least 700 FICO(r) score as well as an annual income for you as an individual of $100,000 in order to qualify to receive our lowest rate. Example: A 5-year $10,000 loan with 9.99 percent APR comes with 60 monthly scheduled payments of $201.81 and a three-year $5,000 loan with 7.99 APR, which is a.75% rate, has 36 monthly scheduled payments of $155.12. To help the government fight the financing of terrorism and money laundering activities, Federal law requires all banks to collect, verify, 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 dates of birth and any other information that will allow the institution to verify your identity. 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 the Upgrade’s website

Upgrade 5.0 NerdWallet’s ratings are compiled by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer service and responsible 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 Upgrade’s website

View more information

Min. credit score 560

The most important thing to know is that Upgrade applicants can back their secured loans with a vehicle and the worth of that factors into your rate.

Pros Secured and joint loans.

Multiple rate discounts.

Mobile app for managing loan payments.

Direct payment to creditors using credit consolidation loans.

The terms of repayment for home improvement loans.

Cons Origination fee.

There is no option to select your payment time.

Qualifications Minimum credit score: 560. Minimum number of credit accounts on history: One account. Maximum debt-to-income ratiois 75%, excluding the loan you’re applying for. Minimum period of credit history: two years. Minimum income requirement: None. Lender will accept income from retirement, alimony and child support as well as Social Security and various other sources.

Available Term Lengths 2 to 7 years

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

Disclaimer Disclosure: Personal loans obtained through the Upgrade feature annual percentage rates (APRs) of 8.24%-35.97%. All personal loans include a 1.85 percent to 8.99% origination fee which is taken from the loan profits. The lowest rates are contingent on Autopay and paying off some of the debts directly. These loans have repayment terms of between 24 and 84 months. As an example, if get an amount of $10,000 loan with a 36-month period and a 17.59% APR (which comprises a 13.94 percent annual rate of interest and an origination fee of 5% that is one-time fee), you would receive 9500 dollars in your account, and would have a required monthly payment of $341.48. In the course of the loan the payments would be $12,293.46. The rate of interest for your loan may be higher or lower and the loan offer may not come with various lengths of term that are available. The rate you pay for your loan will depend on your credit score, credit usage history, loan duration, as well as other factors. The late payment or the subsequent fees or charges may raise the price for your fixed-rate loan. There is no charge or penalty for paying off the 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 decided by our editorial team. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including impact to credit score rates and fees, customer service and ethical lending practices.

Est. APR 18.00 APR 18.00 – 35.99%

The loan amount is $1,500 to $20,000

Min. credit score None Average score is 600 – 700

View more information

on OneMain Financial’s site

View more information

Min. credit score None

Important information OneMain secured loans require a vehicle as collateral. Borrowers may also add an additional co-applicant on the application.

Pros Option to select and modify the payment date.

Secured and joint loans.

Fast funding.

Direct payment to creditors on the consolidation of debt loans.

Cons Rates are very high when in comparison to other lenders.

Charges charge for origination fees.

No rate discounts.

The pre-qualification process does not permit borrowers to preview potential rates.

Qualifications Must have a Social Security number or taxpayer identification number. The minimum age is 18 or over in the majority of states. Minimum credit score is: None. Minimum number of accounts on credit report: None however, applicants who have no credit history might not qualify. Minimum income: None. This lender will accept earnings from alimony, employment and retirement benefits, child support, Social Security payments, public assistance and investments.

Available Term Lengths 2 to 5 years

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

Disclaimer: Not all applicants will be approved. Loan approval and actual loan terms are contingent upon the ability of you to satisfy our credit requirements (including an established credit history and a sufficient income after the month’s expenses, and the being able to show collateral). If they are approved however, not all applicants will be eligible for higher loan amounts or the most favorable loan terms. The larger loan quantities require lien on a vehicle not older than ten years and that meets our value requirements, titled in your name, and with valid insurance. The loan approval process and loan terms depend on your state of residence and your ability to meet our standards for credit (including having a good credit history, a sufficient income after expenses paid monthly and collateral availability). APRs are generally higher on loans that are not secured by a vehicle. The most qualified applicants could be offered greater loan amounts or lower APRs than those previously mentioned. OneMain charges origination fees where permitted by law. Based on the state in which you open your loan the fee for origination may be either an amount that is fixed or a percentage of your loan amount. The amount of flat fees varies by state, ranging between $25 and $500. Percentage-based fees differ by state, ranging between 1% and 10 percent of the loan amount, subject to state restrictions on the fees. Visit omf.com/loan-fees for more details. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college or university expenses and for any business or commercial purpose; to purchase crypto assets and derivatives, securities, or other speculative investments or to fund gambling or other illegal activities. The states in which these loans are offered are subject to these minimum loan dimensions: Alabama: $2,100. California: $3,000. Georgia: Unless you are an existing customer, $3100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. The borrower (other other than existing customers) in these states are subject to these maximum secured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not need you to offer collateral (such as a motor vehicle) for the lender. Example: A $6,000 loan with a 24.99 APR, repayable in 60 monthly installments will result in monthly payment of $176.07. Time to Fund Loans: Funding must be made within one hour following the closing date through SpeedFunds is required to a bank-issued debit card. Payments made by check or ACH could take as long as 1-2 business days after loan closing.

Our top pick for Secured loans from credit unions

on the secure website of NerdWallet.

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 friendly to consumers, such as the impact on credit score, rates and fees, customer service and ethical lending practices.

Est. APR 6.70 + 18.00 percent

Loan amount $500 – $50,000

Min. credit score of 660

View the full details

on the secure website of NerdWallet.

View the full details

Min. credit score 660

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

Pros Secured, joint and co-sign loan options.

Direct payment to creditor with the debt consolidation loans.

Choices to select and alter your payment date.

Fast funding.

Cons Exclusive to credit union members.

Pays only 3 credit bureaus.

No rate discount.

Qualifications Must be an active participant in First Tech Federal Credit Union. Minimum credit score is at least 660. 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 of $700 if living with other people; $1,000 if renting the property; or $1,500 if you own your own home. Credit history must be at least two credit accounts that are 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 The ratings of NerdWallet are determined by the editorial staff of our website. The scoring formula considers the factors we believe to be beneficial to consumers, including impact on 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 more information

on the secure website of NerdWallet.

View details

Min. credit score None

The key facts In addition unsecured loans, Navy Federal offers secured loans secured by the Navy Federal savings account or CD.

Pros Wide choice of loan amounts.

Fast and quick funding.

Rate discount for some customers.

Co-sign, joint and secured loan options.

Direct payment to creditors with credit consolidation loans.

Cons Only available to members of credit unions.

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

You cannot choose to change your payment date.

Qualifications Must be a Navy Federal Credit Union member to be eligible. There is no minimum credit score requirement.

Available Term Lengths 1 – 5 years

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


What’s a secured personal loan?

An secured personal loan is an loan you get by pledging something you have in exchange for cash that you pay back in time, paying interest.

Lenders have the right to seize your collateralfor example, a car or funds in a savings account, for instance, but they’ll only take it if you don’t pay back the loan. Once the loan is paid in full then the lender does not have the right to take the collateral.

Like an unsecured loan, your credit 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 higher for secured loans and the rate is usually lower.

>> MORE:

How do you get a secured loan

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

Ask regarding the loan. Some lenders provide secured loans only if the applicant does not require an unsecured loan. If you can’t pre-qualify with the lender, or you don’t see any secured loan option, ask 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. Utilize a calculator to determine the percent of your annual income, loan amount and repayment term you’d need to keep monthly payments within your budget.

Select one lender. Compare lenders to determine what kind of collateral they are willing to accept as well as the rates they will offer.

Gather the necessary documents. Before applying, gather the documents most lenders require in order to submit an application. This could include an ID issued by the government and statement from your bank, W-2s and pay stubs. There may be additional documents for the collateral, like a car title.

Apply. The majority of lenders accept online applications. After you have submitted the application, approval may be a few days, or even longer if a lender has to assess the collateral’s value.

>> MORE:

Pros and pros and loans

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


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

Lower interest rates and higher loan amounts. Since the chance of losing money is lower for the lender the loan may be approved for a larger loan for a lesser rate.


The lender might use your collateral. If your car is collateral to the loan and you require it to travel to work, say the loss of it could place you in a more difficult situation than when you took out the loan.

Not as accessible as loans that are not unsecured loans. Many banks, credit unions and online lenders provide only 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 second mortgage that lets you access cash based on the value that your house. Like the first mortgage one lender can take your house in the event that you fail to repay.

>> MORE:

Auto-secured loans If you have an auto-secured loan the lender takes into account information such as your vehicle’s make, model, and year as well as your credit and finances — to decide your rate. If they approve, you give the lender your car title and they return it once the loan is paid back. They are not the same as auto title loans that can come with triple-digit APRs (more on these below).

CD loans If you hold a certificate of deposit with an institution, you may be eligible to make use of it as collateral for an individual loan. The rates are typically low the average, starting just at a few percentage points above the CD rate — and it’s a method of accessing funds without having to cash out the CD early and paying a penalty.

401(k) loans: An employer-sponsored 401(k) plan could permit employees to borrow money from their retirement account in up to 5 years. Rates are usually low on 401(k) loans, but when you borrow from the account, you’ll miss the market’s gains and compound interest from saving for retirement.

How do I get the secured personal loan

Banks: Most banks offer a savings- or CD-secured loan. An account you already have with the bank will be collateral, and you can’t access that money until the loan is paid back.

Credit unions: Some credit unions provide share-secured loans which is a different name used to describe savings-secured loans. They will keep your savings until you pay back the loan.

If your credit union does not provide these loans, you could qualify for an unsecured loan due to the fact that credit unions are known to have low requirements for borrowers and less restrictive APRs.

>> MORE:

Online lenders: Most online lenders who offer secure loans require a vehicle as collateral. Some lenders allow you to apply for this loan upfront, but others might offer you the possibility after having attempted to apply for an unsecure loan.

A lot of lenders allow you to check the rate of an unsecure loan without affecting your credit score, therefore it doesn’t hurt to take the with multiple lenders.

You can make use of the NerdWallet lender marketplace to find rates for unsecured loans.

Secured loans to avoid

: Pawnshops let you hand the cash you have in exchange for cash that you will have to pay back, usually within a couple of weeks. These loans could have a rate of 200% and may be difficult to pay back. If you do not repay, the pawnshop will keep the item.

: These are high-interest, short-term loans typically of several hundred or thousands of dollars. Because they’re hard to repay on time, this kind of loan could encourage repeated borrowing, which can cause you to enter into an unsustainable cycle of debt. Avoid auto-secured loans that have rates of more than 36%, the highest rate consumer advocates say an affordable loan can be able to have.

>> MORE:

Updated on December 13, 2022

Methodology NerdWallet’s review process reviews and ranks personal loan products from over 35 banks. We collect over 45 points of data from every lender and interview representatives from the company and compare the lender to other lenders that are seeking the same type of customer or offer a similar personal loan product. NerdWallet writers and editors conduct an exhaustive fact-check and update annually, but we also conduct updates all through the year if.

Our star ratings give points to lenders that offer consumers-friendly features such as soft credit checks to help you qualify for loans, competitive interest rates, no charges, transparency of rates and conditions, flexibility in payment methods, fast time to fund, easy customer service, reporting of payment information to credit bureaus as well as financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We assess these elements according to our evaluation of which ones are the most significant to consumers and how meaningfully they impact the consumer’s experience.

This method is only applicable to lenders that cap their interest at 36%, the maximum rate that most financial experts and consumer advocates are in agreement with as the ideal rate to consider an loan that is affordable. NerdWallet does not get paid for our top ratings. Learn more about us and our .

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

Frequently asked questions What is a secured personal loan?

A 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 examines the worth of the collateral to determine whether you are eligible for the loan, and how much they will loan you, as well as the interest rate. This type of loan in monthly fixed installments, similar to an unsecure loan. However, unlike an unsecure loan, the lender could use your collateral should you don’t pay.

Are secured loans more readily available?

Secured loans can be easier to get than other loans because you pledge the collateral of something you own to secure the loan and the lender could take if you do not repay the loan. This helps make this loan less risky for the lender as credit and income requirements are typically less stringent with 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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