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The most secure personal loans of 2023

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The most secure personal loans of 2023

Secured personal loans permit you to borrow against the value of an asset, such as a car or savings. Secured loans can have lower interest rates, however they also carry risk.

By Annie Millerbernd

Dec 13, 2022

The majority of products featured here are from our partners, who pay us. This could affect the products we write about and where and how the product appears on an article. But, it doesn’t influence our assessments. Our opinions are our own. Here is 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 get the rate you want on a low-credit loan then a secured loan is one alternative.

This type of loan requires the pledge of collateral in order to borrow money. The downside: If you fail to pay on time in time, the lender can seize your asset.

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

Be aware that the information provided by each lender is unique to the lender’s non-secured loans. Criteria for qualifying and loan details could be different in secured loans.

The majority of personal loans are not secured, which means 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 one alternative.

This kind of loan requires the pledge of collateral in order to borrow money. The disadvantage is that if you don’t make timely payments, the lender may seize your assets.

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

Be aware that the information provided by each lender is specific to its non-secured loans. Criteria for qualifying and loan details could be different in secured loans.

Best Secured Personal Loans


NerdWallet rating NerdWallet’s ratings are set by our editorial staff. The scoring formulas take into account multiple data points for every financial service and product.

Est. APR

The amount of the loan

Min. credit score

Find out more

Best Egg on Best Egg’s website

Best option for secured loans by online loan lenders

8.99 – 35.99%

$2,000 – $50,000


on the website of Best Egg.

Upgrade on Upgrade’s 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 to Secured loans by online loan lenders

18.00 – 35.99%

$1,500 – $20,000


The average score is 600 – 700

on OneMain Financial’s site

First Tech Credit Union Personal Loan through NerdWallet’s secure website

Best for Secured loans from credit unions

6.70 – 18.00%

$500 – $50,000


on the secure website of NerdWallet.

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

Best option for secured loans from credit unions

7.49 – 18.00%

$250 – $50,000


on the secure website of NerdWallet.

Our choice to secure loans via online lender

on the Best Egg’s website

The Best Egg 4.5 NerdWallet’s ratings are based on the opinions of the editorial staff of our website. The scoring formula considers aspects we consider to be consumer-friendly, including 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 of 600

View details

on Best Egg’s website

View details

Min. credit score 600

Key details Best Egg secured loans are similar to home equity loans however they use items that are attached to your home rather than the property that is the collateral.

Pros offers a wide variety of loan amounts.

Offers a secured loan option for homeowners.

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

Cons Origination fee.

No rate discounts.

No option to choose initial payment date.

The minimum credit score is 600; borrower average is 700. Minimum credit history: Three consecutive years, and at least three different accounts. The minimum income requirement is $3500; borrower average is $80,000. Borrower must have enough cash flow to pay current financial obligations. Maximum ratio of debt to income: 40 percent or 65%, excluding the mortgage. The borrower’s average is 40 percent. Employment: Must provide proof of income. Part-time employees are eligible. You must provide a an official U.S. address and Social Security number.

Available Term Lengths of 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 as of 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, 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. which is a Delaware corporation. The use for “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 creator of the Best Egg personal loan,” as applicable. The amount, term, and rate of interest for any loan we provide will depend 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 money on the same day. Once you have verified your identity, the money can be deposited in the account of your bank account within 1-3 business days. The time frame for funds available following loan approval can vary based upon your bank’s policies. The amount of loans ranges from $2,000to $50,000. Residents of Massachusetts have the minimum loan amount of $6500 ; New Mexico and Ohio, $5,000. Georgia is Georgia $3,000. If you want to take out the second Best Egg loan you must ensure that your current Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range between 8.99%-35.99 percent. The APR is the cost of credit as a yearly rate and includes the interest rate you pay and the origination cost of 0.99%-8.99% of the loan amount that will be subtracted from any loan proceeds you receive. The origination fee on the loan that is four years or more is at least 4.99 percent. Your loan term will impact your APR, which can be higher than our lowest advertised rate. You need a minimum 700 FICO(r) score and a minimum individual annual income of $100,000 to be eligible the lowest interest rate. Example: A 5-year 10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81 while a 3 year five-figure loan with 7.99 APR, which is a.75% rate, has 36 scheduled monthly installments of $155.12. In order to assist the government in fighting the funding of terrorism and money laundering, Federal law requires all financial institutions to gather the information, verify and document information that can identify every person who has an account. What this means for youis that when you sign up for an account, we’ll request your name address, address, birthday, and any other information that allows us to recognize you. We may also ask to see your driver’s licence or other identifying documents. Best Egg products are not available for residents of Iowa, Vermont, West Virginia, in the District of Columbia, or U.S. Territories.

on the website of Upgrade.

Upgrade 5.0 NerdWallet’s ratings are compiled by our editorial team. The scoring formula is based on aspects we believe are consumer-friendly, including impact to credit score rate and fees, customer service and responsible lending practices.

Est. APR 8.24 + 35.97 percent

Amount of loan: $1,000 – $50,000

Min. credit score 560

View details

on the Upgrade’s website

View details

Min. credit score 560

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

Pros Secured and joint loans.

Multiple rate discounts.

Mobile app to manage loan payments.

Direct payment to creditors using debt consolidation loans.

Repayment terms for home renovation loans.

Cons Origination cost.

You cannot choose your payment date.

Credit Score Minimum 560. Minimum number of accounts on credit history: One account. Maximum debt-to-income ratio: 75%, which includes any loan that you’re applying to. Minimum period of credit-related history two years. Minimum income requirement: None. Lender will consider retirement, alimony and 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 10 dollars.

Disclaimer The personal loans that are made using the Upgrade offer APRs (APRs) between 8.24%-35.97 percent. All personal loans include a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off some of the debts directly. Loans feature repayment terms of between 24 and 84 months. For example, if you receive the $10,000 loan with a 36-month term and a 17.59% APR (which comprises a 13.94% yearly interest rate and a 5% one-time origination fee) the loan would pay $9,500 in your account and would be required to pay a monthly installment of $341.48. Through the term of the loan you would pay amount to $12,293.46. The APR on your loan may be different, or even lower and the loan offer may not come with multiple term lengths offered. The rate you pay for your loan will depend on your credit score, credit utilization history, loan term, and other variables. In the event of late payments, additional charges and fees may increase the cost for your fixed-rate loan. There is no charge or penalty for paying off a loan early. Personal loans issued 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 site

OneMain Financial 4.0 NerdWallet’s ratings are determined by our editorial team. 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 service and responsible lending practices.

Est. APR 18.00 APR 18.00 – 35.99 Percent

Amount of loan $1,500-$20,000

Min. credit score None Scores range from 600 to 500

View more information

on the OneMain Financial website.

View more information

Min. credit score None

Key facts OneMain secured loans require a vehicle to serve as collateral. Borrowers may also add an applicant who is a co-applicant.

Pros Option to choose and modify the payment date.

Joint and secured loans.

Fast funding.

Direct payment to creditors on debt consolidation loans.

Cons Rates are higher compared to other lenders.

Charges origination fee.

No rate discounts.

The pre-qualification process does not permit prospective borrowers to view rates.

Qualifications Must have an Social Security number or taxpayer identification number. You must be at least 18 years old in all states. Minimum credit score: None. The minimum number of accounts on the credit reports: None, but applicants with no credit history might not qualify. Income minimum: none. This lender will consider earnings from alimony, employment, retirement, child support, Social Security payments, investments and public assistance.

Available Term Lengths: 2 to 5 years

Fees Origination Fee between $25 and $500 or 10% to 1% from the loan amount. Late fee: $5-$30 or 1.5% to 15% of your monthly payment. Fee for non-sufficient funds $15.

Disclaimer: Not all applicants will be considered. Loan approval and actual loan terms depend on the ability of you to satisfy our credit requirements (including having a credit history that is responsible, sufficient income after the month’s expenses, and the ability to provide collateral). If approved however, not all applicants will qualify for larger loan amounts or favorable loan conditions. Larger loan quantities require first lien on a motor vehicle no older than ten years and that meets our requirements for value, and is titled in your name and backed by 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 a responsible credit history, a sufficient income following monthly expenses, and availability of collateral). APRs are generally higher on loans that are not secured by the vehicle. Highly-qualified applicants may be offered greater loan amounts and/or lower APRs than the rates shown above. OneMain charges origination fees where legal. Based on the state in which you take out your loan the fee for origination may be either a flat amount in addition to a portion of the loan amount. Flat fee amounts vary by state, ranging between $25 and $500. Percentage-based fees are different for each state and range from 1% to 10% of your loan amount, subject to state limits on the fees. Visit omf.com/loan-fees for more information. Loan proceeds cannot be used for postsecondary educational expenses according to the CFPB’s Regulation Z such as college or university expenses; for any business or commercial reason; to purchase crypto assets such as securities, derivatives, or other investments that are speculative or for gambling or illicit purposes. The states in which these loans are offered are subject to the following requirements for minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia If you’re not 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 these states are restricted to the following maximum unsecure loan dimensions: North Carolina: $7,500. Unsecured loan is one type of loan that does not need you to offer collateral (such as a motor vehicle) for the lender. Example of a Loan: A $6,000 loan with an 24.99 APR of 4% that is repaymentable in 60 installments would have monthly payment of $176.07. Time to Fund Loans: Funding within one hour of closing via SpeedFunds must be disbursed to a debit card issued by a bank. The process of disbursement via check or ACH may take up to two business days following loan closing.

Our pick for Secured loans at credit unions

on NerdWallet’s secure site

First Tech Credit Union Personal Loan 5.0 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, rates and fees, customer service and responsible lending practices.

Est. APR 6.70 — 18.00%

Loan amount $500 – $50,000

Min. credit score of 660

View more information

on NerdWallet’s secure site

View the full details

Min. credit score 660

The most important information First Tech members have access to secured loans that are secured by an CD or savings account, as well as stocks.

Pros Co-sign, joint and secured loan options.

Direct payment to creditor with debt consolidation loans.

Options to choose and change the date of your payment.

Fast funding.

Cons Exclusive for members of credit unions.

Payments are reported to one of the three major credit bureaus.

No rate discount.

The applicant must be an active Member of First Tech Federal Credit Union. Minimum credit score of at least 660. You must provide a Social Security number and driver’s license or other state-issued ID. Maximum debt-to-income ratio: 50%. Minimum monthly income: $700 if living with other people Renting; $1,000 or owning your home. Minimum credit score: At least two established accounts.

Available Term Lengths from 2 to 7 years

Fees Origination fee: None. Late fee: Varies. Return check fee $28.

on the secure website of NerdWallet.

Navy Federal Credit union Personal Loan 5.0 NerdWallet’s ratings are compiled through our team of editors. The scoring formula considers the factors we believe to be a good choice for consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.

Est. APR 7.49 + 18.00 percent

Loan amount $250 – $50,000

Min. credit score None

View details

on NerdWallet’s secure website

View the full details

Min. credit score None

Key facts In addition to loans that are not secured loans, Navy Federal offers secured loans backed by an account called a Navy Federal savings account or CD.

Pros A wide range of loan amounts.

Fast funding.

Discount on rates for certain customers.

Secured, joint and co-sign loan options.

Direct payment to creditors with credit consolidation loans.

Cons Exclusive for members of credit unions.

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

No option to choose or change the date of your payment.

The applicant must be a Navy Federal Credit Union member for application. There is no minimum credit score required.

Available Term Lengths 1 to 5 years

Fees Origination fee: None. Late fee of $29. Returned payment fee: $29.


What is a secured personal loan?

Secured personal loan is an loan you can get by pledging something you have in exchange for money , which you will repay over time with interest.

The lender has the right to take your collateral -such as a car or money in a savings account, for instance, but they’ll only do it if you are unable to pay back the loan. Once the loan is fully paid and the loan is paid in full, the lender no longer has the authority to take the collateral.

Like an unsecured loan credit, income and other debts are still essential to getting approved for 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 usually lower.

>> MORE:

How can you obtain a secured loan

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

Inquire regarding the loan. Certain lenders offer secured loans only after the applicant is not eligible require an unsecured loan. If you’re unable to pre-qualify the lender or think you’ll be able to get a secured loan option, ask the lender directly about secured loans.

Check your budget. Examine your cash flow to determine the amount you’re able to put towards the loan each month. Make use of a calculator to find out what percent of your annual income, loan amount and repayment period you’ll need to ensure that you keep your monthly payments within your budget.

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

Gather documents. Before applying to a lender, collect the documents lenders require in order to submit an application. This could include a government-issued ID and Bank statements, W-2s and pay stubs. There may be additional documents to secure collateral, such as the title to your car.

Apply. Most lenders have online applications. After you’ve submitted your application, an approval decision may take several days or longer if a lender needs to evaluate the value of collateral.

>> MORE:

Pros and pros and loans

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


Better approval odds. A lender is more likely to accept secured loan application.

Lower interest costs and larger loan amounts. Because the risk of losing money is lower for the lender the loan may be approved for a larger loan at a lower interest.


The lender may accept your collateral. If your vehicle is collateral for the loan and you’re in need of it to get to work, for example you lose it, it could put you in a much worse position than you were before borrowing.

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

>> MORE:

Secured loan examples

home equity loans and HELOCs The house equity loan or line of credit is a type of mortgage that lets you access money based on the value of your home. Like the first mortgage the lender can take your house if you don’t repay.

>> MORE:

Auto-secured loans: With an auto-secured loan, the lender takes into account information such as your car’s make, model and year — as well as your credit and finances -to determine your rate. If you are approved, you hand the lender your car title and they return it once it is loan is paid off. These are different from auto title loans that can come with triple-digit APRs (more about them below).

CD loans If you hold a certificate of deposit at an institution, you may be able to utilize it as collateral to secure a personal loan. Rates are usually low on the average, starting just with a couple of percentage points above the CD rate — and it’s a method of accessing funds without having to withdraw the CD early and paying a penalty.

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

Where to get the secured personal loan

Banks: Banks usually offer a savings- or CD-secured loan. An account that you have with the bank will be collateral and you won’t be able to use that account till the loan is repaid.

Credit unions: Some credit unions provide share-secured loans, which is another name used to describe savings-secured loans. They will hold onto your savings until you pay back the loan.

In the event that your financial institution doesn’t offer theseloans, you might qualify for an unsecured loan as the credit unions have been known to have low requirements for borrowers and less restrictive APRs.

>> MORE:

Online lenders: Many online lenders who offer secured loans require a car as collateral. Some let you apply for this loan at the beginning, while others might offer you the possibility after having tried applying for an unsecured loan.

A lot of lenders allow you to check your interest rate for an unsecured loan without impacting your credit score, so it doesn’t hurt to take the loan with several lenders.

You can make use of the NerdWallet lender marketplace to evaluate rates on unsecure loans.

Secured loans to avoid

: Pawnshops let you hand over valuables in exchange for cash that you have to repay within a few weeks. These loans can have 200% APRs and may be difficult to pay back. If you fail to pay back, the pawnshop can keep the item.

They are high-interest short-term loans of usually between a few hundred and a thousand dollars. Because they’re hard to repay in time, this kind of loan can lead to repeat borrowing, which can cause you to enter into a debt cycle. Avoid auto-secured loans with rates above 36%, which is 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 more than 35 institutions. We collect over 45 points of data from every lender and interview representatives from the company and evaluate the lender with others that seek the same customers or provide similar to a personal loan product. NerdWallet writers and editors conduct a full fact check and update each year, but they also update every year when needed.

Our stars are awarded points to lenders that offer consumers-friendly features such as soft credit checks that allow you to pre-qualify, competitive interest rates and no charges, transparency of rates and terms and various payment choices, fast time to fund, easy customer service, reporting of all payments to credit bureaus as well as financial education. We also take into consideration regulatory actions filed by agencies such as the Consumer Financial Protection Bureau. We evaluate these aspects in accordance with our analysis of which ones are the most crucial to consumers, and the impact they have on consumers’ experience.

This approach is only available to lenders that cap interest rates at 36%, which is the maximum rate that most experts in the field and consumer advocates accept as the appropriate limit for an loan that is affordable. NerdWallet is not compensated for our top ratings. Find out more about our and our .

To recap our selections… 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 in Secured loans by credit unions

Commonly asked questions What do you mean by a personal loan?

A secured personal loan is a loan which requires collateraltypically a car or bank account. In addition to your credit and income The lender evaluates the value of the collateral in determining whether you’re eligible, how much to loan you, as well as the interest rate. The repayment of this kind of loan in fixed monthly installments, which is similar to an unsecured loan. However, unlike an unsecure loan it is possible for the lender could use your collateral should you do not pay back.

Are secured loans more readily available?

Secured loans are more straightforward to get than secured loans since you can use the collateral of something you own for the loan and the lender could take if you fail to repay it. This means that your loan much less risky to the lender and therefore the credit and income requirements are generally less strict with a secured loan.

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

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