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Top Secured Personal Loans for 2023

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The most secure personal loans of 2023

Secured personal loans let you borrow money against the worth of an asset like car or savings. Secured loans can have lower interest rates but they also come with risk.

By Annie Millerbernd

Dec 13, 2022

A majority or all of the items featured on this page are provided by our partners who pay us. This can affect which products we review as well as the place and way the product is featured on the page. But, it doesn’t influence our assessments. Our opinions are our own. Here is a list of and .

Most personal loans are not secured, which means the approval process is based on your creditworthiness. However, if you aren’t eligible for an unsecure loan or get the price you’d like on a bad-credit loan then a secured loan is one alternative.

This type of loan requires you to pledge collateral to secure money. The disadvantage is that if you don’t pay your loan on time due to the lender can seize your asset.

Here’s what to know about secured and how to look for them, including banks, online lenders, as well as credit unions.

The information provided for each lender is unique to the lender’s secured loans. Criteria for qualifying and loan information may differ when it comes to secured loans.

The majority of personal loans are secured, and the approval process is based on your creditworthiness. However, if you aren’t eligible for an unsecured loan or get the rate you want for a bad credit loan, a secured loan is an option.

This type of loan requires the pledge of collateral in order to get money. The disadvantage is that if you don’t make timely payments in time, the lender could seize your property.

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

The information for each lender is specific to its secured loans. Qualification criteria and loan details may be different for secured loans.

Best Secured Personal Loans


NerdWallet rating. The NerdWallet ratings are made by our editorial team. The scoring formulas take into account many data points for every financial service and product.

Est. APR

The loan amount

Min. credit score

Learn more

Best Egg on Best Egg’s website

Best option for secured loans from online lenders

8.99 – 35.99%

$2,000 – $50,000


on the website of Best Egg.

Upgrade on Upgrade’s website

Best 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


Average score is 600 – 650

on the OneMain Financial website.

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

Best option for secured loans from credit unions

6.70 – 18.00%

$500 – $50,000


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


on NerdWallet’s secure website

Our top pick of Secured loans from online lenders

on Best Egg’s website

Good Egg 4.5 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 the impact on credit score, rates and fees as well as the customer’s experience and responsible lending practices.

Est. APR 8.99 — 35.99%

Loan amount $2,000 – $50,000

Min. credit score 600

View details

on the website of Best Egg.

View details

Min. credit score 600

The key information Best Egg secured loans are similar to home equity loans but use items attached to your home, rather than the home that is the collateral.

Pros Offers wide range in loan amounts.

Secured loan option for homeowners.

Direct payment to creditors with debt consolidation loans.

Cons Origination fee.

No rate discounts.

There is no option to select the initial payment date.

Qualifications Minimum credit score: 600; the average of borrowers is 700. Minimum credit history is three years and three accounts. The minimum income requirement is $3500; borrower average is $80,000. The borrower should have sufficient funds to meet the current financial obligations. Maximum ratio of debt to income: 40 percent or 65%, excluding a mortgage; borrower average is 40%. Employment: Must show evidence of income; part-time employees are qualified. You must provide a an official U.S. address and Social Security number.

Available Term Lengths: 3 to 5 years

Fees Origination fee: 0.99% – 8.99%. Return fee: $15 if payments aren’t completed.

Disclaimer *Trustpilot TrustScore at June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are offered by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses in the name 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 source of the Best Egg personal loan,” depending on the circumstances. The term, amount and the APR of any loan we provide will depend on your credit score your income, debt repayment commitments, loan amount, credit history and other aspects. The loan contract will include specific terms and conditions. Around half of our customers receive their money on the same day. Following successful authentication, your money will be in the account of your bank account within 1-3 business days. The timing of available funds after loan approval could vary based on your bank’s policy. The loan amounts vary from $2,000- $50,000. Residents of Massachusetts must have the minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia $3,000. To get a second Best Egg loan you must ensure that your total existing Best Egg loan balances cannot exceed $100,000. APRs (APRs) range between 8.99%-35.99%. The APR is the price of credit as a yearly rate and includes both your interest rate and the origination cost of 0.99%-8.99% of the loan amount to be taken from any loan profits you get. Origination fees for the loan duration of 4 years or more is at least 4.99 percent. The length of your loan term will impact your APR, which may be higher than our lowest advertised rate. You must have at least 700 FICO(r) score and an annual income for you as an individual of $100,000 to qualify the lowest interest rate. Example: A 5-year loan of $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, which is a.75% rate, has 36 scheduled monthly installments of $155.12. To help the government fight the financing of terrorists and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies every person who has an account. What this means to you: If you open an account we will ask for your name address, address, birthday, and other information that allows us to recognize you. We may also ask to see your driver’s license or other identifying documents. Best Egg products aren’t available for residents of Iowa, Vermont, West Virginia, West Virginia, the District of Columbia, or U.S. Territories.

on the Upgrade’s website

Upgrade 5.0 NerdWallet’s rating is determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be beneficial to the consumer, including the impact on credit score, rates and fees, customer service and ethical lending practices.

Est. APR 8.24 — 35.97 Percent

The amount of the loan is $1,000.

Min. credit score 560

View more information

on the Upgrade’s website

View more information

Min. credit score 560

Key facts Upgrade applicants can secure their loans by using a vehicle and the worth of that factors into your rate.

The pros of secured and joint loans.

Multiple rate discounts.

Mobile app for managing loan payments.

Direct payment to creditor with credit consolidation loans.

The terms of repayment for home renovation loans.

Cons Origination cost.

No option to choose the payment date.

Qualifications Minimum credit score 560. Minimum number of credit accounts on history: One account. Maximum debt-to-income ratiois 75%, including any loan you’re applying for. Minimum period of credit history: 2 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%. Late Fee 10$. Failure to pay fee: $10.

Disclaimer The personal loans made through Upgrade have annual percentage rates (APRs) of 8.24%-35.97 percent. All personal loans include a 1.85 percent to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and the payment of part of debts directly. These loans have repayment terms of 24 to 84 months. For example, if you receive the $10,000 loan with a 36-month term and a 17.59 APR of 17.59% (which comprises a 13.94 percent annual rate of interest and a 5% one-time origination fee) You would be able to receive $9,500 in your account and will be required to make a monthly payment of $341.48. Through the term of the loan you would pay total $12,293.46. The rate of interest for your loan may be lower or higher, and the loan deals may not offer different lengths of terms offered. Actual rate depends on credit score, credit utilization history, loan duration, as well as other factors. In the event of late payments, additional charges and fees may increase the cost of your fixed rate loan. There is no charge or penalty for repaying 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 website

OneMain Financial 4.0 NerdWallet’s ratings are decided by our editorial team. The scoring formula is based on aspects we believe are consumer-friendly, including impact to 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 Average score is 600 – 500

View details

on OneMain Financial’s site

View details

Min. credit score None

Key information OneMain secured loans require a car as collateral. Borrowers may also add an applicant who is a co-applicant.

Pros Option to choose and alter your payment date.

Secured and joint loans.

Quick funding.

Direct payment to creditor on the consolidation of debt loans.

Cons Rates are high as compared to other lenders.

Charges for origination fees.

No rate discounts.

Pre-qualification doesn’t allow the borrower to see rates they might be able to afford.

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. The minimum number of accounts on the credit report: None, however applicants with no credit history are unlikely to be considered. The minimum income is none; this lender accepts earnings from alimony, employment 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 10% to 1% of your loan amount. Late fee: $5-$30 or 1.5% to 15 percent of your monthly payments. Non-sufficient funds fee 15 dollars.

Disclaimer: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history as well as a steady income following the month’s expenses, and the ability to provide collateral). If they are approved however, not all applicants will be eligible for higher loan amounts or favorable loan conditions. Larger loan quantities require first lien on a motor vehicle no older than ten years, that meets our standards for value, and is registered in your name with an insurance policy that is valid. The approval of your loan and the actual loan terms are contingent on your residence state and your capacity to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses and collateral availability). APRs tend to be higher for loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Based on the state in which you take out your loan the fee for origination can be an amount that is fixed in addition to a portion of your loan amount. The flat fee amount varies per state, ranging between $25 and $500. Percentage-based fees vary by state, ranging from 1% to 10 percent of the loan amount subject to limitations on fee amount. Go to omf.com/loan-fees for more information. The loan proceeds are not used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense and for any business or commercial purpose; to purchase crypto assets, securities, derivatives or other investments that are speculative or to fund gambling or other illegal activities. The states in which these loans are offered must adhere to these minimum loan size limits: Alabama: $2,100. California: $3,000. Georgia If you’re not a present customer, $3,100 maximum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. The borrower (other than current customers) in states like these are restricted to the following maximum secured loan size: North Carolina: $7,500. Unsecured loan is one type of loan that doesn’t require you to provide collateral (such as an automobile) to the lender. Example Loan: A $6,000 loan with a 24.99% APR that is repaymentable in 60 installments will result in monthly payments of $176.07. Time to Fund Loans: Funding within one hour following the closing date through SpeedFunds is required to a debit card issued by a bank. Disbursement by cheque or ACH could take as long as two business days following loan closing.

Our pick for Secured loans from credit unions

on NerdWallet’s secure site

First Tech Credit Union Personal Loan 5.0 NerdWallet’s ratings are evaluated by our editorial team. The scoring formula takes into account aspects we believe are 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

Amount of loan $500 – $50,000

Min. credit score of 660

View the full details

on NerdWallet’s secure site

View the full details

Min. credit score of 660

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

Pros Co-sign, joint and secured loan options.

Direct payment to creditors with the debt consolidation loans.

Choices to select and alter the date of your payment.

Quick funding.

Cons Exclusive for members of credit unions.

Pays only one credit bureau out of three.

No rate discount.

The applicant must be a participant in First Tech Federal Credit Union. Minimum credit score of at least 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 someone else or renting or owning your home. Minimum credit score: 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 site

Navy Federal Credit Union Personal loan 5.0 The ratings of NerdWallet are determined by the editorial staff of our website. The scoring formula takes into account factors we consider to be consumer-friendly, including impact on credit score rates and fees, customer experience and ethical lending practices.

Est. APR 7.49 – 18.00 Percentage

Loan amount $250 – $50,000

Min. credit score None

View details

on NerdWallet’s secure website

View the full details

Min. credit score None

Important facts In addition to non-secured loans, Navy Federal offers secured loans secured by a Navy Federal savings account or CD.

Pros Large range of loan amounts.

Fast funding.

Rate discount for some customers.

Co-sign, joint and secured loan options.

Direct payment to creditor with credit consolidation loans.

Cons Exclusive for members of credit unions.

It is not possible to pre-qualify using an informal credit check.

You cannot choose to change the date of your payment.

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

Available Term Lengths: 1 to 5 years

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


What exactly is a personal loan?

An secured personal loan is a loan that you obtain by pledging something you own in exchange for borrowed money that you repay in time, paying interest.

Lenders have the right to acquire your collateralfor example, a car or funds in a savings account, for instance — however, they’ll only accept it if you fail to pay back the loan. After the loan is paid in full and the loan is paid in full, the lender is no longer able to exercise the authority to take the collateral.

Like an unsecured loan credit score or income, as well as other debts are still central to getting secured loan, but offering up collateral lowers the risk to the lender. The odds of approval are better for secured loans and the interest rate is typically lower.

>> MORE:

How do you get a secured loan

The process of getting a secured loan will differ depending on the kind of collateral you’re using, but here are the steps to follow:

Find out more about the loan. Some lenders offer secured loans only if the applicant does not require an unsecured loan. If you’re unable to pre-qualify the lender or think you’ll be able to get an option for a secured loan alternative, contact the lender directly about secured loans.

Check your budget. Examine your cash flow to find out what you’re able to contribute to the loan every month. Make use of a calculator to find out what annually percentage rates, loan amount and repayment term you’d need to keep monthly payments affordable.

Select a lender. Compare lenders to see what kind of collateral they will accept and what rates they are willing to offer.

Gather the necessary documents. Before you apply, gather the documents most lenders require to make an application. This could include the ID of a government official as well as statement from your bank, W-2s, and pay stubs. There may be additional documents to secure collateral, like the title to your car.

Apply. The majority of lenders accept online applications. After you have submitted the application, approval may take a couple of days, or even longer if a lender must assess the value of the collateral.

>> MORE:

Pros and pros and loans

Weigh the benefits of getting a secured loan against the potential negatives prior to committing yourself to borrowing.


Better approval odds. An lender is more likely to approve an secured loan application.

Lower interest rate and higher loan amounts. Since the chance that you will lose money less for the lender, you may be approved for a larger loan for a lesser cost.


The lender could take your collateral. If your vehicle is collateral for a loan and you’re in need of it to get to work, for instance the loss of it could place you in a worse situation than you were before borrowing.

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

>> MORE:

Secured loan examples

home equity loans and HELOCs The line of credit or home equity loan or line of credit is a type of mortgage that gives you access to cash based on the value the home. As with the initial mortgage, a lender can take your house if you don’t repay.

>> MORE:

Auto-secured loans When you take out an auto-secured loan the lender takes into account information such as your car’s make, model and year — as well as your credit score and financial situationto determine your rate. If they approve, you give the lender your car title and they return it once it is loan is paid off. This is different from auto title loans that can come with triple-digit APRs (more about them below).

CD loans If you own an account with the bank, you might be able to utilize it as collateral to secure a personal loan. The rates are typically low — typically starting a couple of percentage points higher than the CD rate. it’s a method of accessing funds without having to cash out the CD early and paying penalties.

401(k) loans: An employer-sponsored 401(k) plan could allow employees to borrow from their retirement account in up to 5 years. Rates are usually low on 401(k) loans, but by borrowing money from the account, you’re missing out on market gains and compound interest on saving for retirement.

Where to get a secured personal loan

Banks: Banks usually offer a savings- or CD-secured loan. An account that you have at the bank is collateral, and you can’t access that money until the loan is repaid.

Credit unions: Some credit unions provide share-secured loans that is a different name used to describe savings-secured loans. The credit union will hold onto your savings while you repay the loan.

In the event that your financial institution doesn’t provide these loans, you could qualify for an unsecured loan due to the fact that Credit unions tend for having less stringent requirements for borrowing and lower APRs.

>> MORE:

Online lenders: Most online lenders offering secure loans require a car as collateral. Some let you apply for this loan at the beginning, while others may show you the option only after you’ve attempted applying for an unsecure loan.

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

You can use the NerdWallet lender marketplace to compare rates on unsecured loans.

Secured loans to prevent

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

High-interest short-term loans typically ranging from several hundred or thousands of dollars. Since they are difficult to pay back on time, this kind of loan can encourage repeat borrowing, and lead you into a debt cycle. Avoid auto-secured loans with rates above 36%, which is the highest rate that consumers believe an affordable loan can have.

>> MORE:

Last updated on December 13, 2022.

Methodology NerdWallet’s review procedure examines and scores personal loan products offered by more than 35 institutions. We collect more than 45 data points from each lender, interview company representatives and compare the lender to other lenders that are seeking the same type of customer or offer the same to a personal loan product. NerdWallet writers and editors conduct thorough fact checks and update each year, but also make updates throughout the year as necessary.

Our star ratings give points to lenders who provide consumer-friendly features, including: soft credit checks that allow you to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, various payment choices, fast processing times for funding, easy customer service, and reporting of all payments to credit bureaus, and financial education. We also take into consideration legal actions that are filed by agencies such as Consumer Financial Protection Bureau. Consumer Financial Protection Bureau. We weigh these factors in accordance with our analysis of which are the most important 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 experts in finance and consumer advocacy agree is the acceptable limit for an loan in order to make it affordable. NerdWallet does not get paid for our top rating. Find out more about our and our .

To summarize our choices… the NerdWallet’s Top Personal Loans that are Secured for 2023 : Best Secured loans from online lenders : Best for Secured loans from online lenders : The best for Secured loans from online lenders: Best for Secured loans from credit unions The best to secure loans at credit unions

Commonly asked questions What is a secured personal loan?

Secured personal loan is one type of loan that needs collateraltypically a vehicle or bank account. Along with your credit score and income, the lender considers the value of the collateral in determining whether you are eligible for the loan, and how much they will loan you and your rate of interest. You repay this type of loan in monthly fixed installments, which is similar to an unsecure loan. But unlike an unsecured loan it is possible for the lender can take your collateral if you don’t pay.

Are secured loans easier to get?

Secured loans are more straightforward to get than other loans because you pledge the collateral of something you own for the loan that the lender can take if you do not repay the loan. This means that this loan more secure for the lender and therefore the requirements for income and credit are generally less strict with a secured loan.

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

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