Upgrade is our top pick for secured personal loans because of the range of amounts it offers and its quick funding once you're approved. We reviewed 70 personal loan lenders and evaluated them on 31 factors, including cost, loan terms, borrower requirements, and additional features. × Investopedia earns a commission from these advertising partners. Loan Amount Please enter a valid loan amount between $1,000 and $100,000 If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies: APR With Autopay Discount Recommended Minimum Credit Score 620 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score Not Disclosed This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 600 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 660 This lender does not disclose its minimum credit score requirements. Loan Amount APR Range Recommended Minimum Credit Score 640 This lender does not disclose its minimum credit score requirements. Loan Amount Why Trust Us 70 Lenders reviewed 31 Loan features considered 1,680 Data points analyzed 173 Primary data sources used Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs. Read our Full Methodology Best Secured Personal Loans for 2024 Best Secured Personal Loans for 2024 The Bottom Line Guide to Choosing How to Qualify Alternatives Why You Should Trust Us FAQs How We Pick Guide to Personal Loans Investopedia's Rating 4.6 Why We Chose It Upgrade helps borrowers with less-than-perfect credit. Consider the following: Your funds are disbursed within one business day directly into your account upon approval. Upgrade, which was founded in 2016, charges origination fees up to 9.99% of the loan amount. It gives you $200 back if you open an Upgrade Rewards Checking Plus with a minimum deposit of $1,000. Pros & Cons Pros Available nationwide Joint applications allowed Secured and unsecured options Cons High max APR Steep origination fees No short loan terms Qualifications Read the FullUpgrade Personal Loans Review 2024 Why We Chose It OneMain Financial accepts a wide range of collateral, such as trucks, automobiles, boats, campers, RVs, and motorcycles, among others. It is a good option if you can't get approved with another lender. Checking for offers with One Main won't impact your credit score. You can apply online for debt consolidation, buying or refinancing a car, home improvement, moving, wedding, auto repairs, or pools, among others. But, there are some drawbacks to borrowing with OneMain: In May 2023, the Consumer Financial Protection Bureau (CFPB) fined the lender for "deceptive practices" and charged it $20 million ($10 million of which went to 25,000 customers). The CFPB said that OneMain "tricked borrowers into signing up for optional products" and failed to provide refunds for interest if customers canceled them during a "full refund period." Pros & Cons Pros Lenient approval requirements Accepts various collateral types Fast funds Cons Low maximum loan amount Not available in all states Not eligible for business purposes Qualifications Read the FullOneMain Financial Personal Loans Review 2024 Investopedia's Rating 3.8 Why We Chose It As a homeowner, you can secure your Best Egg loan with the fixtures in your home. You can use bathroom vanities, cabinets, and shelving as collateral for your loan to get a larger loan and a better rate without putting your entire home at risk. Keep in mind that Best Egg can legally remove the fixtures from your property to recoup its costs if you default but it can’t foreclose the way a lender can for a home equity loan. Delware-based Best Egg is accredited by the Better Business Bureau. It offers: It does charge origination fees, which can range between 0.99% and 8.99% of the loan balance. Pros & Cons Pros No foreclosure risk Homeowner discount Convenient Cons High origination fees Fixtures are at risk Must pay off before sale Qualifications Read the FullBest Egg Personal Loans Review 2024 Investopedia's Rating 4.6 Why We Chose It First Tech Federal Credit Union offers a lineup of secured personal loan options with high maximum loan limits. Secure the loan with stock, certificates of deposit (CDs), or a savings account to get different loan values, terms, and APRs. You can use the lender's loans to pay for medical expenses, vacations, taxes, or to fund tech projects. There are no application, origination, or annual fees with First Tech. Based in Beaverton, Oregon, this credit union catered to people working in the tech industry when it was founded by employees of Hewlett-Packard and Tektronix in 1952. You must be a member to get a loan. Membership details are highlighted below. Pros & Cons Pros Large loan amounts Low APRs Long loan terms Cons Membership required No short-term options High minimum on stock loan Qualifications Read the FullFirst Tech Federal Credit Union Personal Loans Review 2024 Investopedia's Rating 4.7 Why We Chose It Patelco Credit Union serves members across Northern California and employees of 1,100 businesses nationwide. This institution offers secured loans backed by savings accounts and CDs. You don't need to be a member to check your rate online, which won't affect your credit score. If you want to apply and be approved, you can only do so after applying for membership with Patelco. Details on how to join are below. Pros & Cons Pros No origination fees Very low APRs 100% loan to value Cons Requires membership Must qualify for membership FFA membership auto-enrollment Qualifications Read the FullPatelco Credit Union Personal Loans Review 2024 APR Range Average Origination Fee Late Fee Time to Receive Loan Loan Amount Latest Repayment Reset All Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me *APR ranges for some companies include a discount for automatic payments or existing bank customers. The best secured personal loan for you depends on your needs. Upgrade is our top choice because of its loan limits and the easy application process. Keep in mind that you can only put up a passenger car as collateral if you don't qualify for an unsecured loan. OneMain is an option if you’re struggling to get approved with other lenders due to bad credit. Credit unions like Patelco provide the lowest possible rates.If you're a homeowner, Best Egg lets you pledge home fixtures as collateral. But if you want to borrow against a large savings account or investment portfolio, First Tech Federal Credit Union is the better choice. A secured personal loan is a term loan backed by an asset that belongs to the borrower, such as a vehicle or savings account. When you apply for a secured loan, the lender assesses the value of your proposed collateral alongside factors like your credit, income, and debt. If you get approved and agree to the loan contract, you’ll receive the loan and must pay it back, plus interest, over a set term. As long as you make the required payments on time, you’ll keep your collateral. However, if you miss payments and the loan goes into default, the lender can seize your collateral and sell it to recover the amount you owe. The main difference between secured and unsecured personal loans is that borrowers pledge collateral to get secured loans. The collateral acts as security for the loan—meaning the lender can seize and sell it if you don’t make your payments on time. As a result, secured loans often come with more flexible eligibility requirements, lower APRs, longer loan terms, and higher loan amounts than unsecured loans. While unsecured personal loan lenders can’t directly seize anything you own if you default, they can take you to court. If they sue you and win, the court can issue a judgment saying you owe the amount and allow your lender to seize your assets, such as your bank account or wages. You can get a secured personal loan from a variety of lenders, including banks, credit unions, and online lenders. As you’re reviewing secured loan products, compare the following factors: Secured loans are a great option if you have bad credit or no credit at all. You can secure a loan with a savings account, CD, stock, or other investment vehicle. If you have fair credit or better, a secured loan may help you get a better interest rate or better loan terms. Lenders review several factors before you can be approved for a loan. Keep in mind that some factors carry more weight and importance than others. Here are a few of the most common things that lenders consider from potential borrowers: Before starting the process of getting a personal loan, it can be helpful to check your credit to see where you stand. From there, request quotes from multiple lenders. Most invite you to fill out a quick form on their website and find out within minutes if you pre-qualify. Secured personal loans aren’t your only option. Here are a few alternatives to consider if a secured loan doesn’t sound right for you: Investopedia collected and analyzed hundreds of key data points from over 70 companies across three months to identify the most important factors for readers choosing a fair loan lending company. We used this data to review each company for fees, repayment terms, income requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has been helping readers find the best loans for those with fair credit since 2020. The amount you can borrow with a secured personal loan depends on a variety of factors such as the lender’s loan range, your credit history, your credit score, and the value of your collateral. You can typically find out if you pre-qualify, along with the estimated loan amount available to you, by requesting quotes on the websites of lenders. Every lender is different. One may require a credit score of 670, while another doesn’t set a minimum score requirement. You’ll have to check the eligibility requirements of lenders you’re considering to see if they require a minimum credit score or not. This varies by lender. Many pre-qualify you within minutes and offer loan funding within one to four business days. However, the length of the approval process often depends on whether the lender requires an appraisal or other verification documents, its communication response times, and if you run into any problems. It could be as fast as one business day or could take a few weeks. If you default on a secured loan, your lender has the right to take possession of your collateral and sell it to recover its losses. So if you pledge your vehicle and can't pay, they could come to your home and take it away on a tow truck. They can then sell it to pay off your outstanding loan balance, leaving you responsible for any balance that remains. The loan default is reported to the credit bureaus, which negatively impacts your credit report for seven years. Yes, you may use the same collateral for multiple loans in some cases. For instance, you may be able to secure more than one loan using your home as collateral. However, certain lenders may have strict policies that do not permit this. It's important to do your research to find the appropriate lender if you want to use the same collateral for two or more loans. Getting a secured loan tends to be easier than getting an unsecured loan. Lenders consider secured loans less risky than unsecured ones because you have to put up collateral. If you default on the loan, then your lender can seize your collateral and pay off the balance of the loan. You can be denied when applying for a secured loan. Each lender has eligibility requirements, and many consider factors such as your income, credit score, credit history, and debt, in addition to your collateral. You can get a secured loan for almost anything. But the most common types of secured loans are mortgages and home equity loans, automobile and vehicle loans, boat loans, stock-secured loans, savings account secured loans, 401(k) loans, and pawn shop loans. We researched and reviewed 70 lenders to find the best five lenders you see above on this list. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend. Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision: To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas: Learn more about how we evaluated personal loans in our complete methodology. Learn more about personal loans: Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Upgrade. "Personal Loans." OneMain Financial. "Personal Loans." Consumer Financial Protection Bureau. "CFPB Orders Installment Lender OneMain to Pay $20 Million for Deceptive Sales Practices." Best Egg. "Personal Loans." Best Egg. "Secured Loans." First Tech. "Loans." First Tech. "Personal Loans." First Tech. "About Us." Patelco Credit Union. "Our Mission." Patelco Credit Union. "Secured Loans." Patelco Credit Union. "Member Benefits." PNC Bank. “Secured vs. Unsecured Loans: What Borrowers Need to Know.” Consumer Financial Protection Bureau. "Can a Debt Collector Garnish My Bank Account or My Wages?” Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Upgrade. "Personal Loans." OneMain Financial. "Personal Loans." Consumer Financial Protection Bureau. "CFPB Orders Installment Lender OneMain to Pay $20 Million for Deceptive Sales Practices." Best Egg. "Personal Loans." Best Egg. "Secured Loans." First Tech. "Loans." First Tech. "Personal Loans." First Tech. "About Us." Patelco Credit Union. "Our Mission." Patelco Credit Union. "Secured Loans." Patelco Credit Union. "Member Benefits." PNC Bank. “Secured vs. Unsecured Loans: What Borrowers Need to Know.” Consumer Financial Protection Bureau. "Can a Debt Collector Garnish My Bank Account or My Wages?” Related Terms Personal Loan: Definition, Types, and How to Get One A personal loan allows you to borrow money and repay it over time. Here’s what a personal loan is, how it works, and how to use one. more What Is a Secured Loan? How They Work, Types, and How to Get One Secured loans are loans that require collateral to borrow. Here’s how secured loans work and where to find them. more Private Party Auto Loan: What It Is, How It Works, How to Get One A private party auto loan is a type of loan that you can use to finance the purchase of a car from an individual. Many financial institutions offer these loans, including banks, credit unions, and online lenders. more What Is a Business Auto Loan? How to Finance Company Vehicles A business auto loan is a type of secured loan that companies or individual owners can use to purchase vehicles for business purposes. It can be less expensive than an unsecured loan, and its interest costs may be tax-deductible. more Emergency Loan: Types, Eligibility, Pros and Cons Emergency loans are a type of personal loan that provides fast access to cash. Learn how emergency loans work and about their pros and cons. more Maximum Loan Amount: Definition and Factors Lenders Consider A maximum loan amount describes the total that one is authorized to borrow. It is used for standard loans, credit cards, and line-of-credit accounts. more Compare Personal Loans Rates
Best Secured Personal Loans for 2024
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Company APR Credit Score est. Loan Amount More Details Best Overall See DetailsCheck Rates Best for Range of Collateral See DetailsCheck Rates Best for Homeowners See DetailsCheck Rates Best for Large Loan Amounts See DetailsCheck Rates Best Credit Union See DetailsCheck Rates Compare Personal Loan Rates with Our Partners at Fiona.com
Best Overall :Upgrade
Best for Range of Collateral :OneMain Financial
Best for Homeowners :Best Egg
Best for Large Loan Amounts :First Tech Federal Credit Union
Stock Secured CD Secured Savings Account Secured Loan Amount $25,000 to $1 million $500 to $500,000 $500 to $500,000 Loan Terms 60 to 144 months To maturity 60 to 96 months APR Start at 8.4% Certificate account rate + 3% Savings account rate + 3% Best Credit Union :Patelco Credit Union
Compare the Best Secured Personal Loans for 2024
Best For Upgrade Best Overall 8.49% - 35.99% 1.85%–9.99% $10.00 1 day $1,000 - $50,000 84 months Check Rates OneMain Financial Best for Range of Collateral 18.00% - 35.99% $25 to $500 $5.00 to $30.00 1 day $1,500 - $20,000 60 months Check Rates Best Egg Best for Homeowners 8.99% - 35.99% 0.99% - 8.99% $15.00 1 day $2,000 - $50,000 60 months Check Rates First Tech Federal Credit Union Best for Large Loan Amounts 8.94% - 18.00% 0.00% $15.00 - $25.00 0 days $500 - $50,000 84 months Check Rates Patelco Credit Union Best Credit Union 9.30% - 17.90% 0.00% 3% of loan payment or $5, whichever is higher 0 days $300 - $100,000 84 months Check Rates The Bottom Line
Guide to Choosing the Best Secured Personal Loan
What Is a Secured Personal Loan?
What's the Difference Between Secured and Unsecured Personal Loans?
Secured Personal Loans vs. Unsecured Personal Loans Secured Personal Loans Unsecured Personal Loans Require collateral Don't require collateral Lenders can seize and sell the collateral if borrowers default A lender has no direct recourse in the event of a default Often come with lower APRs, lower fees, and higher loan amounts Often come with higher APRs, higher fees, and lower loan amounts More lenient eligibility requirements Stricter eligibility requirements Lenders must take borrowers to court before they can seize any assets Where Can You Get a Secured Personal Loan?
How to Qualify and Apply for a Personal Loan
Alternatives to Secured Personal Loans
Why You Should Trust Us
Frequently Asked Questions
How Much Can I Borrow With a Secured Personal Loan?
What Credit Score Is Needed for a Secured Personal Loan?
How Long Does It Take to Be Approved for a Secured Loan?
What Happens If I Default on a Secured Loan?
Can I Use the Same Collateral for Multiple Loans?
Is It Difficult to Get a Secured Loan and Can You Be Denied?
What Are Some of the Common Types of Secured Loans?
Companies We Reviewed
Achieve, Affinity Federal Credit Union, Alliant Credit Union, American Express, Avant, Axos Bank, Bankers Healthcare Group, Best Egg, Bethpage Federal Credit Union, Blue Federal Credit Union, Boatloan.com, Boeing Employees' Credit Union, CapexMD, Citibank, Connexus Credit Union, Discover, Dividend Finance, ENT Credit Union, Fig Loans, First Tech Federal Credit Union, Future Family, GoodLeap, Greenstate Credit Union, Happy Money, Hiway Credit Union, Lake Michigan Credit Union, Laurel Road, LendingClub, LendingPoint, LendingUSA, Liberty Federal Credit Union, LightStream, Lyon Financial, Mariner, Money Key, Mountain America Credit Union, NASA Federal Credit Union, Navy Federal Credit Union, Netcredit, Old National Bank, OneMain Financial, OppLoans, Patelco Credit Union, PenFed, Personify Financial, PNC Bank, Prosper, Reach Financial, Regions, Reprise, Rocket Loans, Santander, Service Federal Credit Union, SoFi, Southeast Financial, Summit Credit Union, SunPower, TD Bank, Teachers Federal Credit Union, Trident Funding, Truist, U.S. Bank, Universal Credit, Upgrade, Upstart, USAA, Vantage Recreational Finance, Wells Fargo. How We Pick the Best Secured Personal Loans
Guide to Personal Loans
See Also
What Is a Secured Loan and How Does It Work? (2024)What does a 517 credit score mean?What Is a Secured Loan and How Does It Work? - NerdWallet Best Secured Loans for Bad Credit for 2024 Best Joint Personal Loans for 2024 Best Personal Loans for Fair Credit for 2024 Best Personal Loans With a Co-Signer or Co-Borrower for 2024 Best Small Personal Loans for 2024 Best Emergency Loans for Bad Credit for May 2024