Best Secured Personal Loans for February 2024 (2024)

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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.

Best Secured Personal Loans for February 2024

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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
Best Credit Union:Patelco Credit Union

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Company	APR	Credit Score est.	Loan Amount	More Details
Best Overall	APR With Autopay Discount 8.49% - 35.99%	Recommended Minimum Credit Score 620 This lender does not disclose its minimum credit score requirements.	Loan Amount $1,000 - $50,000	See DetailsCheck Rates
Best for Range of Collateral	APR Range 18.00% - 35.99%	Recommended Minimum Credit Score Not Disclosed This lender does not disclose its minimum credit score requirements.	Loan Amount $1,500 - $20,000	See DetailsCheck Rates
Best for Homeowners	APR Range 8.99% - 35.99%	Recommended Minimum Credit Score 600 This lender does not disclose its minimum credit score requirements.	Loan Amount $2,000 - $50,000	See DetailsCheck Rates
Best for Large Loan Amounts	APR Range 9.29% - 18.00%	Recommended Minimum Credit Score 660 This lender does not disclose its minimum credit score requirements.	Loan Amount $500 - $50,000	See DetailsCheck Rates
Best Credit Union	APR Range 8.95% - 17.90%	Recommended Minimum Credit Score 640 This lender does not disclose its minimum credit score requirements.	Loan Amount $300 - $100,000	See DetailsCheck Rates

Why Trust Us

Lenders reviewed

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

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Best Secured Personal Loans for February 2024

Our Top Picks
Upgrade
OneMain Financial
Best Egg
First Tech Federal Credit Union
Patelco Credit Union
See More (2)
Compare Providers
The Bottom Line
Guide to Choosing
How to Qualify
Alternatives
Why You Should Trust Us
FAQs
How We Pick
Guide to Personal Loans

Best Overall :Upgrade

Investopedia's Rating

4.6

APR Range:8.49% - 35.99%
Loan Amount:$1,000 - $50,000
Loan Terms:24 months - 84 months

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Why We Chose It

Upgrade helps borrowers with less-than-perfect credit. Consider the following:

Use your car as collateral or a co-borrower if you aren't approved for an unsecured loan
Borrow between $1,000 and $50,000

Your funds are disbursed within one business day directly into your account upon approval.

Best for Range of Collateral :OneMain Financial

Best Secured Personal Loans for February 2024 (7)

APR Range:18.00% - 35.99%
Loan Amount:$1,500 - $20,000
Loan Terms:24 months - 60 months

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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:

Loan amounts are low, ranging from $1,500 to $20,000
Loan terms only run from 24 to 60 months
APR rates are fairly high—fixed rates between 18% to 35.99%

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

Any vehicles you use as collateral must be insured against physical damage, titled in your name, and owned free and clear.
All assets must undergo an appraisal.
Approval, loan amounts, rates, and terms depend on your credit, expenses, income, and available collateral.
Loans can’t be used for business or commercial purposes or to purchase securities, cryptocurrency assets, or other speculative investments.
Loans are available in 44 states. You can’t get OneMain Financial loans in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont, or the District of Columbia.

Read the FullOneMain Financial Personal Loans Review 2024

Best for Homeowners :Best Egg

Investopedia's Rating

3.8

APR Range:8.99% - 35.99%
Loan Amount:$2,000 - $50,000
Loan Terms:36 months - 60 months

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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:

Various loan options
An average 20% discount on the APR for secured loans
Loan terms up to 60 months

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
See Also
Wells Fargo Personals Loans Review 2024
Convenient

Cons

High origination fees
Fixtures are at risk
Must pay off before sale

Qualifications

To qualify for this loan, you must be a homeowner with equity in your home.
Loan approval, rates, and terms will depend on your credit history, credit score, income, loan amount, debt obligations, and more.
A minimum credit score of 700 and an income of $100,000 are required to get the lowest APR.

Read the FullBest Egg Personal Loans Review 2024

Best for Large Loan Amounts :First Tech Federal Credit Union

Investopedia's Rating

4.6

APR Range:9.29% - 18.00%
Loan Amount:$500 - $50,000
Loan Terms:24 months - 84 months

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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.

	Stock Secured	CD Secured	Savings Account Secured
Loan Amount	$25,000 to $1 million	$25,000 to $1 million	$500 to $500,000
Loan Terms	60 to 144 months	To maturity	60 to 96 months
APR	Start at 8.4%	Start at 3%	Start at 3%

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

You must apply and be approved for membership before you can take advantage of any secured loans from First Tech. If you don’t meet the eligibility requirements, the company encourages you to call for support.
To request a stock-secured loan, you need to open an investment account with First Tech’s investment division and own stock listed on the NASDAQ, NYSE, or NYSE American. You also must borrow at least $25,000.
To request a savings-secured loan, you must have a First Tech savings account with at least $500.
To request a CD-secured loan, you’ll need to purchase a First Tech Share Certificate worth at least $500.

Read the FullFirst Tech Federal Credit Union Personal Loans Review 2024

Best Credit Union :Patelco Credit Union

Investopedia's Rating

4.7

Best Secured Personal Loans for February 2024 (10)

APR Range:8.95% - 17.90%
Loan Amount:$300 - $100,000
Loan Terms:6 months - 84 months

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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.

Savings-Secured Loan: Borrow up to the full amount in your savings account for up to 60 months with a low APR of just 2.50%.
CD-Secured Loan: Borrow up to the full amount of your CD until maturity, and you will receive an APR equal to your CD rate plus 2.25%.

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

You must have a Patelco CD or savings account with a value of at least $300.
You must become a member of Patelco to access its loan products. You can qualify by living, attending school, or attending church in a variety of cities and counties in Northern California. You can also qualify if you’re employed by a Patelco sponsor company or by joining the Financial Fitness Association.
Patelco serves various communities in Northern California and employees of businesses nationwide.

Read the FullPatelco Credit Union Personal Loans Review

Compare the Best Secured Personal Loans for February 2024

	Best For	APR Range	Average Origination Fee	Late Fee	Time to Receive Loan	Loan Amount	Latest Repayment		Reset All
Upgrade	Best Overall	8.49% - 35.99%	1.85%–9.99%	$10.00	1 day	$1,000 - $50,000	84 months	Check Rates	Hide, not for me
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	Hide, not for me
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	Hide, not for me
First Tech Federal Credit Union	Best for Large Loan Amounts	9.29% - 18.00%	0.00%	$15.00 to $25.00	0 days	$500 - $50,000	84 months	Check Rates	Hide, not for me
Patelco Credit Union	Best Credit Union	8.95% - 17.90%	0.00%	3% of loan payment or $5 whichever is higher	0 days	$300 - $100,000	84 months	Check Rates	Hide, not for me

*APR ranges for some companies include a discount for automatic payments or existing bank customers.

The Bottom Line

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.

Guide to Choosing the Best Secured Personal Loan

What Is a Secured Personal Loan?

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.

What's the Difference Between Secured and Unsecured Personal Loans?

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.

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?

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:

Loan amounts: Each lender offers a range of loan amounts. Check the minimum and maximum limits.
APRs: The APR tells you how much you’ll pay in interest per year. Look for APR ranges with low minimum and maximum limits.
Origination fees: Many lenders charge origination fees that can range up to 10% or more of the loan amount. Look for no or low fees.
Term length: Check the loan terms lenders offer. Longer terms allow for lower monthly payments but result in higher overall costs.
Affordability: Does the monthly payment fit in your budget and is the overall cost competitive? Assess each loan’s affordability.
Collateral options: Check for the types of allowable collateral to see if they suit your situation.
Collateral restrictions: Lenders may place certain restrictions on the collateral you can pledge (e.g., age limits on vehicles, insurance requirements, etc.)

How to Qualify and Apply for a Personal Loan

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.

Get pre-qualified: Lenders typically ask about your desired loan size, income, and living situation and run a soft credit check to determine if you’re likely to qualify. This kind of credit check does not impact your credit score.
Review loan offers: Upon pre-qualification, lenders often present you with a quote that includes the estimated loan amount, APR, and term available to you. It’s best to compare at least three offers if you can.
Complete a loan application: Once you find the best fit, you’ll need to complete the full application. At this point, lenders may request documents to verify the information you’ve provided (e.g., pay stubs, tax returns, etc.). Additionally, they’ll run a hard credit check.
Get funded: If all goes well, you’ll be approved and will receive a loan contract. Once you sign it and send it back, the lender will get to work on sending the loan funds to you—often within a few business days.

Alternatives to Secured Personal Loans

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:

Other secured loans: If you’re looking to purchase a specific item like a car, appliance, or mattress, you can look into secured loans for that item. Many retailers offer in-house financing or work with networks of partner lenders.
Home equity loans: If you’re a homeowner with equity, you could also consider a home equity loan or home equity line of credit (HELOC). Both come with many of the benefits of secured personal loans like low APRs and large loan amounts. However, they do require you to allow a second lien on your home.
Buy now, pay later (BNPL) services: BNPL service providers like Affirm and Earnin enable you to split up the cost of retail purchases over time. While these are unsecured loans, providers tend to have more lenient eligibility requirements than most personal loan lenders.

Why You Should Trust Us

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.

Frequently Asked Questions

How Much Can I Borrow With a Secured Personal Loan?
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.
What Credit Score Is Needed for a Secured Personal Loan?
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.
How Long Does It Take to Be Approved for a Secured Loan?
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.
What Happens If I Default on a Secured Loan?
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. You are still responsible if there is a balance remaining. The loan default is reported to the credit bureaus, which negatively impacts your credit report for seven years.
How Is My Home Valued When I Take Out a Secured Loan?
If you secure a loan with your home, the lender will often require a home appraisal to determine its current fair market value. This is done by an appraiser, who is an independent third party who evaluates your property against similar properties to determine its valuation.
Is It Difficult to Get a Secured Loan?
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.
Can You Be Denied a Secured Loan?
Yes, 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.
Companies We Reviewed
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:
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

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:

Loan costs (advertised APR, fees, and six other factors): 29.25%
Loan terms (loan amount, repayment term, and three other factors): 22.25%
Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.

Guide to Personal Loans

Learn more about personal loans:

What is a personal loan?:A personal loan is an installment loan that can help you cover different personal expenses. Loans can be secured or unsecured, and are taken through banks, credit unions, and other financial institutions.
How do personal loans work?:When you take out a personal loan, your lender deposits the proceeds as a lump sum in your account. Most lenders require that you pay your loan back in regular installments, usually monthly, plus interest.
When are personal loans a good idea?:You can use a personal loan for any purpose, including debt consolidation, to buy a new car, or to take a vacation. But before you apply, make sure you can repay the loan to ensure you don't damage your credit.
How to get a personal loan:There are several steps to getting a personal loan. Do your research on lenders and rates and see if you pre-qualify. Make a formal application (if necessary) and sign your loan documents when you're approved. After you receive your funds, begin repaying your loan.
How to apply for a personal loan:Applying for a personal loan is fairly easy. Before you apply, though, review your finances and decide how much you need and can afford to borrow. Review the lenders that are available to you, see if you pre-qualify, and submit your application online or in person.
How to use a personal loan:You can use a personal loan for any reason. Personal loans are helpful when you want to consolidate debt, make home improvements, cover emergencies, or make large purchases.
Where to get a personal loan:You can apply for and get a personal loan from a bank or credit union. You may also want to consider other financial institutions and online lenders. Requirements and interest rates vary based on the lender you choose.
Personal loans vs. credit cards:Personal loans are installment loans that usually come with fixed rates and can only be used once. Credit cards have revolving credit lines, which means you can use them more than once, and require at least a minimum payment.
Alternatives to personal loans:Some of the common alternatives to personal loans include credit cards, lines of credit, payday loans, and retirement loans among others.
Personal loan calculator:A personal loan calculator can help you figure out your loan payments and overall costs before you apply.
Personal loans methodology:Review our methodology to see how we came up with our lists of best personal loans.

Best Secured Personal Loans for February 2024 (11)

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. "Secured 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?”

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Best Secured Personal Loans for February 2024 (2024)