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The Best Secured Personal Loans 2024

 The Best Secured Personal Loans for 2023

To take out a secured personal loan, you’ll need some sort of collateral to secure the money you borrow. For example, you could use a car as collateral for an auto loan.

This also means that if you don’t repay your secured loan, you could lose your collateral.

8 lenders that offer secured personal loans

While most personal loan lenders offer only unsecured loans, there are some that allow borrowers to secure personal loans with collateral. Here are eight lenders that offer secured personal loans.


Fixed rates

Loan amounts

Min. credit score

Acceptable collateral

Avant *

9.95% - 35.99% APR

$2,000 to $35,000**



First Tech Federal Credit Union

Check with lender

$25,000 to $1,000,000
(depending on collateral)

Varies depending on amount and security of the loan

  • Stock
  • First Tech Share Certificate
  • First Tech Savings Account

LightStream *

3.99% - 19.99% APR

$5,000 to $100,000


  • Car
  • Motorcycle

Navy Federal Credit Union

Check with lender

Equal to the amount of your savings or certificate of deposit

Check with lender

  • Navy Federal savings account
  • Navy Federal certificate of deposit

OneMain Financial

Check with lender

$1,500 to $25,000

Check with lender

  • Car
  • Truck
  • Motorcycle
  • Boat
  • Camper
  • RV


Check with lender

$300 to $10,000

Check with lender


Upgrade *

6.55% - 35.97% APR

$1,000 to $50,000
($3,005 minimum in GA; $6,005 minimum in MA)



Wells Fargo *

Check with lender

$3,000 to $250,000
(depending on collateral)

Check with lender

  • Savings account
  • Certificate of deposit
  • Home

What is a secured personal loan?

A secured personal loan is a type of personal loan that is secured by some type of collateral. This differs from most personal loans, which are generally unsecured.

Secured personal loans can be less risky for lenders than unsecured personal loans, as the lender can take the collateral to make up for any losses if you stop paying on the loan.

Because of the reduced risk, you might be able to get a larger loan amount or lower APR with a secured personal loan compared to an unsecured personal loan.

Where to get a secured personal loan

You can find secured loans through a few different places. Make sure to review all your options before taking out a secured personal loan.

  • Online lenders: While there are many online lenders that offer personal loans, you’ll have to do your research to find out which ones offer secured ones. LightStream, however, does offer motorcycle and new car loans as secured loans.
  • Banks: Many brick-and-mortar banks offer home and auto loans, but Wells Fargo is the only major national bank that offers a secured personal loan where you can secure a loan through your personal savings account.
  • Credit unions: Your local credit union may offer a few different secured loans, including mortgages, vehicles, and some for personal reasons. Some national credit unions offer secured personal loans, like Navy Federal Credit Union, but it’s best to check with the ones in your community first.

Are secured loans easier to get?

Because of the lower risk to the lender, secured loans are often easier to get than unsecured loans. If you have poor or even no credit, you might still be able to qualify for a personal loan if you can provide collateral for a loan.

Secured personal loans generally offer higher loan amounts as well, which could make it easier to access enough funds for your personal needs.

What can I use as collateral for a secured personal loan?

You can generally use anything of value as collateral, though it will ultimately depend on the lender. Some common items used for collateral include:

  • Cars
  • Trucks
  • Motorcycles
  • RVs
  • Boats
  • Savings accounts
  • Investments
  • Life insurance
  • Precious metals
  • Art
  • Jewelry

Remember: If you can’t make your payments on a secured personal loan, you could end up losing what you put up as collateral.

This might be your car, your savings, or even your house, depending on the type of secured loan you have.

What are the pros and cons of a secured personal loan?

While a secured personal loan might be a good idea depending on your situation, here are a few pros and cons to consider first:



  • Typically offer with larger loan amounts
  • Might come with lower interest rates than unsecured personal loans
  • Could be easier to qualify for
  • More options for borrowers with poor or no credit
  • Have to provide collateral, which not all borrowers have
  • Generally have shorter repayment terms, which can mean higher loan payments
  • Risk of losing your collateral if you can't make your payments

Alternatives to secured personal loans

If a secured personal loan doesn’t seem right for you, there are also other options available. Here are a few alternatives to think about:

  • Unsecured personal loan: If you don’t want to put any collateral at risk, an unsecured personal loan might be a better choice. Although unsecured personal loans generally have higher interest rates, you might get a longer repayment term — which could make your monthly payments more manageable. Some lenders also offer personal loans for bad credit.
  • Credit card: If you only need small loans, a credit card could be a less risky option than a secured personal loan — and you’ll be able to borrow more than once. Plus, if you’re able to pay off the amount you borrowed by the due date, you won’t pay any interest. Just keep in mind that if you can’t repay your balance by that date, you might be stuck with hefty interest charges.
  • Family or friend loan: You might consider asking a trusted family member or friend for a loan to help you out. However, this could put a strain on your relationship if you fail to repay the loan, so be sure to borrow wisely.

Is getting a secured loan a good idea?

A secured personal loan could be a good choice if you need a larger loan amount or are having trouble qualifying for an unsecured personal loan.

If you have poor or no credit, a secured loan could also help you rebuild or start your credit history.

Tip: Even if you can get a personal loan without collateral, a secured loan might still be a good option if you’d like to get a lower interest rate and save on your overall loan cost.

Just remember that secured personal loans typically have shorter repayment times, meaning you’ll likely have higher loan payments.

If you decide to take out a personal loan — whether secured or unsecured — be sure to consider as many lenders as possible to find the right loan for your needs. Newsrnc makes this easy — you can compare multiple lenders in two minutes.

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