Your Complete Guide on Where to Find Secured Personal Loans

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Whether you’re looking to finance home repairs or consolidate debt, a personal loan might help meet your financial needs.

If you have less-than-stellar credit, however, you might need to know where to find secured personal loans. Unlike unsecured personal loans, secured loans are backed by collateral, such as your car, savings, or home.

By borrowing against an asset, you could qualify for the funds you need. However, you must be careful to keep up with monthly payments, or you could lose your collateral.

Where to find secured personal loans offered by banks and private lenders

You can use a personal loan to cover a variety of expenses. A July 2017 survey of American adults by comparison site Finder.com and research provider Pureprofile found that:

  • 31% of survey respondents used a personal loan for vehicle expenses.
  • 26% used it to pay bills.
  • 21% used it to cover expenses from an unexpected emergency.
  • 19% used it to pay school tuition fees.
  • 15% used it to consolidate debt.

Several banks, private lenders, and credit unions offer personal loans, depending on the kind of collateral you have to back the debt.

Here’s a chart showing where to find secured personal loans offered by top banks and private lenders. The interest rates and terms were current as of April 12, 2018. Make sure to check with the lender to confirm the most recent information.

Lender Amount you can borrow APR range Repayment term Collateral you can use
Mariner Finance $1,000 to $25,000 (can vary by state) Varies Varies Car, boat, or home
Zions Bank Minimum $1,000 Fixed or variable rate Flexible short-term options Certificate of deposit (CD) or savings account
OneMain Financial $1,500 to $25,000 (except in some states) 17.59% to 35.99% 24, 36, 48, 60 months Car, truck, motorcycle, camper, recreational vehicle, or boat
PNC $2,000 to $100,000 Fixed rates Terms vary Qualified assets, excluding real estate
Wells Fargo $3,000 to $250,000 5.50% to 13.79% fixed Varies CD or savings account
TD Bank Minimum $5,000 (no maximum) 7.17% variable rate (will not exceed 18.00%) 12 to 60 months CD, savings account, or money market savings
BB&T Varies Varies Varies Life insurance, savings account, CD, mutual fund, brokerage account, bonds, car, or home
Finova Financial Varies Up to 30.00% 12 months Car

There could be other options too, such as local banks that offer secured personal loans in your neighborhood.

You also might want to explore online-only lenders, though most of them offer only unsecured personal loans to borrowers with strong credit. One exception is LightStream, which sometimes offers secured personal loans to buy a car.

Where to find secured personal loans offered by credit unions

Credit unions tend to have competitive terms and personalized customer service. To join a credit union, you’ll need to meet its membership requirements.

Many credit unions let you back a secured personal loan with a share account or a certificate. A savings account offered by credit unions typically is called a share account, whereas a CD is called a certificate or a share certificate. Because you can’t withdraw savings from a certificate until its term is up, it likely will have a higher rate of return than a regular savings account.

Some credit unions, such as First Tech Federal Credit Union, also let you use stocks of companies listed on certain stock exchanges as collateral for a secured personal loan.

Here are some federal credit unions that offer secured personal loans. The interest rates and terms were current as of April 12, 2018. Contact the lender for the most recent information.

Credit union Amount you can borrow APR range Repayment term Collateral you can use
Digital Federal Credit Union Minimum of $200 3.50% for savings-secured loans; certificate rate + 3.00% for certificate-secured loans Up to 120 months for savings-secured loans; up to 60 months for certificate-secured loans Certificate or savings account
First Tech Federal Credit Union $500 to $500,000 for certificate- and savings-secured loans; $25,000 to $1 million for stock-secured loans 3.00% for certificate- and savings-secured loans; 4.25% for stock-secured loans Up to certificate maturity period for certificate-secured loan; up to 96 months for savings-secured loan; up to 144 months for stock-secured loan Stocks, certificate, or savings account
America First Credit Union Varies 3.10% variable for share-secured loans; certificate rate + 3.00% for certificate-secured loans Varies Savings or certificate account
Golden 1 Credit Union Varies; no maximum Varies Varies Funds in your term-savings certificate account or savings account
Navy Federal Credit Union Varies Share rate or certificate rate + 2.00% Up to 180 months for share-secured loans; up to 60 months for certificate-pledged loans Share or certificate account
Randolph-Brooks Federal Credit Union Varies Varies Up to 60 months Share or certificate account
Security Service Federal Credit Union Varies Varies Varies Share account
State Employees’ Credit Union Varies 5.00% to 9.25% Up to 120 months Share account

Decide what collateral you can offer

Besides determining where to find secured personal loans, you also need to figure out what kind of collateral you have to back your loan. Financial institutions often require one of these assets:

  • Car, motorcycle, boat, or another vehicle
  • Savings accounts, CDs, certificates, or share accounts
  • Investments, though typically retirement savings accounts are excluded
  • Home equity

By borrowing against the value of your asset, you can qualify for a loan with decent terms. But remember: If you don’t repay your loan, you risk losing that asset.

Falling behind on your payments could mean losing your car through repossession or your home through foreclosure. So before risking your valuable possessions, make sure you understand the terms and conditions of your loan and determine whether you can pay it off in a timely manner.

Use our personal loan calculator to figure out the estimated monthly payments and interest charges you might encounter on a loan.

If the costs seem too high, you might want to reconsider taking out a secured personal loan.

Beware of predatory lenders and sky-high interest rates

You should compare rates and terms offered by several lenders to find one that offers the best loan for your situation. Taking the time to find a low interest rate could save you hundreds, if not thousands, of dollars over the life of your loan.

If you have subpar credit, you might not have many borrowing options. Predatory lenders are well aware of this. They can take advantage of people facing tough financial circumstances by charging high fees and interest rates that could exceed the principal on the loan.

You should avoid loans with sky-high interest rates. If not, it could leave you with major debt you might not be able to pay back.

If you’re concerned about a lender’s background, check online or with the Better Business Bureau for reviews. And make sure to carefully read all the terms and conditions of a secured personal loan before signing on the dotted line.

Note: Student Loan Hero has independently collected the above information related to secured personal loan rates and terms. None of the financial institutions have provided or reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% – 29.99%$1,000 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.