10 Best Secured Personal Loans
Finding the right secured personal loan can be a daunting task, especially when faced with countless options. This article aims to simplify your search by presenting a curated list of the 10 best secured personal loans available today. Each option is thoroughly researched to provide you with reliable and comprehensive details, ensuring you make an informed decision.
Secured personal loans offer several advantages over unsecured loans, including lower interest rates, higher borrowing limits, and flexible repayment terms. By leveraging collateral such as a car, savings, or property, borrowers can enjoy better lending terms and enhanced financial security. This list is designed to help you identify the most trustworthy and beneficial options tailored to your needs.
1.
LightStream
LightStream, a division of SunTrust Bank (now part of Truist), provides unsecured personal loans for a variety of purposes, including home improvement, debt consolidation, car financing, and more. LightStream is known for offering competitive rates for borrowers with excellent credit.
Low interest rates: LightStream offers some of the lowest interest rates for borrowers with strong credit.
No fees: No origination fees, prepayment penalties, or other hidden costs.
Flexible loan amounts and terms: Loans range from $5,000 to $100,000, with terms from 24 to 144 months.
Same-day funding: Once approved, funds can be transferred as soon as the same day.
No fees: No origination fees, prepayment penalties, or other hidden costs.
Flexible loan amounts and terms: Loans range from $5,000 to $100,000, with terms from 24 to 144 months.
Same-day funding: Once approved, funds can be transferred as soon as the same day.
LightStreamCheck HereLightStream - - Known for low APRs and quick funding, LightStream is ideal for borrowers with strong credit and substantial collateral.
Pros
Extremely low interest rates, especially for well-qualified borrowers.- No fees or prepayment penalties.
- Flexible loan amounts and repayment terms.
- Fast processing, with same-day funding available.
- High loan limits compared to many other personal loan providers.
Cons
Requires excellent credit to qualify for the best rates.- No co-signing or joint loan options, so those with less-than-perfect credit may struggle.
- Limited to borrowers with good to excellent credit histories.
Key Features
Unsecured Personal Loans: Available for a wide variety of uses including home improvements, debt consolidation, and more.
Competitive Rates: Low interest rates for borrowers with excellent credit.
No Fees: No origination fees, prepayment penalties, or late fees.
Same-Day Funding: Loan approval and disbursement can happen within a single day.
Competitive Rates: Low interest rates for borrowers with excellent credit.
No Fees: No origination fees, prepayment penalties, or late fees.
Same-Day Funding: Loan approval and disbursement can happen within a single day.
Why Is Recommended
LightStream is ideal for individuals with excellent credit who need a large loan amount at a low interest rate. It's especially useful for home improvements, large debt consolidation projects, or other major expenses.
2.
Wells Fargo Secured Loan
- Wells Fargo Secured LoanCheck Here
Wells Fargo Secured Loan - - Offers competitive rates and flexible repayment options, especially for existing customers.
3.
Discover Personal Loans
Discover offers unsecured personal loans with fixed rates and flexible repayment terms for a wide range of personal needs, including home improvement, debt consolidation, medical expenses, and more. Discover also provides excellent customer service and a 30-day money-back guarantee.
No fees: Discover does not charge any fees, including origination fees, prepayment penalties, or late fees.
Fixed interest rates: Provides fixed-rate loans that make it easy to budget.
Flexible loan terms: Offers terms from 36 to 84 months.
Quick funding: Loan funds can be deposited into your account as soon as the next business day.
Fixed interest rates: Provides fixed-rate loans that make it easy to budget.
Flexible loan terms: Offers terms from 36 to 84 months.
Quick funding: Loan funds can be deposited into your account as soon as the next business day.
- Discover Personal LoansCheck Here
Discover Personal Loans - - Combines transparent terms with no origination fees, making it a trustworthy option.
Pros
- No fees for origination, late payments, or prepayments.
- Flexible loan terms between 3 to 7 years.
- Quick funding, often as soon as the next business day.
- Access to customer support 7 days a week.
Cons
- Requires a good credit score to access the best rates.
- No co-signing or joint loan options.
- Loan amounts are typically capped at $35,000, which may not be sufficient for larger financing needs.
Key Features
Unsecured Personal Loans: Loans available for various purposes such as debt consolidation, home improvement, and more.
Fixed-Rate Loans: Fixed interest rates with predictable monthly payments.
No Fees: No origination fees, prepayment penalties, or late fees.
Quick Funding: Loan funding available the next business day.
Fixed-Rate Loans: Fixed interest rates with predictable monthly payments.
No Fees: No origination fees, prepayment penalties, or late fees.
Quick Funding: Loan funding available the next business day.
Why Is Recommended
Discover Personal Loans are highly recommended for borrowers with good credit who need quick, fee-free loans. It's a solid choice for those looking for personal loans for home improvement, debt consolidation, or medical expenses.
4.
PNC Bank Secured Loan
- PNC Bank Secured LoanCheck Here
PNC Bank Secured Loan - - Provides flexibility for borrowers needing secured financing through savings or CDs.
5.
Regions Bank
Regions Bank is a regional bank that provides a wide array of financial services, including personal banking, business banking, investment services, mortgage and home equity loans, and wealth management.
Comprehensive range of financial products (savings, checking, loans, credit cards, etc.)
Accessible mobile app and online banking services
Branches in many states, especially across the Southern US
Free financial advice and resources
Customer-friendly service with 24/7 support
Accessible mobile app and online banking services
Branches in many states, especially across the Southern US
Free financial advice and resources
Customer-friendly service with 24/7 support
- Regions BankCheck Here
Regions Bank - - Offers secured loans with flexible terms backed by savings accounts or CDs.
Pros
- Wide network of physical branches and ATMs
- Various banking options for personal and business needs
- Strong mobile and online banking features
- Strong security measures in place for online banking
- Solid customer service reputation
Cons
- Limited to certain regions (Southern US)
- Higher fees for certain accounts or services compared to competitors
- Limited investment options compared to larger national banks
- Some online services may not be as advanced as those from larger national banks
Key Features
Mobile banking with check deposit
Personal and business loans
Investment and wealth management services
Cash management for businesses
Credit cards and lines of credit
Personal and business loans
Investment and wealth management services
Cash management for businesses
Credit cards and lines of credit
Why Is Recommended
Regions Bank is a great option for individuals and businesses located in the Southeastern US who want a combination of traditional banking services with modern digital banking options. It's especially recommended for customers who value in-person support but also want easy access to mobile and online tools .
6.
OneMain Financial
OneMain Financial offers personal loans and provides credit solutions to individuals, including debt consolidation and home improvement financing.
Flexible Loan Terms: Loans range from $1,500 to $20,000, with repayment periods from 2 to 5 years.
Secured & Unsecured Loans: Borrowers can apply for secured loans using collateral or unsecured loans.
Secured & Unsecured Loans: Borrowers can apply for secured loans using collateral or unsecured loans.
- OneMain FinancialCheck Here
OneMain Financial - - Suitable for those with lower credit scores, OneMain offers personalized service and secured options.
Pros
- In-Branch Services: OneMain has physical locations, providing in-person consultations.
- Loan Approvals: Quick approval process with funding available as soon as the next business day.
- Bad Credit Accepted: OneMain Financial is more lenient on credit scores, offering options for borrowers with lower credit.
Cons
- High APRs: While OneMain is accessible for those with bad credit, it also offers higher APRs compared to other lenders.
- Fees: There may be late fees and early repayment penalties depending on the loan agreement.
Key Features
Large Network of Branches: OneMain has a significant number of physical locations across the US for face-to-face assistance.
Personalized Service: Borrowers receive a more tailored loan experience, with options for both secured and unsecured loans.
Quick Processing: Once approved, funds can be received quickly, often the next business day.
Personalized Service: Borrowers receive a more tailored loan experience, with options for both secured and unsecured loans.
Quick Processing: Once approved, funds can be received quickly, often the next business day.
Why Is Recommended
OneMain Financial is recommended for individuals with less-than-perfect credit who prefer the option of visiting a branch and want a more personalized loan experience. It's also ideal for those who need funds quickly.
7.
TD Bank
TD Bank offers personal, business, and commercial banking services, including loans, lines of credit, mortgages, and wealth management.
Provides small business loans, SBA loans, and equipment financing with a focus on flexibility and ease of access.
Provides small business loans, SBA loans, and equipment financing with a focus on flexibility and ease of access.
SBA Loans: TD Bank is a preferred SBA lender, offering SBA 7(a), SBA Express, and SBA 504 loans.
Business Lines of Credit: Offers credit lines up to $100,000 for businesses needing flexibility in managing cash flow.
Quick Loan Approvals: TD Bank is known for its quick decision-making process and fast access to funds.
Comprehensive Online Services: Offers online banking and mobile apps for easy access to business accounts and loan management.
Business Lines of Credit: Offers credit lines up to $100,000 for businesses needing flexibility in managing cash flow.
Quick Loan Approvals: TD Bank is known for its quick decision-making process and fast access to funds.
Comprehensive Online Services: Offers online banking and mobile apps for easy access to business accounts and loan management.
- TD BankCheck Here
TD Bank - - Features competitive rates and excellent customer service for secured loan seekers.
Pros
- Fast, easy online application process with quick loan decisions.
- A wide range of loan products for small businesses, including SBA loans.
- A strong presence on the East Coast with physical branches and ATMs.
- Competitive interest rates and flexible repayment terms for small business loans.
Cons
- Limited availability outside of the East Coast and some areas of the Southeast US
- Loan eligibility may require a strong credit profile and business history.
- Higher interest rates for certain loan types, especially for newer businesses.
Key Features
SBA 7(a), SBA Express, and SBA 504 loans.
Business lines of credit with flexible access to funds.
Online and mobile banking services tailored for small businesses.
Easy application and fast decision-making process.
Business lines of credit with flexible access to funds.
Online and mobile banking services tailored for small businesses.
Easy application and fast decision-making process.
Why Is Recommended
TD Bank is recommended for small businesses seeking SBA loans or flexible lines of credit with a quick and easy application process. Its extensive East Coast presence and competitive loan terms make it an excellent choice for businesses in that region.
8.
U.S. Bank Premier Loan
- U.S. Bank Premier LoanCheck Here
U.S. Bank Premier Loan - - Ideal for U.S. Bank customers seeking secured loans with manageable terms and rates.
9.
Bank of America
Bank of America offers comprehensive banking services, including checking and savings accounts, credit cards, mortgages, and small business banking solutions.
Provides financing options such as SBA loans, business lines of credit, equipment financing, and term loans.
Provides financing options such as SBA loans, business lines of credit, equipment financing, and term loans.
SBA Loans: Offers SBA 7(a) and SBA Express loans with favorable terms and rates.
Business Lines of Credit: Access credit lines up to $100,000 with flexible terms and competitive rates.
Business Credit Cards: Offers cash back, travel, and low-interest business credit cards.
Advanced Banking Tools: Online banking, mobile apps, and cash management tools for businesses.
Business Lines of Credit: Access credit lines up to $100,000 with flexible terms and competitive rates.
Business Credit Cards: Offers cash back, travel, and low-interest business credit cards.
Advanced Banking Tools: Online banking, mobile apps, and cash management tools for businesses.
- Bank of AmericaCheck Here
Bank of America - - Provides secured loans backed by CDs, ensuring low-risk borrowing.
Pros
- Extensive suite of financial products for both personal and business needs.
- Strong digital banking features with online account management and mobile apps.
- High credit limits on some business credit cards and loan products.
- Preferred SBA lender with competitive rates and terms.
Cons
- High fees on some products, especially for smaller businesses.
- Strict eligibility criteria for business loans, especially for newer businesses.
- Limited branch network compared to other banks.
Key Features
SBA 7(a) and SBA Express loans.
Business lines of credit up to $100,000.
Business credit cards with rewards programs.
Online and mobile banking features tailored to small businesses.
Business lines of credit up to $100,000.
Business credit cards with rewards programs.
Online and mobile banking features tailored to small businesses.
Why Is Recommended
Bank of America is ideal for businesses that need a variety of financial products, including loans, lines of credit, and business credit cards, with a solid digital banking experience. Its SBA loan offerings make it attractive to small businesses seeking federal-backed financing.
10.
Credit Union Loans
- Credit Union LoansCheck Here
Credit Union Loans - - Credit unions like Navy Federal or Alliant offer member-focused secured loans with favorable terms.
Conclusion
Secured personal loans are a valuable financial tool, offering lower interest rates and better terms for borrowers willing to provide collateral. The options listed above represent some of the most reliable and beneficial secured loans available today. By selecting one of these lenders, you can secure your financial future and achieve your borrowing goals with confidence.