Best Secured Personal Loans Of 2023 (2023)

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Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services in every state except Iowa, Vermont and West Virginia. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.

Loans amounts, which start at just $1,000, are flexible but cap out at $35,000—lower than lenders that focus on lower-risk borrowers. Three- and five-year loan terms are available. Upgrade charges an origination fee between 2.9% and 8% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.

Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.

Eligibility: Prospective borrowers should have a minimum score of 560 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. Furthermore, the lender does not require applicants to meet a minimum income requirement, although borrowers make $95,000 per year on average. Applicants should have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage.

The lender also considers each applicant’s free cash flow, which demonstrates their likely ability to make consistent on-time loan payments. Ideally, applicants should have a minimum monthly cash flow of $800.

Upgrade increases loan accessibility by also allowing co-applicants.

Loan uses: As with most other personal loans, loans from Upgrade must be used to pay off credit cards, consolidate other debt, make home improvements or pay for other large purchases. However, Upgrade stands out from some lenders by allowing borrowers to use personal loan funds to cover business expenses. What’s more, Upgrade will directly pay off third-party lenders, making debt consolidation more convenient than with some competing lenders.

There are no specific prohibitions on the use of Upgrade loans other than those already imposed by law.

Turnaround time: Once an Upgrade loan is approved, it generally takes up to four business days for a borrower to receive the funds. However, if Upgrade is directly paying off a borrower’s loans to a third-party lender, it can take up to two weeks for the funds to clear.

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Via Credible.com's Website

Best Egg is a lending platform available to borrowers in every state except Iowa, Vermont, West Virginia and Washington, D.C. Personal loans are issued by Cross River Bank and range from $2,000 to $35,000, though offers up to $50,000 may be available. Loan proceeds can be used for debt consolidation, and payment terms are available from three to five years, so Best Egg can be a great way to consolidate your other debts and spread the payments out over time.

That said, Best Egg does not directly pay off creditors, so you’ll have to manage the repayment process on your own. What’s more, borrowers have to pay an origination fee between 0.99% and 5.99% of the loan amount. This fee is an important consideration when calculating how much you can save by consolidating your debts with a Best Egg personal loan. Borrowers can, however, pay off their loan early without incurring a prepayment penalty.

Eligibility: Best Egg applicants should have a minimum credit score of 640 to qualify for a personal loan, but the platform does not disclose a minimum income requirement. Overall, a borrower’s loan term, amount and APR will all depend on their credit score, income, debt payment obligations, loan amount, credit history and other factors.

Loan uses: As with other top lenders on our list, borrowers can use Best Egg personal loan funds to simplify their finances through debt consolidation and credit card refinancing. Still, Best Egg loans are just as flexible as those offered by other lenders, and can be used for a variety of purposes, including everything from home improvement to moving and relocation or taxes and medical expenses. As with many other lenders, however, loan proceeds cannot be used for post-secondary educational expenses, purchasing or carrying any securities or illegal activity.

Turnaround time: The application process for a Best Egg personal loan can take less than five minutes. Expect loan approval and funding to take one to three business days, although some customers may receive same-day funding.

Since 1933, Navy Federal has grown from seven members to over 10 million, making it one of the most common credit unions for veterans or members of the armed forces. Not only that, but it also aims to “be the most preferred and trusted financial institution serving the military and their families.” Its reputation in the market and excellent products makes for an easy decision to include it as one of the institutions to find the best personal loans for veterans.

Navy Federal offers personal loans as low as $250 and up to $50,000, making it the lender with the smallest minimum loan limit. Loan limits of this range give veterans the ability to finance purchases of all different sizes. What’s more, repayment terms of up to 60 months are available. Applying for a loan with shorter repayment terms, however, will save you money on interest over the life of your loan.

Navy Federal personal loans have interest rates between 7.49% and 18.00%. The lowest of the range, 7.49%, is reserved only for loans with terms of up to 36 months and applicants with excellent credit. Active duty members also can receive a 0.25% autopay discount; however, non-active duty members cannot receive this perk.

Eligibility: You must be a member of Navy Federal to apply. To become a member, you or one of your family or household members must have ties to the armed forces, Department of Defense or National Guard. Members can apply online. Navy Federal does not have a minimum credit score requirement; however, borrowers with higher credit scores have a better chance of qualifying and receiving favorable terms. We recommend a minimum score of 670.

Loan uses: You can use Navy Federal personal loans for unplanned and planned expenses, including auto repairs, vacations and other major purchases; you cannot use them for higher education or to purchase a home. If you need to consolidate debt or finance a home improvement project, Navy Federal has personal loans designed specifically for those expenses.

Turnaround time: Navy Federal offers a simple online application process and different fund disbursement methods. The quickest way to receive your funds is through an automatic deposit, which you can receive immediately after approval.

First Tech offers savings-secured personal loans ranging from $500 to $500,000 with terms up to 96 months—or eight years. It will use the money in your savings account to secure the loan, meaning your loan amount depends both on your creditworthiness and the money you have available. This also means you must have a First Tech account.

Between the potentially low interest rates and no application, annual, origination or prepayment penalty fee, First Tech may be a low-cost option, depending on your creditworthiness.

You must meet First Tech’s membership criteria to be eligible.

Eligibility:Unlike other providers on our list, First Tech does not disclose its minimum credit score. However, you must become a member of the credit union to open a loan. To meet its membership criteria, you must satisfy one of the following requirements:

• Have a family member or household member who is a First Tech member
• Or a family member that works for a partner company or for the State of Oregon
• Work or live in Lane County, Oregon
• Belong to the Computer History Museum or the Financial Fitness Association

Loan uses:You can use First Tech secured personal loans for just about any legal personal expense: debt consolidation, home improvement, moving and relocation, special events, travel and more. Most lenders don’t let you use funds for business-related expenses or post-secondary education.

Turnaround time:First Tech approves most loans “right away or within a business day,” depending on your loan amount and creditworthiness.

OneMain Financial makes loans available to applicants with bad credit. Terms range from 24 to 60 months, and loan amounts from $1,500 to $20,000 are available in most states—but some states set state-specific limits.

Borrowers in these states are subject to these minimum loan sizes:

• Alabama:$2,100
• California:$3,000
• Georgia:$3,100, unless you are a current customer
• North Dakota:$2,000
• Ohio:$2,000
• Virginia:$2,600

Eligibility:OneMain Financial doesn’t impose a minimum credit score; instead, it looks at your entire credit history when reviewing your application.

A OneMain Financial representative confirmed it doesn’t “use FICO scores in [its] underwriting, and there is no minimum credit score for a OneMain loan. In evaluating loan applicants, OneMain takes into account a customer’s ability to pay and their credit history, among other factors. Ultimately, we want to ensure borrowers are not creating undue financial strain on themselves in accepting a loan from us.”

Loan uses:You can use your funds for just about any legal personal expense—from debt consolidation to home improvements to vacations.

Turnaround time:The average time to complete the application and receive an initial response is less than 10 minutes. After you sign your loan documents, you’ll receive your funds as soon as the same day or up to two business days after the loan closing date.