Personal Loans

Best Lenders for Secured Loans

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`Secured loans can be an excellent tool for consumers who may not have the credit history or score required for an unsecured loan. With a secured loan, collateral is used as an incentive to make payments on time. Because financial institutions can seize and sell collateral to recoup any losses in the event of a default, they can often offer larger loans with lower interest rates than those typically found with unsecured loans.

The most common secured loans are mortgages and vehicle loans, although many lenders also have personal loans that utilize a certificate of deposit or a savings account as collateral. Whether you’re shopping for a secured loan to meet a personal need or to build your credit, you’ll want to compare a few offers before choosing your best one.

Consider LendingTree

LendingTree has a personal loan tool that only requires a borrower to fill out a short form, rather than the multiple forms one would have to fill out if they went to each lender’s website separately. If you qualify, LendingTree may match you with up to five different lenders based on your creditworthiness. Each lender could present you with an offer that includes the amount you are eligible to borrow and the loan’s interest rate.

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By clicking “Compare Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.


While LightStream mainly offers unsecured loans for almost any situation, its secured loans are only available for purchasing automobiles. Borrowers can purchase a new or used vehicle from either a dealer or private seller as long as the automobile is in the U.S. and has a lien-free title. LightStream is a division of SunTrust Bank. Its secured loan rates* vary based on one’s credit profile and the loan terms.

Checking rates for a secured auto loan with LightStream is a breeze. But it is important to note that the company will perform a hard credit pull to check your credit history. You’ll need to select an auto loan, enter the loan amount, choose a loan term and decide whether you’re going to take advantage of autopay, which offers a 0.50% rate deduction, to see your results.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

Once approved for funding, which can occur the same day you apply, you’ll have 30 days to transfer the funds to your bank account. If you wait longer than 30 days, the funds will no longer be available, and you’ll need to reapply.


  • No fees
  • $100 Loan Experience Guarantee
  • Loans of up to $100,000
  • Autopay discount of 0.50%
  • Beats any qualifying competitor rate by 0.10 percentage points


  • Hard Pull
  • Good-to-excellent credit required
  • Guaranteed Auto Protection (GAP) insurance not offered
  • Can’t change payment due date
  • Can’t prepay more than 18 days ahead

With low APRs starting at 3.99% with autopay and terms of 24 to 144 months, LightStream is an excellent choice for anyone seeking a secured auto loan who also has a good credit history. Funding is fast, and the company makes customer satisfaction a priority with its $100 Loan Experience Guarantee.

Wells Fargo

Wells Fargo also has a variety of secured loans to meet its customers’ needs, including a secured credit card, mortgage and auto loans, and several savings-backed secured loans. Borrowers who need guidance and advice about the available financial products will love that this Fortune 500 company goes above and beyond by providing an online Financial Health Toolkit and over 14,000 registered advisors who can be reached by phone.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

Consider one of the secured loan options below:

  1. Wells Fargo Secured Credit Card. A minimum security deposit of $300 is required for this credit card, which is designed to help a person build their credit. The APR is 20.99% Variable for both purchases and balance transfers. Cardholders are eligible to borrow up to the amount of their security deposit.
  2. Auto loan. Auto loans are available with terms of up to 75 months. APRs for new vehicles bought at a dealership start at 3.99%, while used vehicles purchased at the dealership begin at 5.26% APR.
  3. Mortgage. Wells Fargo offers conforming, government and jumbo mortgage loans with fixed and adjustable APRs that start at 3.864%. Terms between 15 and 30 years are available.


  • Funds as soon as the same day or next business day
  • Relationship discount of 0.25% on auto loans
  • No prepayment penalties


  • Secured loan origination fee of $75
  • Secured line of credit annual fee of $25
  • Secured credit card annual fee of $25
  • Late payment fee up to $37

Borrowers interested in secured loans from Wells Fargo will want to take into consideration all the fees and the higher-than-normal APRs. While the company has plenty of options, some of them may not be worth it after adding in the extra costs.

OneMain Financial

OneMain Financial accepts a wide variety of vehicles for its secured loans. These include automobiles, motorcycles, campers and boats. The vehicle will need to be appraised. If the loan is approved, the borrower will need to have it insured for the duration of the loan. Loans from $1,500 to $20,000 are available with 24 to 60-month terms. APRs range from 18.00% to 35.99%¹.

See Offers

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

The fine print

Applicants will need to provide a few important documents before they are eligible to close on a secured loan. OneMain Financial requires a copy of a government-issued ID, such as a passport or driver’s license; proof of income, such as pay stubs for wage and salary workers or the most recent tax returns for those who are self-employed; and proof of residence, which can be any document that features your name and current address. In some cases, the company may make additional requests for more information.


  • No prepayment fees
  • Fixed rates and payments
  • Same-day funding
  • Multiple payment options
  • Ability to change the payment due date


  • Multiple states have loan size restrictions
  • High interest rates
  • Must close the loan in person
  • Late fee of 5%
  • Lien recording fee of $55

Borrowers who have good credit will find OneMain Financial’s secured loan rates rather high, which makes the company a better choice for those with fair credit. Consumers will also need to search the website to determine if there is a branch nearby since all loans require an in-person meeting before they can close.

First Tech Federal Credit Union

First Tech Federal Credit Union has a variety of secured personal loans to help its customers meet their financial goals. Consumers can borrow as little as $500 or as much as $50,000. The lowest rates are available to members of the credit union, and there are never any fees to apply or get a secured loan. The application is available online and takes only a few minutes to complete.

The fine print

The credit union offers the following secured loans:

  • Stock secured loan. Borrowers will need to use their stock as collateral for loans between $25,000 and $1 million. APRs start at 10.00%. Terms between 24 to 84 months are available.
  • Stock secured line of credit. Depending on the value of your stocks, one can borrow between $25,000 and $500,000 with this revolving line of credit. Starting APRs are a little higher for this option at 8.25%.
  • Certificate secured loan. Customers wishing to use their Share Certificate as collateral are eligible to borrow between $500 and $500,000 at a starting APR of 3.00%. Terms can extend up to the date of the certificate’s maturity.
  • Savings secured loan. When using your savings account as collateral, First Tech Federal Credit Union allows you to borrow as little as $500 and as much as $500,000. Terms of up to 96 months at a starting APR of 3% are available.


  • No fees
  • No prepayment penalties
  • Variety of secured loans
  • Low interest rates
  • Secure online and mobile access


  • Must become a member for the best rates
  • No mention of how quickly funds are disbursed

Although this credit union focuses its membership on those who work for tech companies or those who live in Oregon, it does offer membership to anyone who joins the Computer History Museum for $15 or the Financial Fitness Association for $8. Joining First Tech Federal Credit Union for a small amount may be worth it to get a secured loan with a reputable financial institution at a low interest rate.

Digital Federal Credit Union

Digital Federal Credit Union has both mortgages and auto loans, which are secured loans. Also, the financial institution offers customers two savings-secured personal loans that can be used for just about anything. Applications are available online and can be completed in three quick steps.

The fine print

The following options are available to borrowers seeking a secured loan:

  • With a mortgage, your collateral is the property you are purchasing. Fixed APRs start at 3.95%, while adjustable APRs start slightly higher at 4.52%. Ten-, 15-, 20- and 30-year terms are available for fixed loans, while 20-, 23- and 25-year terms are offered for adjustable loans.
  • Auto loan. Auto loans, which use the purchased vehicle as collateral, have maximum terms of 84 months with APRs starting at 4.24%. The credit union will finance up to 120% of the price of the vehicle.
  • Savings secured loan. Members can borrow as much as 100% of their savings account balance with the savings secured loan. This loan has a starting APR of 3.50% and terms of up to 120 months.
  • Certificate secured loan. Certificate holders can also take out a secured loan with a repayment term no longer than the remaining term of the certificate. APRs start at 3.00% and are added on to the certificate rate.


  • Low rates
  • Variety of secured loans
  • Discount of 0.50% on auto loans with electronic payments made by those who qualify for Plus or Relationship benefits on their Digital Federal Credit Union checking account
  • Additional 0.25% discount when purchasing energy-efficient vehicles
  • Online and mobile account access


  • Hard credit pull
  • Mortgage application fee of $300
  • You’ll need to become a member to get the best rates

If you’re looking for a credit union that cares about its customers’ financial health, Digital Federal Credit Union is a good choice. It has a host of financial calculators, as well as a dedicated Education Center for learning everything you need to know to make smart financial decisions. Its starting interest rates are low, and it has savings secured loans for individuals who are looking to build their credit.

Rates and fees mentioned in this piece are accurate as of the date of publishing. Institutions had to be in DepositAccounts’ list of largest banks and credit unions by assets to be considered. (Disclosure: DepositAccounts is owned by LendingTree.) APR, terms, origination fee and other factors were considered.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

¹Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.


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