Best Secured Personal Loans Of 2024

Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. 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 range from $1,000 to $50,000. Upgrade has two- to seven-year terms  available. Upgrade charges an origination fee between 1.85% and 9.99% 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: 

• Minimum credit score. 580
• Minimum income. None
• Co-applicants. Permitted

Upgrade’s personal loans come with a unique feature—mandatory automatic payments. While this is an effective default prevention measure, it might not suit everyone, especially those with irregular income streams.

— Jonathan Feniak, general counsel and head of finance, LLC Attorney

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 $50,000. 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 from 0.99% to 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.

Overview: 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 $50,000.

With Best Egg, borrowers have to pay an origination fee from 0.99% to 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: 

• Minimum credit score: Does not disclose
• Minimum annual income: Does not disclose
• Does not allow co-signer

Loan uses: 

• Debt consolidation

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 from $250 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 from 8.99% to 18%. The lowest of the range, 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 Federal Credit Union is a financial institution that serves tech-oriented companies and their employees. Thanks to low interest rates and no application, origination or prepayment fees, First Tech’s personal loan is a good option for anyone who can join the credit union.

As low as 8.94% and loan amounts range from $500 to $50,000 . Terms range from two to seven years, and the interest rates and loan amounts vary depending on term length. Most loans can be funded the same day, but at most, First Tech may take two to three days to fund a loan.

Eligibility: To become a member at First Tech Federal, you must have a family member who’s already a member, or you or a family member must work at one of First Tech’s partnered businesses. You may also work for the state of Oregon or work or live in Lane County, Oregon.

Loan uses: Personal loans from First Tech can be used for nearly any expense, including debt consolidation and emergency expenses.

Turnaround time: Personal loans from First Tech can be funded as quickly as the same day, but some may take two to three days.

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

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes:

• North Carolina: $7,500.

Note: On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) ordered OneMain Financial to pay $20 million for deceptive sales practices and failing to refund eligible interest charges. It will pay $10 million in refunds to consumers harmed and $10 million to the CFPB’s victims relief fund.

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.

Not all applicants will be approved. 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). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. 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. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. 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 $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. 

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.