Compare and apply for Secured Personal Loans online from the best direct lenders:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
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  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

Table of Contents:

What is a Secured Personal Loan?

How do Secured Personal Loans work?

Secured Personal Loans From Banks and Online Lenders

What are the examples of Secured Loans?

Collateral Loans

Personal Loan with collateral

What Types of Collateral Can be Used to Back a Secured Personal Loan?

What are Secured Personal Loans advantages over Unsecured cash advance?

Where to get a secured personal loan?

Co-Signed or Joint Personal Loans: Compare and Apply

What are a cosigner and a co-borrower?

Secured loans for bad credit = Low-Interest Personal Loans

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What is a Secured Personal Loan?

A secured Personal loan is backed by some type of collateral - your home or a car, or any other property. In case you fail to repay the loan, this financial asset can be used as payment to the lender.

Fear of losing your valuables is supposed to incentivize borrowers to repay the secured Personal loan on time. It also helps to avoid loan repossession or foreclosure which is good for both a borrower and a lender.

A secured, or collateral loan allows you to pledge some property in order to get lower interest rates or a larger loan amount even with a bad credit score.

How do Secured Personal Loans work?

You apply for a secured loan online. Filling out an application form you choose what collateral you're going to use to "back" the loan. Below we’ll provide a full list of all the possible collaterals.

In case you face some difficulties in the loan repayment, a lien is put on your property which means the lender sets the legal term to claim your collateral. The lien may be kept until you repay the full cost of the loan.

Only after this, you can revert the ownership of the collateral. And unfortunately, it’s possible to lose it if the loan defaults.

Make sure you can afford a secured Personal Loan to protect yourself from losing any valuable staff of yours.

Secured Personal Loans From Banks and Online Lenders

Mostly secured personal loans are to be found online from direct lenders or from traditional banks or credit unions. Each of these lending organizations may have different requirements, rates and terms. Find out loan details individually. Or compare the best lenders for secured loans online.

What are the examples of Secured Loans?

Though there’re plenty of secured collateral loan options, the major types can be cut down to:

  • Mortgage Loans secured by your house as collateral.
  • Title Loans backed up by various vehicles - cars, motorcycles, private airplanes, etc.
  • Secured Credit Cards secured by a cash deposit.

Collateral Loans

Personal Loan with collateral

One of the most popular collateral loans is Personal Loan with collateral. Its main features are:

  • $1,000 - $35,000 or even higher loan amount
  • Up to 7 years repayment terms
  • Affordable interest rates starting at 3.99%

You can apply for a collateral Personal Loan online from the direct lenders that guarantee instant approval.

What Types of Collateral Can be Used to Back a Secured Personal Loan?

Collateral can come in different forms which are nor forbidden by law:

  • Houses, or other real estates
  • Bank accounts, including checking accounts, savings accounts, certificates of deposit accounts, and money market accounts
  • Vehicles - cars, trucks, SUVs, motorcycles, boats, etc.
  • Stocks, mutual funds, or bond investments
  • Insurance policies, including life insurance
  • Precious metals, high-end collectibles, and other valuables

However, lenders easily sold assets that they consider to be liquid.

The value of the collateral must be roughly equal to the secured loan amount.

What are Secured Personal Loans advantages over Unsecured cash advance?

  • A secured loan is easier and faster to get.
  • Bad credit borrowers have more approval chances with secured loans.
  • Interest rates for secured loans tend to be lower than those for unsecured loans.
  • Secured loans come in higher amounts.

On the other hand, secured Personal loans offer less time to repay the money. And the approval process may take longer time because of the evaluation of the collateral during the approval process.

Where to get a secured personal loan?

  • Apply to a bank if you have a saving account. Among the largest banks that offer secured loans are Wells Fargo, Chase Bank, Bank of America, etc.
  • If you are a member of a credit union, secured loans from credit unions are a good option to build credit or get cash quickly at a lower rate.
  • The fastest and easiest way is getting a Secured Personal loan online from direct lenders. Legitimate lending companies such as Credible, Lend You, CashNetUSA and others charge a maximum APR of 36% and offer collateral loans even to bad credit borrowers.

Co-Signed or Joint Personal Loans: Compare and Apply

If you have bad credit or low income and want to raise your chances to get a Personal Loan at lower rates, it’s worth considering joint or co-signed personal loans. You can share the responsibility for the loan adding a second borrower to your loan application.

 
What’s the difference between a joint and co-signed personal loans?

What is a cosigner and a co-borrower?

Applying with a cosigner and co-borrower you increase your chances of Personal loan approval. They are supposed to have better credit score, income, and debt-to-income (DTI) ratio than you because these factors will influence the lender’s decision.

Although a cosigner and co-borrower are practically the same, there are some differences:

  • Co-borrowers (or joint borrowers) share and repay a debt together. If you default, you are both responsible for the debt.
  • Cosigners (or guarantors) just help you to get the loan but you are responsible for repayment. Still, in case of default you are both liable for the debt.
 
What are the cosigner requirements?

Secured loans for bad credit = Low-Interest Personal Loans

Most applicants choose secured Personal Loans as they are cheaper than a traditional cash advance. Your rates can be significantly lower if you apply with a cosigner.

How much your rate falls depends on the following factors:

  • The co-signer’s credit score.
  • Your and co-signer’s credit histories.
  • Your combined debt-to-income ratio.
  • The lender’s requirements.

For example, if you borrow $10,000 Personal Loan with a co-signer, you can save more than $1,700 in interest.