- Could be easier to qualify for
- More options for borrowers with poor or no 24 hour payday loans Bainbridge OH credit
All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender
- Have to provide collateral, which not all borrowers have
- Generally have shorter repayment terms, which can mean higher loan payments
- Risk of losing your collateral if you can’t make your payments
Alternatives to secured personal loans
If a secured personal loan doesn’t seem right for you, there are also other options available. Here are a few alternatives to think about:
All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender
- Unsecured personal loan: If you don’t want to put any collateral at risk, an unsecured personal loan might be a better choice. Although unsecured personal loans generally have higher interest rates, you might get a longer repayment term – which could make your monthly payments more manageable. Some lenders also offer personal loans for bad credit.
- Credit card: If you only need small loans, a credit card could be a less risky option than a secured personal loan – and you’ll be able to borrow more than once. Plus, if you’re able to pay off the amount you borrowed by the due date, you won’t pay any interest. Just keep in mind that if you can’t repay your balance by that date, you might be stuck with hefty interest charges.
- Family or friend loan: You might consider asking a trusted family member or friend for a loan to help you out. However, this could put a strain on your relationship if you fail to repay the loan, so be sure to borrow wisely.
A secured personal loan could be a good choice if you need a larger loan amount or are having trouble qualifying for an unsecured personal loan.
If you have poor or no credit, a secured loan could also help you rebuild or start your credit history.
If you decide to take out a personal loan – whether secured or unsecured – be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy – you can compare multiple lenders in two minutes.
All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender
- Free to use, no hidden fees
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of %, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,. As of , none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.