What Can Be Used As Collateral for a Personal Loan?

Many people think of personal loans as unsecured loans—loans you can get based on your credit profile alone. But secured personal loans are available that offer competitive interest rates if borrowers put up personal loan collateral.

A report from the Federal Reserve Board showed that the total personal loan market reached $356 billion at the end of 2022. This increase is due to more loan availability through traditional lending institutions and new financial technology (fintech) companies changing the personal loan landscape.