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Both our unsecured personal loans and secured loans are offered based on your personal credit history, but a secured loan requires collateral consisting of fixtures attached to your home.

A fixture is any object physically and permanently attached or fastened to your property. This includes items that are bolted, screwed, nailed, glued, or cemented onto the walls, floors, ceilings, or any other part of your home.

Every state has its own definition of fixtures, but some examples are:

• Built-in cabinets and shelving
• Bathroom vanities
• Light fixtures

Both types of loans place a lien on all or part of your home, which means that you may have to repay your loan in full if you sell, refinance, or obtain new financing on your home. A home equity loan uses your entire property (including the fixtures) as collateral, while Best Egg’s secured loan is only secured by the fixtures in your home. Traditional home equity loans may take several weeks and involve multiple in-person appointments, but with a secured loan, you can file all the paperwork online and receive your money in as little as a few days.

Collateral is an asset that a borrower pledges to secure a loan. Our secured loan uses fixtures as collateral to support your repayment of the loan. The collateral does not include personal items, household goods, or appliances that are not permanently attached to your home.

Your home may be more difficult to sell if the fixtures within it are secured by a lien, and potential purchasers may require that the lien be removed at or before closing the sale.

In addition, we’ll be unable to release the lien on your fixtures until your loan is repaid in full. If you sell your home and its fixtures before fully repaying your loan, it may be declared in default. This means that we would have the right to repossess the fixtures from the new owner.

Your loan would also become immediately due and payable, and any non-payment (or any payments less than the remaining balance) will be reported and appear on your consumer credit reports.