How to Get a $20,000 Personal Loan Fast | Credible

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will constantly identify, all opinions are our own. credible Operations, Inc. NMLS # 1681276, is referred to here as “ credible. ” Whether you ’ re moving across the country for a new job, renovating your dwelling, or facing a sudden expense, there are times in your life when you might have to borrow money .
If you need to take out a big personal loan — such as a $ 20,000 loanword — it ’ s crucial to cautiously consider as many lenders as possible to find a loan that fits your needs .
Here’s what you should know before getting a $20,000 loan:

Where to get a $20,000 loan

Below you ’ ll find some of your options when it comes to unlike types of personal lend lenders :

Online lenders

Getting a broken interest personal lend on-line is commodious — the websites of on-line lenders are available 24 hours a day, seven days a week .
Plus, on-line lenders can offer more competitive rates and sometimes even get you your lend amount more promptly ( some the adjacent business day ) .
The personal loanword companies in the table below are all approved credible partners. You can request rates from all of these partner lenders by filling out just one form and without undergoing a hard citation check .
Tip: Check rates with multiple lenders
In addition to getting a gloomy interest rate, there ’ s another good reason to check rates with multiple lenders : You might be approved by some lenders and turned down by others .
But just because you ’ re turned down by one lender doesn ’ metric ton intend you can ’ triiodothyronine get a lend. You might flush be approved for a $ 20,000 loanword with badly credit, but expect to pay a higher matter to rate .
concern rates for borrowers with better credit can be significantly lower than those with inadequate credit history .
Learn More: $15,000 Personal Loans: Everything You Need to Know


Some banks like Chase, Bank of America, and Capital One don ’ t offer personal loans. But early adult banks like Citibank and Wells Fargo do. Most even offer an annual percentage rate ( APR ) discount if you set up automatic rifle payments .
While some banks let you apply for loans online, others require you to apply in person at a branch. You might besides need to be an existing customer to be eligible for certain loans .

Credit unions

credit rating unions can besides be a good choice for personal loans. Since they ’ ra nonprofit organizations, credit unions much provide lower rates to their members .
many “ all-access ” recognition unions have relaxed policies on membership — mean you can become a member by making a small contribution or joining an affinity group .
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$20,000 loans for fair or bad credit

If you have fair or poor credit — generally meaning a credit grade below 700 — you might think you ’ rhenium ineligible for a lend .
however, there are several lenders that offer $ 20,000 loans that are volition to work with borrowers who have bad credit .
here are a few options from our partner lenders :

  • Best Egg offers loans up to $35,000 and repayment terms up to five years. If you’re looking for debt consolidation loans, Best Egg could be a good choice.
  • LendingClub is one of the few personal loan lenders that allows applicants to apply with a cosigner, which could increase your chances of getting a loan as well as a lower interest rate. You can borrow up to $40,000 with LendingClub.
  • OneMain Financial provides small loans to borrowers with poor or no credit. With OneMain, you can borrow $1,500 to $20,000 — but keep in mind that higher loan amounts might require collateral.
  • Prosper offers loans from $2,000 up to $40,000. Getting a loan from Prosper could be a good choice for home improvement loans or loans for other personal expenses.
  • Upgrade works with borrowers who have credit scores as low as 560, which could make them an especially good option to consider if you have bad credit. With Upgrade, you can borrow up to $35,000.
  • Upstart evaluates your education and job history in addition to your credit to determine eligibility, which means you might qualify even if you have little to no credit built. You can borrow up to $50,000 with Upstart.

What is the monthly payment on a $20,000 loan?

Your monthly requital on a $ 20,000 loan will chiefly depend on two factors :

  • Interest rate: This is the amount you’ll be charged monthly — essentially, it’s the fee you pay for borrowing money. If you qualify for a low interest rate, you’ll pay less each month than you would with a higher interest rate.
  • Repayment term: Personal loan repayment terms typically range from one to seven years, depending on the lender. Choosing a longer term could get you a lower monthly payment — however, this also means you’ll pay more in interest over time. It’s usually a good idea to pick the shortest term you can afford to keep your interest costs as low as possible. Many lenders also offer lower interest rates with shorter terms.

For example: Say you take out a $20,000 loan and qualify for the Say you take out a $ 20,000 loanword and qualify for the average personal loanword matter to rate of 14.88 % on a five-year lend. With these terms, you ’ d end up paying $ 475 each calendar month with a sum refund monetary value of $ 28,472. If you chose a three-year term alternatively with the like interest rate, you ’ d have a higher monthly requital of $ 692 with a entire refund price of $ 24,916 — so while you ’ d pay more each calendar month, you ’ five hundred save $ 3,556 in the retentive move. Before you take out a personal lend, it ’ mho important to consider how much that loanword will cost you — this means, you can be prepared for any add expenses. You can estimate how much you ’ ll yield for a loan using our personal lend calculator below .
Enter your lend data to calculate how a lot you could pay
lend measure


Enter the total amount borrowed


concern rate


Enter your annual interest rate


loan term


Enter the amount of time you have to repay your loan


total Payment $

full Interest $

monthly Payment $

With a $ loanword, you will pay $ monthly and a total of $ in interest over the life of your lend. You will pay a total of $ over the biography of the loan .
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What to consider before applying for a $20,000 loan

Make certain you do your homework and find a personal loanword lender who ’ south offering the loan terms and rates that are best for you :

Repayment terms

When evaluating your loanword options, you ’ ll frequently have a choice of repayment terms, which is the distance of fourth dimension you ’ ll have to pay your loanword back .
typical repayment terms for personal loans are two to seven years .
Keep in mind: The shorter the repayment term, the lower the interest rate offered by most lenders.
The shorter the repayment term, the lower the interest rate offered by most lenders. But since you ’ ll be making fewer payments, your monthly loanword payment will usually be larger if you choose a loan with a short-change refund term .
Picking the loanword with the shortest refund term and largest monthly payment you can afford can save you hundreds or even thousands in interest. Learn More: Long-Term Personal Loans

Savings by accelerating repayment on a $20,000 personal loan

The table downstairs shows how selecting a lend with a inadequate repayment terminus might save money on a lend if you ’ re willing to make a bigger monthly payment .
All of the loans are offered by the same lender, but you could get a lower interest rate and reduce your refund costs overall with a shorter-term loan .

Repayment term Interest rate Monthly payment Total interest
3 years 7% $618 $2,232
4 years 8% $488 $3,436
5 years 9% $415 $4,910
7 years 10% $332 $7,890

Choosing a short loan term might get you a lower interest rate — think of you could reduce your overall refund costs. Interest rates are conjectural for purposes of example only .
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Interest rates

Most personal loans are offered as fixed-interest-rate installment loans. But if you ’ re offered a variable-rate personal loanword, just remember that your monthly requital can go up ( or down ) with your sake pace .
The table downstairs shows how much shopping around for a better interest pace could save money on a lend. All of the hypothetical loans in this table have the same lend repayment term, but the lenders are offering different lend rates .

Interest rate Monthly payment Total interest Total repaid
7.0% $396 $3,761 $23,761
7.5% $401 $4,046 $24,406
8.0% $406 $4,332 $24,332
8.5% $410 $4,620 $24,620
9.0% $415 $4,910 $24,910
9.5% $420 $5,202 $25,202
10.0% $425 $5,496 $25,496

Alternatives to personal loans:
If you don ’ t like the interest rates you see when shopping for a personal loanword, you might consider a guarantee lend, such as a home fairness line of recognition ( HELOC ) or cash-out mortgage refinance .
One drawback of a guarantee loan is that you need collateral ( in this case your home plate ) — unlike personal loans which are generally unguaranteed loans. This is used as a guarantee that you ’ ll pay the loanword back. See: Home Equity Loan vs. Personal Loan

Fees and discounts

Some lenders charge fees, which could add to your overall lend price. Common fees to look for include :

  • Origination fees, which charge you a percentage of your loan amount before the loan is disbursed
  • Late and returned payment fees if you miss a payment or your payment is returned to you for insufficient funds
  • Prepayment penalties that apply if you decide to pay off your loan early

Tip: When shopping for a loan, be sure to research what fees you might have to pay since each lender is different.
When shopping for a lend, be surely to research what fees you might have to pay since each lender is unlike. Keep in mind that if you take out a loan with one of credible ’ randomness partner lenders, you won ’ thyroxine have to worry about any prepayment penalties. If you ’ rhenium applying for a loanword, pay attention to possible discounts, besides. Some lenders offer autopay discounts if you sign up for automatic pistol payments or loyalty discounts if you ’ re an existing customer .
Check Out: How to Build Credit Fast

How to qualify for a $20,000 personal loan

A $ 20,000 lend is a significant measure of money. To qualify for a $ 20,000 lend, lenders will typically review the follow eligibility criteria :

  • Debt-to-income (DTI) ratio: Lenders will check your DTI ratio — which is the amount of debt you have relative to your monthly income — to see if you can comfortably afford your loan payments. You can lower your DTI ratio by repaying existing debt.
  • Credit score: You’ll generally need good to excellent credit to qualify for a personal loan, though some lenders also provide options for borrowers with poor or fair credit. You can improve your credit score by making all of your monthly payments on time, paying down your existing balances, and avoiding new credit.
  • Income: You’ll typically need to show a steady source of income, generally with pay stubs or tax returns.
  • Cosigner: If you don’t meet a lender’s requirements on your own, you might still qualify if you have a creditworthy cosigner willing to apply with you. Keep in mind that only a limited amount of lenders permit cosigners on personal loans, though.

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How a personal loan will affect your credit score

When you apply for a personal lend, the lender will perform a hard credit check to determine your creditworthiness. This could cause a little drop in your credit score. however, the effect is normally only impermanent, and your grudge will probably bounce back within a few months .
additionally, taking out a personal lend might actually help improve your accredit score in the long run. This positivist impact on your credit rating could end up outweighing any initially negative effects .
For example: If you make all of your payments on time or are able to diversify your credit desegregate with a personal loanword, you could see a boost in your credit score over time. If you ’ re ready to find your $ 20,000 personal lend, be certain to shop around and consider as many lenders as potential to find the right lend for you. credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes .
Ready to find your personal loan?
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  • More options, pick the loan option that best fits your personal needs
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Checking rates won ’ thymine affect your credit


About Rates and Terms:  Rates for personal loans provided by lenders on the credible platform roll between 3.99 % -35.99 % 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 ’ second eligibility criteria, which include factors such as credit score, loanword sum, loanword term, credit custom and history, and vary based on lend purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loanword purposes and/or shorter loanword terms. The origin fee charged by the lenders on our platform ranges from 0 % to 8 %. Each lender has their own reservation criteria with deference to their autopay and loyalty discounts ( for example, some lenders require the borrower to elect autopay prior to loan fund in order to qualify for the autopay discount ). All rates are determined by the lender and must be agreed upon between the borrower and the borrower ’ mho chosen lender. For a lend of $ 10,000 with a three year refund period, an interest rate of 7.99 %, a $ 350 initiation fee and an APR of 11.51 %, the borrower will receive $ 9,650 at the meter of loan fund and will make 36 monthly payments of $ 313.32. Assuming all on-time payments, and full operation of all terms and conditions of the lend contract and any discount rate programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a sum of $ 11,279.43. As of March 12, 2019, none of the lenders on our platform require a down requital nor do they charge any prepayment penalties.

About the writer
Kat Tretina Kat Tretina
Kat Tretina is a freelance writer who covers everything from scholar loans to personal loans to mortgages. Her shape has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more .
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