You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.
Credit Score Required by Lenders That Offer $20,000 Personal Loans
Lender | Loan Range | Credit Score Required |
Discover | $2,500 - $40,000 | 660 |
American Express | $3,500 - $40,000 | 660 |
LightStream | $5,000 - $100,000 | 660 |
SoFi | $5,000 - $100,000 | 680 |
Wells Fargo | $3,000 - $100,000 | 660 |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
Even if your credit score is 660, you won't necessarily be approved for a $20,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21 and it was last updated on 01/16/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
What is the average monthly payment on a $20000 personal loan? ›
Advertising Disclosures
Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|
$20,000 | 5 | $415.07 |
$25,000 | 3 | $771.81 |
$25,000 | 5 | $514.57 |
$30,000 | 3 | $926.18 |
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Can I get a 20k loan with a 700 credit score? ›
You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
How much can I borrow with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How much of a personal loan can I get with a credit score of 640? ›
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
Is it hard to get approved for a 20k loan? ›
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
How much is a $20000 loan over 5 years? ›
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
Can I get a $20,000 loan with bad credit? ›
The minimum credit score that a lender will approve for a personal loan is generally in the 610 – 640 range, but this can vary among lenders, and some institutions may require a higher score for a $20,000 loan. For a lower interest rate, aim for a score of at least 650.
How to get 20k instantly? ›
Well, it's possible now, and the only document you require is your Aadhar Card. Yes, you can avail of an instant paperless Rs. 20,000 loan on Aadhar Card. All you need is your 12-digit Aadhar Number; no prolonged loan application, processing, and documentation required.
Who is the easiest to get a personal loan from? ›
Easiest-to-get personal loans compared 2024
Title | APR | Min. credit score |
---|
Avant | 9.95% to 35.99% | 580 |
LendingClub | 8.98% to 35.99% | 600 |
OneMain | 18% to 35.99% | Undisclosed |
LendingPoint | 7.99% to 35.99% | 600 |
6 more rowsMar 28, 2024
Who Has a 720 Credit Score?
Credit Score | Tier | Percentage of Americans |
---|
720 – 850 | Excellent | 38.12% |
660 – 719 | Good | 17.33% |
620 – 659 | Fair/Limited | 13.47% |
300 – 619 | Bad | 31.08% |
How much is the monthly payment on a $25,000 loan? ›
The monthly payment on a $25,000 loan ranges from $342 to $2,512, depending on the APR and how long the loan lasts. For example, if you take out a $25,000 loan for one year with an APR of 36%, your monthly payment will be $2,512.
What APR will I get with a 720 credit score? ›
According to MyFICO, as of November 2022, the average APR on a 60-month new auto loan for someone with a FICO Score of 720 or higher is 5.64%. With a score in the 690-719 range, it's 6.83%. And for a borrower with a score in the 660-689 tier, the average APR is 9.19%.
Is a 900 credit score possible? ›
Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Do personal loans look bad on credit? ›
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
What credit score is needed for a $25,000 loan? ›
Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.
How much does a 20000 loan cost per month? ›
Representative example
Loan amount £20,000 | Monthly repayments £386.05 | Length of agreement 60 months |
Total amount repayable £23,163.00 | Representative 6.1% APR | Fixed Annual Rate of Interest (nominal) 5.9358% |
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How much are payments on a $25,000 personal loan? ›
Example Monthly Payments on a $25,000 Personal Loan
Payoff period | APR | Monthly payment |
---|
12 months | 15% | $2,256 |
24 months | 15% | $1,212 |
36 months | 15% | $867 |
48 months | 15% | $696 |
3 more rowsAug 31, 2021
What are personal loan rates right now? ›
Average Overall Personal Loan Rates
| This week's rates | Last week's rates |
---|
Average overall rate | 21.11% | 20.90% |
Average low rate | 11.58% | 11.18% |
Average high rate | 30.64% | 30.62% |
Highest rate | 99.99% | 99.99% |
1 more rowApr 29, 2024