How To Get a $20,000 Personal Loan (2024)

Credible takeaways

  • Before taking out a $20,000 loan, carefully consider your budget, income stability, and reasons for borrowing.
  • You can find $20,000 loans from a range of lenders, and may be able to borrow $20,000 from accounts you already have.
  • The cost of a $20,000 loan will depend on its repayment structure, APR, and loan term.

Are you in need of a $20,000 loan but aren’t sure how to get one? Good news — there are several possible options, from personal loans to borrowing against your 401(k) plan. However, each route has its pros, cons, and eligibility requirements. Read on to learn about what to consider before borrowing $20,000, the different ways to do so, and what to expect in terms of cost.

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What to consider before taking out a $20,000 loan

Before you take out a $20,000 loan, it’s important to review your budget. Look over your current income as well as your expenses to figure out the maximum monthly payment amount you can afford.

When setting on an amount, be sure to consider any income fluctuations you tend to experience. You want to be able to comfortably afford the payment in your best and worst months. The payments will also likely extend for several years to come, so consider the stability of your income source in the future. Is it reliable and long-term, or is there a chance it’ll be interrupted?

Another consideration is if the cost is worth it. A $20,000 loan could cost you thousands of dollars in interest and fees. Consider how you plan to spend the money and if it will offer returns that justify those costs.

Where to find a $20,000 loan

If you decide you want to move ahead and borrow $20,000, here are some places you can turn.

Personal loan lenders

Personal loans are installment loans that provide you with a lump sum of money, typically within days of applying (some lenders offer same-day personal loans). The loans are repaid, plus interest and fees, over a set term. In most cases they’re unsecured, but some lenders do offer collateral loans, which involve you pledging an asset to secure the loan. This can improve your chances of qualification or lower your rate.

A wide range of financial institutions offer personal loans, from banks and credit unions to personal finance companies and fintech lenders. While available loan amounts can range from $600 to $200,000 (depending on the lender), $20,000 loans are a fairly common offering. It’s also common for lenders to allow repayment terms up to seven years (but choosing a shorter repayment period could reduce your overall loan costs).

As far as qualifying, you’ll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.

Learn More: Best Personal Loans

When narrowing down your options, focus on APRs. These take into account the interest rate and any upfront loan fees, such as origination fees, making them a better way to compare loan costs than interest rates alone.

You can typically check if you prequalify with multiple personal loan lenders in minutes, without hurting your credit score. This allows you to get a better idea of the rates and terms you may be eligible for with each lender. (Prequalification is not an offer of credit, however, and your final rate may be different. When you proceed to formally apply for a loan, the lender will conduct a hard credit inquiry that can bring your score down by a few points temporarily.)

Learn More: Does Applying for a Loan Hurt Credit?

Personal loan lenders that offer $20,000 loans

Where can you find personal loan lenders that offer $20,000 loans? In short, there are very many to choose from. Here’s a quick list:

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4.24.2

Credible rating

Fixed (APR)

6.99% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

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Overview

Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.

Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.

Loan amount

$5,000 to $100,000

Repayment terms

2 - 12 years, depending on loan purpose

Fees

None

Discounts

Autopay

Eligibility

Available in all states except RI and VT

Min. income

Does not disclose

Customer service

Email

Soft credit check

No

Time to get funds

As soon as the next business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Read full review

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

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on Credible’s website

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Overview

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Discounts

None

Eligibility

Available nationwide

Min. income

$12,000

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Read full review

4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

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on Credible’s website

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Overview

Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.

Funds are available as soon as the next business day after loan approval.

Loan amount

$2,500 - $40,000

Repayment terms

3 - 7 years

Fees

Late fee

Discounts

None

Eligibility

Available in all 50 states

Min. income

$40,000

Customer service

Phone

Soft credit check

Yes

Time to get funds

Funds can be sent as soon as the next business day after acceptance

Loan uses

Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Read full review

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

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on Credible’s website

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Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Email

Soft credit check

Yes

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Read full review

44

Credible rating

Fixed (APR)

8.98% - 35.99%

Loan Amounts

$1000 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

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Overview

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.

Loan amount

$1,000 to $40,000

Fees

Origination fee

Discounts

None

Eligibility

Available in all 50 states

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

Within 3 days

Loan uses

Debt consolidation, paying off credit cards

Read full review

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

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Overview

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Loan Amount

$5,000 to $100,000

Repayment terms

2 - 7 years

Fees

Option to pay an origination fee (up to 6%) in exchange for a lower rate

Discounts

Autopay, direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Phone, email, live chat

Soft credit check

Yes

Time to get funds

Typically within a few days, given approval and bank account verification, but sometimes within the same day

Loan uses

Solely for personal, family, or household uses

Read full review

44

Credible rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

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Overview

Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).

Loan amount

$2,000 to $50,000

Fees

Origination fee, late fee, unsuccessful payment fee, check processing fee

Discounts

None

Eligibility

Available in all states except DC, IA, VT, and WV

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days after successful verification

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Read full review

3.93.9

Credible rating

Loan Amounts

$2000 to $35000

Min. Credit Score

550

Check Rates

on Credible’s website

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Overview

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Loan amount

$2,000 to $35,000**

Fees

Origination fee, late fee, dishonored payment fee

Discounts

None

Eligibility

Available in all states except HI, IA, MA, ME, NY, VT, and WV

Min. income

$1,200 monthly

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Loan uses

Debt consolidation, emergency expense, life event, home improvement, and other purposes

Repayment terms

1 to 5 years (2 to 5 years through Credible)

Read full review

4.34.3

Credible rating

Fixed (APR)

-

Loan Amounts

$5000 to $35000

Min. Credit Score

700

Check Rates

on Credible’s website

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Overview

It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.

Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.

Loan amount

$5,000 - $100,000 (up to $35,000 on Credible)

Fees

Origination fee

Discounts

None

Eligibility

Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000

Min. income

$25,000

Customer service

Live chat

Soft credit check

Yes

Time to get funds

Same day available, typically 1-3 days

Loan uses

Debt consolidation, home improvement, medical expenses, major purchases

Read full review

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

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Overview

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Loan amount

$1,000 - $50,000

Repayment terms

3, 5, or 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

A U.S. citizen or permanent resident; not available in DC, IA, SC, WV

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 business day after acceptance

Loan uses

Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases

Read full review

3.93.9

Credible rating

Fixed (APR)

11.72% - 17.99%

Loan Amounts

$3000 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

Overview

Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.

You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.

Loan amount

$5,000 to $40,000

Fees

Origination fee

Discounts

None

Eligibility

Available in all states except MA, MS, NV, and OH

Min. income

None

Customer service

Phone, email, chat

Soft credit check

Yes

Time to get funds

As soon as 2 - 5 business days after verification

Loan uses

Debt consolidation and credit card consolidation only

Read full review

44

Credible rating

Fixed (APR)

-

Loan Amounts

$20000 to $200000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

Overview

BHG Money stands out for offering the largest loan amounts up to $200,000 of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.

Loan amount

$20,000 - $200,000

Repayment terms

3 - 10 years

Fees

Origination fees, late fees

Discounts

None

Eligibility

Available in all states except Maryland and Illinois

Min. income

$100,000

Customer service

Email, phone

Soft credit check

Not on lender's site

Time to get funds

In as few as 5 days

Loan uses

Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other

Read full review

3.73.7

Credible rating

Fixed (APR)

14.30% - 35.99%

Loan Amounts

$3500 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

Loan amount

$3,500 to $40,000

Fees

Origination Fee, $15 Late Fee, $25 NSF Fee

Discounts

None

Eligibility

Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories

Min. income

$1,000 monthly

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

Funds typically deposited into your account in 1 business day13

Loan uses

Debt consolidation, credit card refinancing

Read full review

3.93.9

Credible rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

540

Check Rates

on Credible’s website

View Details

Overview

OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.

Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.

Loan amount

$1,500 to $20,000

Fees

Origination fee, unsuccessful payment fee, late fee

Discounts

None

Eligibility

Must have photo I.D. issued by U.S. federal, state or local government

Min. income

Does not disclose

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 2 days after acceptance

Loan use

All except business, and education

Read full review

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Home equity loan lenders

If you’re a homeowner sitting on a bit of equity (more than 20%), another option is to take out a home equity loan or home equity line of credit (HELOC). You can find these from many banks, credit unions, and mortgage companies.

Due to the collateral required, they often have lower interest rates than unsecured loans, and more flexible eligibility requirements. However, there are a few downsides. If you default on a home equity loan, your home could go into foreclosure. Some home equity-based loans may also have steep closing costs. And, they can take more than a month to close.

Learn More: HELOC vs Personal Loan

Your life insurance company

Do you have a permanent life insurance policy with a cash value component? You may be able to borrow $20,000 from your insurer if your cash value balance is sufficient to secure the loan. Life insurance loans can be attractive because they come with competitive interest rates and don’t require a credit check. Your cash value will also remain intact and you won’t be required to make repayments according to any specific schedule.

But there are a couple of hazards to be aware of. If you don’t make sufficient payments on the loan, the loan’t interest could potentially eat away your cash value and cause your policy to lapse. That, in turn, could result in a taxable event. And if you don’t repay the loan before you pass, the outstanding balance will reduce the death benefit your beneficiary receives. Similarly, if you surrender the policy before paying back the loan, your insurer will deduct the outstanding loan balance from the cash value.

How To Get a $20,000 Personal Loan (2)

Tip

Instead of a life insurance loan, a withdrawal from your policy’s cash value could make sense in certain scenarios. Discuss with your life insurance agent or certified financial planner to better compare your options.

Your 401(k) plan provider

If you’ve accumulated a vested balance of at least $40,000 in your 401(k) account, you may be able to take out a $20,000 loan against it. Many plan providers offer 401(k) loans in amounts up to 50% of your vested balance or $50,000, whichever is less, with terms of up to five years (though this may be extended if used to purchase a primary residence). Like life insurance loans, 401(k) loans don’t require a credit check. Unlike a life insurance loan, the interest you pay on a 401(k) loan goes back into your account.

But they’re not without risks. If you leave your job before the loan is paid off, the entire amount may come due immediately, and if you default you could face severe tax consequences. Plus, you could lose out on years of gains in your retirement account, as borrowed funds are not invested.

Learn More: 401(k) Loan vs. Personal Loan

How To Get a $20,000 Personal Loan (3)

Warning

If you default on a 401(k) loan, any unpaid amount is categorized as a plan distribution, requiring you to include any untaxed amount in that year’s gross income. If you’re under 59 ½, you may also have to pay an additional 10% tax.

How much will a $20,000 loan cost?

The cost of a $20,000 loan will depend on factors like the interest rate, repayment terms, and fees. Here are the main factors that impact your cost on a personal loan:

  • Annual percentage rate (APR): The federal Truth in Lending Act requires lenders to show consumers the annual cost of credit (including interest and upfront fees) expressed as a yearly rate. APRs serve that purpose, making them an ideal way to compare between credit options.
  • Fees: A loan’s fees aren’t always split up equally over the life of the loan. Origination fees, for example, are often deducted from your personal loan funds upfront. So, take note of how fees are charged and if they’ll impact your loan balance. You may need to borrow more if a fee is going to reduce the loan amount you receive. Also take note of other fees, like late or returned payment penalties.
  • Repayment term: The repayment term is the number of months or years you’re given to repay the loan amount. Since the interest rate applies as long as you’re repaying the loan, longer terms generally result in higher costs.

With an understanding of the main factors that influence the costs of a $20,000 personal loan, let’s look at how the cost can vary for borrowers with different credit profiles.

Learn More: APR vs Interest Rate on a Personal Loan?

Personal loan cost comparison

Loan 1 (below-average credit borrower)

Loan 2 (average credit borrower)

Loan 3 (above-average credit borrower)

Loan amount

$20,000

$20,000

$20,000

Loan term

60 months

60 months

60 months

APR

27.89%

24.40%

19.50%

Annual interest rate

24.99%

22.00%

19.50%

Origination fee percentage (paid upfront)

8%

5%

0%

Origination fee (in dollars)

$1,600

$1,000

$0

Total loan amount disbursed

$18,400

$19,000

$20,000

Monthly payment amount

$575

$552

$445

Total interest cost

$14,522

$13,143

$6,693

Total cost of interest plus upfront fees

$16,122

$14,143

$6,693

In summary, the lower your APR, the lower your costs per month and overall. When you apply for a personal loan, lenders will assess your credit profile to determine if you qualify. If you do, you’ll be assigned an APR within the lender’s range based on the amount of risk it thinks you present. In general, the better your credit profile and financial picture, the lower your costs.

How To Get a $20,000 Personal Loan (4)

Keep in mind

Loan costs can vary greatly depending on the type and the lender you choose, so it’s important to review potential contracts carefully. If you have any questions or concerns, consult with a financial professional before signing anything.

Personal Loans Calculator

If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.

How to apply for a $20,000 loan

The way you apply for a $20,000 loan is going to depend on the type of loan you’re seeking. You’ll have to contact the lender to find out its specific process. However, here’s how it typically works for personal loans:

  1. Check your credit: Before you do anything else, review your credit reports and scores. You can check them for free at AnnualCreditReport.com. Your eligibility is going to depend heavily on them, so you want to make sure they’re in the best possible shape. Correct any errors and look for quick improvement opportunities, like paying down a credit card balance or using Experian Boost.
  2. Shop around: With so many lenders on the market, it pays to shop around and prequalify with multiple lenders. Focus on ones that offer the loan type, amount and terms you’re looking for — and have eligibility requirements you can meet — to help narrow your options.
  3. Compare quotes: Compare prequalification quotes side by side and look for the one that offers the best overall value for your needs.
  4. Apply with the best lender: Once you find the best fit, move forward with the full application process for that lender. You’ll often need to allow a hard credit inquiry and provide proof of your identity, residence, income, and employment. Soon after, the lender will provide you with its decision. If you accept the loan offer, you could receive your funds as soon as the same business day, or within a few business days, depending on the lender.

Learn More: How Do Personal Loans Work?

$20,000 loan FAQ

Can you get a $20,000 loan with bad credit?

Yes, it’s possible to get a $20,000 loan with bad credit. While it would be difficult to get an unsecured personal loan with a low score, your credit typically isn’t a factor in getting a 401(k) loan or life insurance loan. Home equity loans tend to have more lenient credit score requirements than unsecured loans, as well.

Are $20,000 loans hard to get?

It depends on the type of $20,000 loan you want. Personal loans of $20,000 are somewhat difficult to get, as they require good credit and sufficient income to cover the payments. Home equity loans can be easier to get for homeowners with equity, but have a longer application process and may have steeper upfront costs. Other loan types, like 401(k) and life insurance loans can be very easy to get in terms of credit and cost, but you’ll need to have a plan or policy in place with a sufficient balance, and they’re not without risks.

Should I get a $20,000 loan?

Whether or not you should get a $20,000 loan will depend on a few factors. It can be a good idea if you have a stable income, can comfortably afford the payments, and plan to use it in a way that will improve your overall financial situation.

Read More:

  • Best Loans for Bad Credit
  • Best Personal Loans for Fair Credit
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Excellent Credit
  • Best Personal Loans With No Origination Fee
  • Best Installment Loans
  • Best Unsecured Loans

Meet the expert:

Jessica Walrack

Jessica Walrack is a freelance finance writer and journalist with over a decade of experience. During that time, she’s written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and taxes for well-known publications including CBS News MoneyWatch, USA Today, US News and World, Investopedia, and The Balance Money.

How To Get a $20,000 Personal Loan (2024)

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Author: Msgr. Refugio Daniel

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Name: Msgr. Refugio Daniel

Birthday: 1999-09-15

Address: 8416 Beatty Center, Derekfort, VA 72092-0500

Phone: +6838967160603

Job: Mining Executive

Hobby: Woodworking, Knitting, Fishing, Coffee roasting, Kayaking, Horseback riding, Kite flying

Introduction: My name is Msgr. Refugio Daniel, I am a fine, precious, encouraging, calm, glamorous, vivacious, friendly person who loves writing and wants to share my knowledge and understanding with you.