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When you need $20,000 and have strong credit, you’re in luck — most personal loan companies offer loans of this amount. But there are a few steps you might want to follow to make sure you get a good deal on rates and terms.
Credible | Quickly comparing offers from multiple lenders for borrowers with good to excellent credit. | 4.99% to 35.99% | |
Even Financial | Quickly comparing multiple offers for all credit types. | 4.99% to 35.99% | |
LendingClub | Applying for a loan with a cosigner. | 10.68% to 35.89% | |
SoFi | Extra perks like career and financial advice and loyalty discounts. | Fixed rates:5.99% to 20.69% | |
Monevo | Finding extra short- or extra long-term loans for all credit types. | 3.49% to 35.99% | |
Marcus by Goldman Sachs | Consolidating high-interest debt. | 6.99% to 19.99% | |
How much you pay each month depends on two factors:
Loans with a longer loan term tend to have lower monthly payments. But they allow more time for interest to add up, increasing how much your loan costs in the long run. Use our calculator to find out how much you might pay each month on a $20,000 loan at different rates and terms.
$494.90 | $29,694.20 | $9,694.20 |
Follow these steps to get a $20,000 loan.
There’s always the possibility of finding a provider close to home, so it may be worth checking with your local bank or credit union. But regardless if you have an established relationship with the lender, compare all of your options before signing the dotted line. An offer that may sound good at first could easily get surpassed by checking around just a little bit.
Take time to go over your income and expenses and find out just how much you can afford in repayments every month. From there, you can find several terms that could work within that limit.
Your credit score significantly affects your interest rate for most personal loans. Knowing your score can help you formulate an idea of what will be available before you shop around.
Check what’s required by the lender beforehand, if possible. At a minimum, you’ll want to have copies of your financial records, bank statements and government-issued ID like your driver’s license or passport.
If you’ve found a lender on this page, click the green Go to site button to get started. You’ll be redirected to the lender’s application.
Your full name and contact information, the amount you want and the purpose of the loan are usually required fields in the application. Some lenders offer preapproval, while others may take longer to offer the final approval decision.
<a href="https://www.finder.com/personal-loans-how-to-apply"><strong>Step-by-step instructions to apply for a personal loan</strong></a><br><br>Each lender has its own special sauce when it comes to evaluating applications. But most consider the following information when deciding what rate, term and loan amount you’re eligible for:
You may not be able to qualify for a $20,000 loan with most lenders if your credit isn’t the best. There are other lenders that specialize in loans for people who have bad credit in amounts ranging from a couple hundred dollars to $10,000.
If you need $20,000 but not right away, consider taking steps to repair your credit first. It’s a process that doesn’t happen over night, but it can greatly improve your chances of qualifying and getting a fair rate. And if you notice your credit report has incorrect information listed on it, fixing those errors can also help your credit score.
Here’s what to keep in mind when you’re shopping for a $20,000 loan:
From consolidating your credit card debt to starting a new business, you have quite a few ways to use a $20,000 personal loan:
Think a $20,000 personal loan is right for you? Consider these factors before signing the dotted line:
Comparing multiple lenders can be a time-consuming process. To make your decision easier, we’ve narrowed down the list for you to several legit online lenders offering competitive $20,000 personal loans. Or check out our personal loans guide to learn more about your options in general.
When comparing loans, don’t be afraid to ask questions or turn down your first offer if it’s not at the rate and terms you expect.
Read up on answers to common questions to learn more about getting a $20,000 personal loan.
It’s possible, though some lenders might be off limits like Marcus by Goldman Sachs — whose borrowers have an average credit score between 700 and 740. To see what’s available to you, you might want to consider starting your search with a loan connection service.
Improving your credit score before applying may not always be an option. You have ways to get a smaller-dollar loan up to $5,000 with bad credit. But you’ll often find that these loans come with much less favorable terms.
Not being able to repay a loan can have lasting negative consequences for your finances. It may be beneficial to consider other alternatives such as borrowing from friends and family, asking for a pay advance from your employer or looking into local social assistance programs.
Outside of the interest rate, you’ll want to look for processing fees, origination fees, prepayment penalties, late payment fees and nonsufficient funds fees. The first two may be negotiable if you ask.
Receiving your funding can take anywhere from one business day to several weeks. If you’d like a more exact estimate, ask the lender you’re interested in working with about its processing times.
Absolutely. Say you’re going to get married and you need to pay for the wedding — the average amount borrowed nationally for one is around $11,000, according to LendingTree. You can do so with part of your $20,000 loan and use the other $9,000 to pay for the honeymoon.
You could also potentially pay for a move and a wedding if you and your partner are relocating.
Picture: Shuttersock
All lenders are now accepting First Draw and Second Draw loans until March 31st. Here are tips for how to pick a PPP lender.
Capped rates and a variety of local lenders make it easy to shop for a loan.
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Lenders with less than $1 billion can submit applications to this COVID-19 assistance program before it fully reopens Tuesday.
A standard connection service that works with lenders that offer large loans.
12 unique financing options — including SBA loans — for new and established franchises.
A lender who primarily offers loans to underserved small business owners.
Some PPP borrowers can get another round of funding through community lenders — though not all can qualify.
Shopify merchants may be able to get funding without a credit check.
You only have until the end of March to get your next application in.