{"id":103512,"date":"2018-04-26T08:34:08","date_gmt":"2018-04-26T07:34:08","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=103512"},"modified":"2025-09-23T10:55:25","modified_gmt":"2025-09-23T09:55:25","slug":"20000-loan","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/secured-loans\/20000-loan","title":{"rendered":"How to get a \u00a320,000 loan with the best rate"},"content":{"rendered":"
Overall representative example<\/strong>
If you borrow \u00a343,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of \u00a3505.18 per month and a total amount payable of \u00a396,994.56. This includes the net loan, interest of \u00a349,404.56, a broker fee of \u00a33,995 and a lender fee of \u00a3595. The overall cost for comparison is 12.7% APRC variable.<\/div><\/article>

What about \u00a320,000 unsecured<\/u> loans<\/h3>

Use our guide below to compare \u00a320,000 loans from a range of popular unsecured lenders. However, keep in mind that most lenders will not let you borrow \u00a320,000 on an unsecured loan unless you\u2019re already an existing customer and\/or have an excellent credit rating. You may find that a secured loan is a better option.<\/p>

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Compare unsecured personal loans<\/p>\n

See today's rates from across the personal loan market.<\/p>\n <\/div>\n\n <\/div>\n\n

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How can I get a \u00a320,000 loan?<\/h3>

Whether you\u2019re consolidating debt, improving your home, funding a wedding or making a large purchase, \u00a320,000 can be a life-changing sum. But it\u2019s close to the \u00a325,000 threshold at which many lenders stop issuing loans without security, and so if you\u2019re after an unsecured loan<\/a>, lenders will want to see a solid track record of responsible borrowing \u2013 in other words, a strong credit record.<\/p><\/div><\/div><\/div>

Can I get a \u00a320,000 loan with bad credit?<\/h3>

While there is specialist lenders<\/a> who offer loans to people whose credit history isn\u2019t perfect, it\u2019s tougher to find a lender willing to offer as much as \u00a320,000 to a borrower with bad credit.<\/p>

Guarantor loans<\/a> allow people with bad credit to leverage the good credit of a friend or relative, but are typically capped at \u00a310,000<\/a>, or \u00a315,000<\/a> if your guarantor is a homeowner.<\/p><\/div><\/div><\/div>

However, if you\u2019re a homeowner with a mortgage, you could use the equity in your property as security. Having security means that a loan represents lower risk to a lender, which normally in turn means lower rates and a greater likelihood of approval for the borrower. If you\u2019re spreading repayment over 15 years, however, then obviously the overall cost of borrowing is likely to be higher despite the annual rate being lower. It\u2019s a major commitment (take a moment to read through our secured loans guide<\/a>) but it could let you access rates below 15%.<\/p>Compare secured loan rates<\/a>

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.<\/p>

Can I get a \u00a320,000 loan with good credit?<\/h3>

If you\u2019re looking at borrowing \u00a320,000 and you already know you have a good credit rating, then you may be able to go after the very best rates on the market.<\/p>

Crucially, you\u2019ll still need to be able to afford any loan that you apply for. You could have the best credit record going, but if you\u2019re unrealistic about what you can comfortably repay each month, your application will be rejected. Spreading your loan over a longer term brings down the monthly repayment figure, making it more affordable, but also pushes up the overall cost of the loan. Aim to find a balance \u2013 keeping the overall cost as low as you can, while ensuring the repayment schedule is manageable. If you\u2019ve done your sums and feel that you\u2019d be able to afford the loan you\u2019re applying for, then there\u2019s a strong chance a lender will reach the same conclusion.<\/p>

Provided you can do this, you\u2019re likely to be able to apply to the majority of lenders and enjoy their most competitive rates. Your current bank may even offer same-day funding to existing customers, although it almost always pays to shop around. With such a sizeable loan, even a small difference in the interest rate can mean big savings \u2013 especially if you\u2019re borrowing over a number of years.<\/p>

Browse bank rates<\/a><\/p><\/div>

Can I get a \u00a320,000 for business purposes?<\/h3>

If you\u2019re looking for a loan to start a new business, your first though might be a personal loan to help get you kickstarted. In many cases, a condition for taking out a personal loan is that it cannot be used for business purposes. However, there are a huge range of loan products available specifically for use by businesses, and some are even government-backed, which can mean lower rates for borrowers and a less strict borrowing criteria.<\/p>

Compare \u00a320,000 business loans<\/a><\/p>

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