$20,000

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9.99%

Fixed

11.22%

Latitude Financial Services

$645

36 months

2 years to 7 years

3.14

/ 5
More details

5.75%

Variable up to 9.99%

6.47%

Symple Loans

$606

36 months

1 year to 7 years

4.27

/ 5
More details

8.50%

Fixed

9.36%

Wisr

$631

36 months

3 years

3.52

/ 5
More details

12.45%

Fixed

13.32%

ANZ

$669

36 months

1 year to 7 years

2.94

/ 5
More details

15.99%

Variable

16.84%

ANZ

$703

36 months

1 year to 7 years

2.59

/ 5
More details

12.69%

Variable

13.56%

NAB

$671

36 months

1 year to 7 years

3.06

/ 5
More details

12.69%

Fixed

13.56%

NAB

$671

36 months

1 year to 7 years

2.98

/ 5
More details

4.94%

Variable

7.41%

Heritage Bank

$599

36 months

1 year to 10 years

4.50

/ 5
More details

5.60%

Variable

5.70%

Family First Credit Union

$605

36 months

0 year to 10 years

4.51

/ 5
More details

5.85%

Variable

6.70%

Holiday Coast Credit Union

$607

36 months

0 year to 10 years

4.12

/ 5
More details

6.49%

Fixed up to 8.79%

6.84%*

Plenti

$613

36 months

3 years to 5 years

4.24

/ 5
More details

7.79%

Fixed up to 10.49%

8.35%*

Plenti

$625

36 months

3 years to 5 years

3.96

/ 5
More details

8.00%

Fixed

8.21%

Our Money Market

$627

36 months

1 year to 7 years

3.75

/ 5
More details

8.99%

Fixed

9.13%

ING

$636

36 months

2 years to 5 years

3.68

/ 5
More details

9.00%

Variable

9.28%

Holiday Coast Credit Union

$636

36 months

0 year to 5 years

3.81

/ 5
More details

6.99%

Fixed up to 29.99%

7.69%

Harmoney

$617

36 months

3 years

3.87

/ 5
More details

10.99%

Fixed

12.21%

Latitude Financial Services

$655

36 months

2 years to 7 years

2.98

/ 5
More details

11.50%

Fixed

12.38%

Wisr

$660

36 months

3 years

3.02

/ 5
More details

12.99%

Fixed

14.14%

Westpac

$674

36 months

1 year to 7 years

2.73

/ 5
More details

12.99%

Fixed up to 28.99%

14.20%

Latitude Financial Services

$674

36 months

2 years to 7 years

2.81

/ 5
More details

13.99%

Fixed up to 29.99%

15.19%

Latitude Financial Services

$683

36 months

2 years to 7 years

2.64

/ 5
More details

14.00%

Variable

14.30%

Holiday Coast Credit Union

$684

36 months

0 year to 5 years

2.95

/ 5
More details

Learn more about personal loans

A $20,000 personal loan gives you access to extra funds which you can use at your discretion. This can take the form of expenses such as holidays, weddings, a car, medical bills, small renovations and, in some cases, debt consolidation. To find out if a personal loan will work for you, here’s what you need to know about $20,000 personal loans.

What are $20,000 personal loans?

Personal loans are secured or unsecured amounts of money which are borrowed from lenders like banks, credit unions or peer-to-peer lenders. Think of a personal loan as a general purpose loan which is paid back over an agreed timeframe with interest. Personal loans usually have lower interest rates than credit cards, which make this type of loan a more cost-effective way to borrow a fixed amount of money.

The amount you can borrow for a personal loan depends on the lender as well as how much you earn and what your credit rating looks like. Personal loans commonly range between $1,000 to $50,000 for periods from one to 10 years.

Secured vs unsecured $20,000 personal loans

When it comes to $20,000 personal loans, there are generally two types of loans available: secured and unsecured.

A secured personal loan uses an asset like your house or car as security against the loan. The upside of putting your assets on the line is that your $20,000 personal loan will attract a lower interest rate. The potential downside is that if you default on your personal loan repayments, the lender could seize your assets.

On the other hand, if you don’t have any major assets, you can opt for an unsecured personal loan. This means that the lender will agree to lend you a sum of money without putting your assets as a guarantee. Because the lender is taking a bigger risk, unsecured personal loans tend to have higher fees and interest rates.

What should I look for in a $20,000 personal loan?

Before you apply for a $20,000 personal loan, you’ll want to research and compare the different types of personal loans on the market. Here are some things to consider:

Personal loan interest rate

You can get a $20,000 personal loan on both a fixed or variable interest rate. A fixed interest rate makes budgeting easier because your interest rate will remain the same over the life of the loan. On the flip side, a variable interest rate gives you flexibility if rates go down and will often have lower fees than fixed-rate personal loans.

Personal loan fees and charges

Before you apply for a personal loan, compare loan costs like establishment fees, monthly fees and annual fees. Some loans have charges for making additional repayments or paying off your loan early.

Personal loan redraw facility

A personal loan redraw facility can help with those unexpected bills by redrawing repayments you’ve already made on the loan. Be mindful that redrawing money from your personal loan will push your balance back up.

Flexible repayments

Look for a personal loan that matches your pay cycle. If you’re paid fortnightly, try to align your loan repayments to match. If you pay monthly, you’re making 12 repayments each year. If you switch to fortnightly you’re making 26 repayments which will actually help you pay your loan off faster.

Before you apply for a $20,000 personal loan, it pays to do your research. Work out what features you need and what repayments you can afford to make on your personal loan. Click here to compare $20,000 personal loan options.

Frequently asked questions

Can you refinance a $5000 personal loan?

Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.

Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments. If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan offers – consider contacting the lender before applying. >

How can I get a $3000 loan approved?

Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income (Centrelink payments may not count – so you should check with the lender prior to making an application).

Personal Loans Frequently Asked Questions

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to pay extra onto your personal loan or medium amount loan could bring you benefits, such as reducing the total interest you’re charged on your loan, or clearing your debt ahead of schedule.

Check your loan’s terms and conditions before putting extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.

Can I get a bad credit personal loan with a guarantor?

Selected lenders will consider personal loan application from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the costs.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What is comprehensive credit reporting?

Comprehensive credit reporting means including both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for one or more of the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

What is bad credit?

A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.

How long will I have bad credit?

Most negative events that appear on a personal’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.