Find and compare $20,000 personal loans

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Product
Advertised Rate
Comparison Rate*
Company
Monthly repayment
Loan term
Total repayments
Real Time Rating™
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5.60%

Variable

5.70%

Family First Credit Union

$605

36 months

0 year to 10 years

4.51

/ 5
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6.99%

Fixed up to 25.69%

7.79%

Harmoney

$617

36 months

3 years

3.87

/ 5
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8.99%

Fixed

9.62%

Heritage Bank

$636

36 months

1 year to 5 years

3.60

/ 5
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11.99%

Variable

12.61%

Heritage Bank

$664

36 months

1 year to 5 years

3.15

/ 5
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11.99%

Variable

12.61%

Heritage Bank

$664

36 months

1 year to 5 years

3.09

/ 5
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12.45%

Fixed

13.32%

ANZ

$669

36 months

1 year to 7 years

2.94

/ 5
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12.69%

Variable

13.56%

NAB

$671

36 months

1 year to 7 years

3.04

/ 5
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15.99%

Variable

16.84%

ANZ

$703

36 months

1 year to 7 years

2.58

/ 5
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3.15%

Variable

4.10%

Australian Military Bank

$583

36 months

1 year to 7 years

4.85

/ 5
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4.45%

Variable

4.65%

Endeavour Mutual Bank

$594

36 months

0 year to 7 years

4.81

/ 5
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4.61%

Variable

5.96%

Coastline Credit Union

$596

36 months

1 year to 7 years

4.74

/ 5
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4.61%

Variable

11.42%

Coastline Credit Union

$596

36 months

1 year to 7 years

4.74

/ 5
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4.64%

Variable

4.91%

Community First Credit Union

$596

36 months

0 year to 10 years

4.60

/ 5
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4.95%

Fixed

4.95%

Hume Bank

$599

36 months

1 year to 5 years

4.83

/ 5
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4.69%

Variable

4.69%

Police Credit Union

$597

36 months

1 year to 7 years

4.61

/ 5
More details

5.49%

Variable up to 11.99%

5.87%

Nova Alliance Bank

$604

36 months

1 year to 7 years

4.72

/ 5
More details

5.49%

Variable up to 11.99%

5.87%

Nova Alliance Bank

$604

36 months

1 year to 7 years

4.72

/ 5
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5.31%

Variable

5.59%

Bank of us

$602

36 months

0.5 year to 10 years

4.49

/ 5
More details

5.60%

Variable up to 5.74%

5.60%

Family First Credit Union

$605

36 months

0 year to 10 years

4.54

/ 5
More details

5.04%

Variable

5.64%

Summerland Credit Union

$600

36 months

0 year to 7 years

4.44

/ 5
More details

4.85%

Fixed up to 11.9%

5.71%

Australian Military Bank

$598

36 months

1 year to 5 years

4.55

/ 5
More details

4.85%

Variable up to 11.9%

5.71%

Australian Military Bank

$598

36 months

1 year to 7 years

4.55

/ 5
More details

5.50%

Variable

5.78%

Cairns Bank

$604

36 months

1 year to 7 years

4.37

/ 5
More details

5.59%

Fixed

5.86%

Credit Union SA

$605

36 months

1 year to 7 years

4.50

/ 5
More details

5.25%

Variable

5.64%

Illawarra Credit Union

$602

36 months

1 year to 5 years

4.28

/ 5
More details

5.79%

Variable

5.92%

Police Bank

$607

36 months

1 year to 7 years

4.49

/ 5
More details

5.79%

Fixed

5.92%

Police Bank

$607

36 months

1 year to 7 years

4.49

/ 5
More details

5.79%

Variable

5.92%

Police Bank

$607

36 months

1 year to 7 years

4.49

/ 5
More details

5.79%

Variable

5.92%

Bank of Heritage Isle

$607

36 months

1 year to 7 years

4.48

/ 5
More details

5.79%

Variable

5.92%

Bank of Heritage Isle

$607

36 months

1 year to 7 years

4.44

/ 5
More details

5.99%

Variable

5.99%

Central West Credit Union

$608

36 months

1 year to 7 years

4.35

/ 5
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5.89%

Variable

6.10%

Horizon Bank

$607

36 months

0 year to 10 years

4.54

/ 5
More details

5.95%

Fixed

6.16%

Hume Bank

$608

36 months

1 year to 5 years

4.44

/ 5
More details

5.99%

Fixed

6.62%

WAW Credit Union

$608

36 months

1 year to 7 years

4.38

/ 5
More details

5.99%

Fixed

6.62%

WAW Credit Union

$608

36 months

1 year to 7 years

4.38

/ 5
More details

5.99%

Variable up to 7.99%

6.26%

Community First Credit Union

$608

36 months

1 year to 10 years

4.38

/ 5
More details

5.99%

Variable

6.26%

Community First Credit Union

$608

36 months

1 year to 10 years

4.38

/ 5
More details

5.99%

Variable

6.26%

Community First Credit Union

$608

36 months

1 year to 10 years

4.38

/ 5
More details

5.99%

Variable

7.71%

Horizon Bank

$608

36 months

0 year to 10 years

4.44

/ 5
More details

6.25%

Variable

6.50%

GMCU

$611

36 months

1 year to 7 years

4.20

/ 5
More details

6.44%

Variable

6.68%

First Option Bank Ltd

$612

36 months

1 year to 7 years

4.28

/ 5
More details

6.09%

Variable

6.69%

Summerland Credit Union

$609

36 months

0 year to 7 years

4.25

/ 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?

Much like home loans, many personal 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.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

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. You won't have to worry about higher repayments 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 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 typically 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 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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

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.

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 make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying 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.

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 options. Consider contacting the lender before applying.

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, which typically have 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 fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

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, in some cases, the same day.

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 generally charge higher interest rates on unsecured loans than secured loans.

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

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

Some lenders will consider personal loan applications 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 repayments.

What are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay an existing $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 20 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, 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.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

How long does it take to get a bad credit personal loan?

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.