You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.
Credit Score Required by Lenders That Offer $20,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| Discover | $2,500 - $40,000 | 660 |
| American Express | $3,500 - $40,000 | 660 |
| LightStream | $5,000 - $100,000 | 660 |
| SoFi | $5,000 - $100,000 | 680 |
| Wells Fargo | $3,000 - $100,000 | 660 |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
Even if your credit score is 660, you won't necessarily be approved for a $20,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21 and it was last updated on 01/16/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
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.
What credit score do I need for a $20,000 personal loan? ›
Requirements for a $20,000 Personal Loan
This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.
How much is the monthly payment on a 20000 personal loan? ›
The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.
Can I get a 20k loan with a 700 credit score? ›
You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
How much can I borrow with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Is it hard to get a 20k personal loan? ›
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.
How big of a loan can I get with a 600 credit score? ›
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
How to get 20k instantly? ›
Well, it's possible now, and the only document you require is your Aadhar Card. Yes, you can avail of an instant paperless Rs. 20,000 loan on Aadhar Card. All you need is your 12-digit Aadhar Number; no prolonged loan application, processing, and documentation required.
What is the payment on $20000 for 5 years? ›
So, $20,000 at 5% for 36 months will cost $21,579.05 saving you $1,066.43. Using the calculator above (assuming $0 down payment, $0 trade-in and 1% sales tax) you will see that the monthly payment for the 5 year loan is $377.42 and the monthly payment for the 3 year loan is $599.42.
How hard is it to get a personal loan from Chase Bank? ›
Even if you have Chase credit cards, a Chase mortgage, and Chase bank accounts in good standing, you can't get a personal loan through Chase. Fortunately, you have many personal loan lenders to choose from.
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 9.57% to 35.99% | 600 |
| OneMain | 18% to 35.99% | Undisclosed |
| LendingPoint | 7.99% to 35.99% | 600 |
6 more rowsMar 28, 2024
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
How big of a loan can you get with a 710 credit score? ›
Best Personal Loans for a 710 Credit Score
| Lender | Loan Amounts | APRs |
|---|
| SoFi | $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts |
| Wells Fargo | $3,000 - $100,000 | 7.49% - 23.24% |
| USAA | $1,000 - $100,000 | 10.34% - 18.51% |
| Discover | $2,500 - $40,000 | 7.49% - 24.99% |
1 more rowAug 26, 2022
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $20,000 | 3 | $617.45 |
| $20,000 | 5 | $415.07 |
| $25,000 | 3 | $771.81 |
| $25,000 | 5 | $514.57 |
13 more rowsThe monthly payment on a $25,000 loan ranges from $342 to $2,512, depending on the APR and how long the loan lasts. For example, if you take out a $25,000 loan for one year with an APR of 36%, your monthly payment will be $2,512.
What credit score is needed for a $25,000 loan? ›
Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.
How big of a personal loan can I get with a 740 credit score? ›
The best personal loans for a 740 credit score are from LightStream because they offer $5,000 - $100,000 with APRs of 7.49% - 25.99% and repayment periods of 24 - 84 months. You will need a credit score of 740+ to qualify for a personal loan from LightStream.
How hard is it to get a $30,000 personal loan? ›
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
How much can I borrow with a 780 credit score? ›
You can borrow over $100,000 with a 780 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
What credit score is needed for a $35000 personal loan? ›
What credit score do you need for a $35,000 loan? Some personal loan lenders require good or excellent credit with a minimum score requirement of 660. However, other lenders work with borrowers who have fair or poor credit.
