Compare great deals on £20k loans
See loans you’re pre-approved for before you apply
If you want to fund a home renovation project or buy a new car taking out a loan can be a good option as it spreads the cost.
Finding a £20,000 loan online with MoneySuperMarket is easy. We compare deals from leading UK lenders and we can quickly show you your chances of being accepted, all without harming your credit score.
MoneySuperMarket is a credit broker – this means we’ll show you products offered by lenders. You must be 18 or over and a UK resident.
We do the heavy lifting, so you don't have to. We work with leading providers to help you borrow the money you need.
The cost of your £20,000 loan will depend on a range of things:
The interest rate or APR on your loan – this will be set by your lender and will be based on your individual circumstances and credit score
How long you borrow the money – you can specify this when you make your application
The longer the loan term the cheaper your monthly repayment – but you’ll pay more interest overall, so it will be more expensive.
Use our loan calculator to work out the cost of a £20,000 loan.
Example of costs of a £20,000 loan |
|---|
| 2.8% over three years | 2.8% over five years | 4% over five years | |
|---|---|---|---|
| Monthly repayments | £580 | £357 | £368 |
| Total cost of loan and credit | £20,864 | £21,437 | £22,061 |
These rates were chosen for illustration purposes and are not based on any products available with MoneySuperMarket. Calculations were made using MoneySuperMarket’s loan calculator. Data compiled by MoneySuperMarket and correct as of Jan 2022.
If you’ve had debt problems in the past and you have a low credit score, it’s likely to be more difficult to get a £20,000 loan.
But you may be able to:
Expect to be offered higher interest rates if you have got a less than perfect credit history.
Aim to build your credit score by getting a free copy of your credit report and reading our hints and tips on how to improve your rating.
When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.
When you’re pre-approved, the
loan amount, duration and interest
rate are all confirmed
When you know what you’ll be able to
borrow and how much it will cost, you
can choose a loan that’s right for you
This helps protect your credit score as
you’re less likely to be rejected when
you apply
We’re here to help find the right loan for you, so we’ll tell you which rates you’re guaranteed to get.
Tell us a little about yourself, your finances and the loan you want
We’ll search through loans from a wide range of lenders on the market
You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted
APR stands for annual percentage rate, and it basically means the interest rate at which you’ll pay back the £10,000. It includes the main interest rate of the loan, but also takes any other fees and charges into account so you get a better picture of the loan’s total cost.
When you see a representative APR advertised on a loan, it means this rate must be offered to at least 51% of applicants – you won’t be guaranteed to get this rate yourself, as this will be based on your personal circumstances.
A soft search is how we find out where you stand in terms of getting a loan without affecting your credit report, so you can find a loan you’ll be eligible for without damaging your chances of being successful when you apply.
For an unsecured personal loan of £20,000 you’re likely to need a strong credit score to be eligible. Other loan options could be available if your credit score is lower, such as secured loans, but you may not be able to borrow as much as £20,000.
When you take out a secured loan you must put up a valuable asset, usually your home, as security against the debt. This means if you struggle to repay your home is at risk as the lender can force a sale of the property to recoup its losses. In contrast, with an unsecured loan you don’t need to put up any collateral or asset as security on your borrowing. Find out more about the differences between the two loan types in our guide to secured and unsecured loans.
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You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.
So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.
You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.
