The pros & cons of a $20k personal loan

Read on to learn when you might consider taking out a large personal  loan, how to qualify for a $20,000 personal loan, and what monthly  payments on a $20,000 personal loan may look like.

Home improvement If you have costly home repairs that can no longer be  ignored, or you’re planning a small remodel, you can use a personal loan for home improvement.

Reasons to Consider a $20,000 Loan

Emergency funds if you suddenly get hit with high medical or funeral  bills that would eat up all your savings, you can get a personal loan  for emergencies.

Medium Brush Stroke

Reasons to Consider a $20,000 Loan

Most lenders offering $20,000 personal loans will offer repayment periods between three and five years.

Typical Repayment Terms

A strong credit score. For an easy loan application process, you will want a credit score that is considered “good” (690-719).

Medium Brush Stroke

Qualifying Criteria for a $20,000 Loan


Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.