$20,000 Personal Loans

Whatever you need it for, you can take out a $20,000 personal loan with one of Savvy’s many reputable lending partners.

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, updated on October 4th, 2023       

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The features and benefits of a $20,000 loan

Competitive interest

You can fix your interest at an affordable level throughout your loan, with a wide range of competitive deals helping you secure low-cost finance.

Borrow over one to seven years

Personal loans afford you a level of flexibility to shape how manageable your repayments are, from saving on interest over as little as 12 months to reducing your monthly expenses over up to seven years.

Pay your loan out early

We can connect you with lenders who enable you to make additional contributions towards your loan and pay it off early without incurring any fees for doing so.

Avoidable fees

Many of our lending partners also don’t charge ongoing fees ($10), an establishment fee (up to $595) or either on their loans, helping you save further.

No upfront payments

There’s no obligation for you to make a lump-sum deposit at the beginning of your loan, nor will you be required to pay any upfront fees from the outset.

Loans available for self-employed

It doesn’t matter if you don’t receive your income via payslips like most others; you can qualify for a standard personal loan even if you’re self-employed.

Types of personal loan

Why compare personal loans through Savvy?

A checklist for before you apply for a $20,000 personal loan

Common $20,000 personal loan queries

How quickly can I be approved?

Once you’ve submitted your initial application, you can receive an instant approval from your lender in as little as 60 seconds. If you’re successful, you’ll be able to continue with your application and have the funds transferred directly into your account in as little as 24 hours from your first submission.

The entire process is a fast one, so you can maximise that speed by having everything prepared and applying early in the day and week.

How often can I make repayments?

Personal loans will give you the option of whether to make your repayments on a monthly, fortnightly or weekly schedule. You can choose this based on your own personal income frequency so that you give yourself the best chance of taking on a personal loan that you can manage comfortably.

If your lender doesn’t charge for extra payments, you can make these as often as you like beyond the minimum. Making fortnightly repayments may actually save you money over monthly payments, as they come to an equivalent of 13 months’ worth of contributions each year.

How much can I borrow with bad credit?

Bad credit borrowers are only accepted for unsecured personal loans up to a maximum of $10,00 to $12,000, so you won’t be able to take out a $20,000 loan if you find yourself in this position. You can, however, look to a bad credit car loan if you intended on using the funds to buy a vehicle, as these will allow you to borrow $20,000 or more (provided you can afford to repay it).

Can I apply for a $20,000 loan on Centrelink benefits?

Yes – so long as you’re earning enough to support your proposed loan’s repayments, you can be approved for a $20,000 loan on Centrelink payments. However, a large part of this is determining whether your benefits are accepted as income by your lender, which isn’t always the case. Stable sources such as aged, disability, carer’s and veterans’ pensions are all accepted, but payments contingent on your age, employment or study status like Youth Allowance, Austudy and JobSeeker (on its own) aren’t.

Am I able to calculate my loan’s repayments before approval?

Yes – you can use our personal loan repayment calculator to determine the total monthly and overall cost of financing prior to applying. Even if you don’t already have your personalised rate and fees, you can run a rough calculation of what your loan might cost you by adding 2% to the minimum interest rate, $350 to your $20,000 loan sum and $3 or $4 to your monthly repayments.

What’s a guarantor and should I use one?

A guarantor is a third party, such as a parent or close relation, in a strong financial position who guarantees the full repayment of your personal loan, even if you can’t do so yourself. These are especially useful for borrowers with a bad or minimal credit history that wouldn’t otherwise qualify for $20,000 or would be at a high rate. If you stay on top of your repayments comfortably and consistently, your guarantor won’t be involved in your repayments at all.

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.