Compare £20,000 Unsecured Loans

  • Compare a range of unsecured loans from UK lenders and check your eligibility*
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Compare top UK loan providers, including:

  • Mark's and Spencer logo
  • Post Office logo
  • Admiral logo
  • Shawbrook bank logo
  • Zopa logo
  • My Community Finance logo
  • Santander logo
  • Better Borrow logo

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Learn about £20,000 unsecured loans

£20,000 Unsecured Loans FAQs

What is a £20,000 unsecured loan?

A £20,000 unsecured loan is a personal loan that is not secured against another asset, such as a property. As the loan is not secured, the lender will look to see strong repayment capabilities from the borrower.

Is £20,000 too much to ask for as an unsecured loan?

A £20,000 unsecured loan is close to the upper range of loans that lenders typically provide for borrowers. You may see a diverse number of lenders offering £20,000 unsecured loans, but they won’t all share the same fees and rates of interest. As a result, you should be aware that some lenders will cost more than others.

Does an unsecured loan require collateral?

Unlike secured loans, which borrowers sometimes choose when taking out greater sums of money, unsecured loans will not require collateral, such as property or other valuable assets to secure against the loan.

Does my credit score affect who will lend to me?

Credit scores are one of a lender’s primary concerns, when offering unsecured loans. A lender will want to know they are providing funds to a borrower with a proven track record of paying their debts with no problems. An exceptional credit score will give you access to the greater variety of lenders and should also give you access to the lower rates.

Will a bad credit score make a £20,000 unsecured loan less likely?

A poor credit rating will limit your chances of acquiring a £20,000 unsecured loan. Lenders will be reluctant to risk lending to you, as you might have little or no history with requesting credit, or you might have a poor record of meeting obligations with lenders. As a result, you may only be offered loans from lenders who will charge higher interest rates and you may not achieve the size of loan you require.

What if I wish to make repayments over a longer time?

The length of time of the loan is taken out for will affect the total amount of interest you repay. You should try to find a balance where you can comfortably meet the monthly repayments of the loan, over the shortest term. However, each borrowers’ personal circumstances are different so carefully consider the right term for you before you proceed.

What if I want to repay my £20,000 unsecured loan sooner?

It may prove possible to repay the £20,000 unsecured loan early with many lenders, but they may decide to charge a fee for early repayment. If you believe you might want to do this while holding a loan, make sure to familiarise yourself with the different policies of your preferred lenders, to avoid paying more than you’re willing to pay.

How does failure to repay a £20,000 unsecured loan damage my credit score?

Lenders are still legally entitled to receive back the money they lend, so inability to pay the loan back may result in your lender pursuing a County Court Judgement (CCJ). The CCJ may be placed on your credit report for up to six years, to notify future lenders of the risks involved in lending to you.

Some examples

Here are some examples from UK loan providers that you can compare using the Monevo eligibility service:

    Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      14.7% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
    Representative Example: Representative APR 14.7% (fixed). Based on a loan of £10,000 over 60 months at an interest of 14.7% p.a. (fixed). Monthly repayments of £231.62. Total amount payable £13,896.65. Maximum APR: 29.9%.
    More info
    • Broker
    Post Office Money Personal Loan logo

    Post Office Money Personal Loan

    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
    Representative Example: Representative APR 14.9%. Based on a loan of £4,000 over 36 months at an interest rate of 14.9% p.a. (fixed). Monthly repayments of £136.65. Total amount payable £4,919.47. Maximum APR: 29.9%.
    More info
    Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 to £30,000
    • Min / Max Terms
      1 to 8 years
    Representative Example: Representative APR 14.9%. Based on a loan of £10,000 over 60 months at an interest of 13.97% p.a. (fixed). Monthly repayments of £232.53. Total amount repayable before £13,951.80. Maximum APR: 39.9%.
    More info
    • Peer To Peer
    Zopa Personal Loan logo

    Zopa Personal Loan

    • Representative APR
      19.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 19.9%. Based on a loan of £10,000 over 60 months at an interest of 19.9% p.a. (fixed). Monthly repayments of £255.50. Total amount payable £15,329.80. Maximum APR: 34.9%.
    More info
    My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      23.0% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 23.0% (fixed). Based on a loan of £4,500 over 48 months at an interest of 23.0% p.a. (fixed). Monthly repayments of £139.66. Total amount payable £6,703.57. Maximum APR: 23.0%.
    More info

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

Our comparison service features a selection of providers from whom we receive commission.

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*Eligibility Service:

This loans eligibility service is powered by Monevo. The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from Monevo’s panel of lenders for Nerdwallet site users. By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk. Neither Monevo or Nerdwallet Ltd carry out credit repair services.

Monevo.co.uk is a registered Trading Name of Monevo Limited which is an Appointed Representative of Quint Group Limited, and is entered on the Financial Services Register under reference number: 723672.  Quint Group Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450.  Monevo Limited is registered in England and Wales (Company number 06511345). Registered office: Glasshouse, Alderley Park, Nether Alderley, Cheshire,SK10 4ZE.  Licensed by the Information Commissioners Office, (Registration number Z1498441).