Compare £20,000 Unsecured Loans

Compare interest rates and term lengths for £20000 unsecured personal loans. Compare a range of personal loans from UK lenders and check your eligibility* without impacting your credit score

Checking your eligibility won't affect your credit score

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Last updated on 20 January 2022.

£20,000 Unsecured Loans FAQ

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.

Compare products provided by Monevo
  • M&S Bank Personal Loan logo

    M&S Bank Personal Loan

    • Representative APR
      2.8% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Post Office Money Personal Loan logo
    Broker

    Post Office Money Personal Loan

    • Representative APR
      8.1% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      9.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      13.9% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
  • Zopa Personal Loan logo
    Peer To Peer

    Zopa Personal Loan

    • Representative APR
      15.4% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      18.85% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years

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:

The loans eligibility service is fully provided by Monevo.  The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from their panel of lenders.  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. Monevo does not 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).

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