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PromotedOurMoneyMarket
From
From
From
  • 0.15% p.a. rate discount for Canstar customers with A++ credit, as determined by OMM’s scorecard. Apply by 30 June for $5k-$100k. No early exit fees. T&Cs apply.
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 1 year to 7 years
Fees & charges apply, Australian Credit Licence 488228
PromotedRevolut
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From
From
  • Check out our recently reduced rates, with comparison rates starting from 6.99% p.a., and no ongoing, early repayment or exit fees. Get a personalised price quote.
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 3 years
Fees & charges apply, Australian Credit Licence 517589
PromotedHarmoney
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From
From
  • Get Your Fast Personal Loan Quote Now. 100% online
  • Fast quote. No account required.
  • Won't affect your credit score. GET YOUR RATE NOW.
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 3 years to 7 years
Fees & charges apply, Australian Credit Licence 474726
PromotedNOW Finance
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From
From
  • No specials here. We can't waive fees because we have none. NOW Finance personal loans have no fees, no tricks and no surprises.
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 18 months to 7 years
Fees & charges apply, Australian Credit Licence 425142
Refine your rates with your credit score
See your results
Harmoney
From
From
From
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 3 years to 7 years
Fees & charges apply, Australian Credit Licence 474726
NOW Finance
From
From
From
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 18 months to 7 years
Fees & charges apply, Australian Credit Licence 425142
OurMoneyMarket
From
From
From
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 1 year to 7 years
Fees & charges apply, Australian Credit Licence 488228
Revolut
From
From
From
  • Application fee: $0
  • Annualised fee: $0
  • Loan terms available: 3 years
Fees & charges apply, Australian Credit Licence 517589
OurMoneyMarket
From
From
From
  • Application fee: $300 up to $1200
  • Annualised fee: $0
  • Loan terms available: 1 year to 7 years
Fees & charges apply, Australian Credit Licence 488228
MONEYME
From
From
From
  • Application fee: $0
  • Annualised fee: $120
  • Loan terms available: 3 years to 7 years
Fees & charges apply, Australian Credit Licence 442218
OurMoneyMarket
From
From
From
  • Application fee: $300 up to $1200
  • Annualised fee: $0
  • Loan terms available: 1 year to 7 years
Fees & charges apply, Australian Credit Licence 488228
ING
From
From
From
  • Application fee: $199
  • Annualised fee: $96
  • Loan terms available: 2 years to 7 years
Fees & charges apply, Australian Credit Licence 229823
Latitude
From
From
From
  • Application fee: $395
  • Annualised fee: $198
  • Loan terms available: 2 years to 7 years
Fees & charges apply, Australian Credit Licence 392145
Latitude
From
From
From
  • Application fee: $395
  • Annualised fee: $198
  • Loan terms available: 2 years to 7 years
Fees & charges apply, Australian Credit Licence 392145

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The initial results in the table above are sorted by Comparison rate* p.a. (Low-High), Interest Rate p.a. (Low-High), then Provider Name (Alphabetical). Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

Personal Loan Repayments

Representative example total repayment amount: For a personal loan of $20,000 borrowed for 60 months with a minimum interest rate of 9.84% (comparison rate^ of 10.87%), the total amount you would need to repay would be $25,551. This is made up of a $20,000 principal amount, $5,402 interest amount, estimated upfront fees of $149 and total ongoing fees of $0. This example is hypothetical. The total loan repayment amount for any individual personal loan will vary depending on several factors (including making on time repayments). You should confirm with the lender the total amount repayable for your particular circumstances.

Sponsored
OurMoneyMarket

  • Interest rate p.a.
  • Comparison rate^ p.a.
  • Canstar Exclusive: 0.15% p.a. rate discount for Canstar customers with A++ credit, as determined by OMM’s scorecard.
  • Apply by 30 June for $5k-$100k.
  • No early exit fees. T&Cs apply.
  • Interest rates displayed are 'from' price, rates can vary according to personal circumstances

Australian Credit Licence 488228 | See Terms & Conditions | ^ Comparison Rate Warning

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We do not compare all brands in the market, or all products from our participating brands. At times certain brands or products may not be available or offered to you. Learn more.

Why compare $20,000 personal loans with Canstar?

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Get more accurate results

Take the guesswork out of your search. By checking your eligibility upfront, we filter out the noise to show you loans you’re more likely to qualify for.

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No credit score impact

Most lenders base their interest rates on your credit history. We help you see where you stand and provide results based on your current credit score, giving you greater insights without penalty.

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Compare loans from multiple lenders

We bring together loans from +10 lenders to show you more precise rates, so you can make an informed choice before you apply.

How to compare $20,000 personal loans

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Personal loan tips from our expert

The ‘real’ cost is in the comparison rate

When comparing personal loans, don't just look at the interest rate. The comparison rate factors in interest costs and most fees, painting a picture of what you might actually pay each year.

Look for features, not just a low rate

The right loan should fit your life, not just your budget. Understand if you’d use features like fee-free extra repayments or a redraw facility–these could help you pay off debt faster and save on interest.

Protect your score while you shop

Every personal loan application can leave a 'hard' mark on your credit report. To protect your score, only apply for loans you’re confident you want and qualify for.

Guide to $20,000 personal loans

How much will a $20,000 personal loan cost? 

Borrowing $20,000 with a personal loan will mean paying interest and fees. The amount of interest you’ll pay will depend on how much you borrow and the interest rate, while personal loan fees vary between loans and lenders.

To get a better idea of the cost of repayments on a $20,000 personal loan, as well as the total amount you’ll pay, you can use a personal loan calculator. You’ll find that making small adjustments to a loan’s interest rate, loan term, and repayment frequency can significantly impact it's overall cost. 


What can a $20,000 personal loan be used for? 

You can use a personal loan to borrow a small to medium sum of money for a range of different purposes. For example, with a $20,000 personal loan, you might be able to:  

  • Buy a car
  • Renovate your home
  • Pay medical bills or other emergency expenses
  • Go on holiday
  • Pay for a wedding
  • Consolidate smaller debts

Do I qualify for a $20,000 personal loan?

When you apply for a personal loan, you’ll usually need to prove you:

  • Are over 18
  • Are an Australian citizen or permanent resident
  • Have a job or dependable income
  • Have an acceptable credit score.

Particular lenders may have other eligibility criteria, which can normally be found on their website.

Overall, you’ll need to show that you’re a responsible borrower that can comfortably afford to repay the $20,000 loan without ending up in financial stress.  


How can I apply for a $20,000 personal loan? 

Applying for any personal loan usually involves going through the following steps: 

  1. Compare personal loans from different lenders to see interest rates and fees you might face 
  2. Use a personal loan calculator to estimate the potential repayments and make sure they fit into your budget
  3. Once you’ve found the right loan and lender for you, complete an application form in personal or online
  4. Provide all necessary details and documentation, like proof of ID and proof of income

Some lenders may be able to offer personal loan pre-approval within minutes if all your details check out. Once a lender assesses your application and checks your credit score, the money could be in your bank account in days, or sometimes even hours. 

If your application isn’t approved, contact the lender to find out why. Avoid applying for another loan without addressing what went wrong, as you could risk damaging your credit score. Applying for multiple loans at once can also injure your credit score.


FAQs about $20,000 personal loans

About our personal loans experts

Brooke Cooper is Canstar’s Finance Editor, leading the team’s coverage of home loans, consumer finance, and economics. With years of specialist experience, she dedicates herself to helping Australian households feel empowered about managing their money. Her work and expertise have appeared across a variety of comparison industry sites and media outlets including Yahoo Finance, ABC Radio, and The Motley Fool. Brooke holds a Bachelor of Communication, specialising in journalism and international studies, from Charles Sturt University. When she’s not keeping a close eye on the RBA cash rate or property trends, she loves getting out into nature, picnicking in the park with her dog, and window shopping in antique stores. You can follow Brooke on LinkedIn.

Alasdair Duncan is Canstar's Deputy Finance Editor, specialising in home loans, property and lifestyle topics. He has written more than 500 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au. In his more than 15 years working in the media, Alasdair has written for a broad range of publications.

Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland, and has completed a RG146 compliance training course. When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn.

Important Information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.