The best places to get a $20,000 loan with fair credit include LightStream, SoFi and Marcus. Most major personal loan providers have minimum credit score requirements that are within the fair credit range (640 to 699). Most also offer loans of $20,000 or more. But not all lenders are equal. The best ones don’t charge origination fees to process the loan, and they offer especially low APRs.
However, it’s important to remember that even though it’s possible to get a $20,000 loan with fair credit, there’s never a guarantee that a lender will let you borrow that much. People with credit scores that just barely meet the issuer’s requirements could potentially have trouble getting loans that are high above the issuer’s minimum. They might even have difficulty getting approved for a loan of any amount. Most issuers’ minimum loan amounts are around $1,000 to $3,000.
Best Lenders for a $20,000 Loan with Fair Credit
- LightStream: Loans of $5,000 - $100,000. $0 origination fee. 3.99% - 19.99% APR. 660 minimum credit score.
- SoFi: Loans of $5,000 - $100,000. $0 origination fee. 7.99% - 23.43% APR. 680 minimum credit score.
- Marcus by Goldman Sachs: Loans of $3,500 - $40,000. 0% origination fee. 6.99% - 24.99% APR. 680 minimum credit score.
- Discover: Loans of $2,500 - $35,000. $0 origination fee. 5.99% - 24.99% APR. 660 minimum credit score.
Note: Credit score requirements are from the company’s customer service or several credible websites.
If your score is toward the bottom of the fair credit range, consider Best Egg or Prosper. Both require a minimum credit score of 640. But both also charge origination fees. Best Egg’s fee is 0.99% - 6.99% and Prosper’s is 1% - 5%. Both lenders offer loans of $20,000 or more. But again, there’s no guarantee you’ll qualify for a loan that big.
The best way to gauge your odds of getting a $20,000 loan with fair credit is to use WalletHub’s free pre-qualification tool. Just put in the amount of the loan you want, along with a few personal details. You’ll then be able to see which lenders will give you the best approval odds.
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