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$20,000 Personal Loan

Getting a personal loan for a small amount of money such as a few hundred dollars is very easy. There are lots of online lenders and local check cashing and pawn shops that will make such loans.

Taking out a personal loan for a large amount of money such as $20,000 can be much harder because most personal lenders specialize in loaning small amounts of money. Indeed many lenders won’t make $20,000 personal loans because of the risks involved.

Fortunately there are lenders that make $20,000 personal loans but they can be harder to find and do business with. Locating these lenders and making contact with them is fairly easy if a person knows where to look.

How to Find a $20,000 Personal Loan

The average person will probably have to look online if they are seeking a $20,000 personal loan. There are many online lenders that specialize in making large personal loans which are usually called cash advances or hard money loans.

Hard money lenders are private companies or individuals that lend “hard money” in the form of large amounts of cash. They charge very high interest rates and expect a quick repayment of their loans. A big advantage to dealing with hard money lenders is that they often require little or no paperwork and can make money available very quickly. Unfortunately many hard money lenders will only loan money to businesses.

A business owner will usually have an easier time getting a large cash loan but individuals can get $20,000 personal loans if they can demonstrate they can pay them off. The best way to locate a hard money lender is to type the term “hard money lender” into a search engine. This should provide a borrower with a list of such lenders that operate in his or her area.

Requirements for a $20,000 Personal Loan

The main requirement that hard money lenders will ask for is that the borrower prove they have the income or potential income to repay the $20,000 personal loan. The hard money lender may ask for proof of this income in the form of bank statements or business receipts.

Once such proof has been provided the lender will probably electronically deposit the $20,000 directly into the borrower’s bank account. This means that a person will have to have a bank account in order to get a $20,000 personal loan.

Almost no lender keeps large amounts of cash involved because of the hassle and risks involved. Counting and sorting the cash takes money and the presence of large amounts of cash can attract armed robbers. This means that all $20,000 personal loans today involve electronic funds transfer.

Other Types of $20,000 Personal Loans

Some hard money lenders will require collateral for a$20,000 personal loan. Private equity lenders will make large cash loans in exchange for a stake in a business or equity or equity in real estate.

Other lenders called factors will make a $20,000 personal loan to business owner if inventory, real estate, or accounts receivable is put up as collateral. Some factors will lend a business owner $20,000 if the borrower gives them the right to collect funds directly from the business’s customers.

$20,000 personal loans are available but they take time and effort to get.  Nobody who is not able that they have the income to pay off a $20,000 personal loan will get unless they can put collateral worth $20,000.