Having a poor credit record is not going to do any applicant any favors when it comes to seeking loans. Lenders are cautious in any case, so it stands to reason they would be hesitant when considering a loan application from a bad credit borrower. However, that does not mean approval is impossible. In fact, even a $20,000 personal loan with bad credit can be secured.What really matters to lenders is that they get their money back, so the credit score that seems to detrimental to us, is not actually the most significant aspect of a loan application. In truth, securing loan approval is more dependent on issues like affordability.But even with the minimal influence that a credit score might have on a loan application, is a large personal loan – particularly one as large a $20,000 – really a realistic target for a bad credit borrower? Actually, with the right approach, it is not foolish to hope to get that type of sum.Why Approval Is PossibleAs already has been mentioned, the key issue for lenders is not the credit score an applicant might have, but the fact that the loan is affordable. Admittedly, when applying for a $20,000 personal loan with bad credit, there are extra concerns given the size of the loan being sought.So, what is it that lenders really care about? Well, income and job security are two very important aspects, with lenders clearly wanting to know that the applicant has a means to make repayments. This is why most lenders need confirmation that the applicant is employed full-time and has been for a period of 6 months.However, perhaps most significant in securing loan approval is proof that the repayments are comfortably within the budget of the application. This is where the debt-to-income ratio comes into play, with its 40:60 rate meaning only 40% of income can be committed to debt repayments. With a large personal loan, the repayments may be too high to fit into that limitation.Collateral and CosignersWhen the sum being sought is large, then the biggest help to securing approval is some kind of security – collateral or a cosigner. The reason is that while a small loan of $5,000 can be granted without much hesitation, granting a $20,000 personal loan with bad credit puts the lender at risk of making much higher risks.By providing collateral, the lender is at least given something with which to draw compensation should the borrower default on the loan. But it also reveals an intention to commit to making the repayments, since the item offered as security could be lost. Therefore, the chances of securing loan approval are quite good.A cosigner is perhaps a better option because it confirms that monthly repayments will be made, even when the borrower is not able to make them. A cosigner is a guarantor, and promises to step in if there are any problems. With them included, securing even a large personal loan is almost assured.Getting The Lender RightFinally, making sure that the right lender is approached is an important part of securing a $20,000 personal loan with bad credit. For example, a traditional lender is extremely unlikely to give the green light, so it is arguably a waste of time approaching them.A much better option is online lenders, who are recognized specialists in lending to bad credit applicants. They offer loan deals that are tailored to the needs of this niche market, so the repayment term is longer to ensure lower monthly repayment sums and, therefore, affordability.Of course, securing loan approval is never guaranteed, but these lenders are much more accommodating, thus increasing the chance of securing a large personal loan dramatically - and most importantly on terms that are good.