Are you interested in stocks that pay you handsomely to own them? Do you have a limited amount of cash to invest? If you answered "yes" to both questions, there's good news.

There are lots of stocks that pay dividends with low yields. There are also stocks with share prices so high that they're out of reach for many retail investors. But that doesn't mean exceptions can't be found. Here are two high-yield dividend stocks that you can buy right now for under $20 each.

1. Ares Capital

Ares Capital (ARCC 0.83%) is a leading business-development company (BDC). BDCs provide loans to and invest in small- to medium-sized privately owned businesses. Ares' portfolio includes more than 450 companies. 

Although Ares stock is down year to date, it's easily beating the S&P 500. The relatively small decline in 2022 has also pushed Ares' share price below $20.

The company's portfolio is well-diversified, with more than 15 industries represented. No company makes up more than 9.2% of its total investments. The BDC likes to focus on lending to and investing in businesses with strong free cash flow that operate in industries that are resilient to cyclical trends.

Despite the overall economic uncertainty, Ares' business continues to perform quite well. Its core earnings jumped 9% sequentially in the third quarter of 2022. The company's balance sheet also remains strong, with a limited amount of near-term debt maturities.

In some ways, the current climate helps Ares. The company's core earnings increased in Q3, in large part because of higher interest rates. Lower liquidity in credit markets and leveraged finance markets could also enable Ares to attract larger customers that might otherwise seek financing from these markets.

BDCs are similar to real estate investment trusts (REITs) in that they must return at least 90% of taxable income to shareholders in the form of dividends. Ares' dividend yield currently stands at nearly 9.9%. The company has increased its dividend three times in 2022.

2. Medical Properties Trust

Speaking of REITs, Medical Properties Trust (MPW -8.68%) (MPT) stands out as one that's looking quite attractive these days. Sure, the stock has plunged nearly 50% this year and now has a price of only a little over $12. However, MPT's underlying business still seems very healthy.

The company leases 435 facilities to hospital operators in 10 countries. The company remains solidly profitable, despite its tenants facing headwinds. It also significantly reduced short-term debt in the third quarter, thanks largely to the sale of 11 facilities to Prime Healthcare.

Importantly, the financial outlook for MPT's tenants is getting better. MPT CEO Ed Aldag noted in the company's Q3 call that Medicare reimbursement rates will soon increase. He also stated that hospital operators should be able to successfully negotiate even higher reimbursement increases with other payers.

Inflation doesn't present a big problem for MPT because the company's leases include inflation-linked rent increases. The Federal Reserve's actions to fight inflation by raising interest rates, though, will almost certainly put a damper on MPT's growth over the near term.

This shouldn't interrupt MPT's dividend payments. The company offers a dividend yield of more than 9.4%. It has increased its dividend payout for eight consecutive years. With a dirt cheap valuation, an attractive dividend, and an improving outlook for its tenants, this healthcare REIT appears to be a great high-yield dividend stock to buy for under $20.