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You can take out a $30,000 personal loan to cover medical bills, home repairs, or emergency expenses. Carefully consider the costs of your loan and research lender options to find the best personal loan for you.
Here’s what you should know before getting a $30,000 personal loan:
- Where to get a $30,000 personal loan
- What to consider when comparing $30,000 loans
- Getting a $30,000 loan with fair or bad credit
- Cost to repay a $30k loan
Where to get a $30,000 personal loan
Here are a few of your lender options for getting a $30,000 personal loan:
- Online lenders
- Banks
- Credit unions
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Online lenders
Getting an online loan can be a convenient option, especially if you need to borrow money quickly. The time to fund for online personal loans is typically five days or less — though some lenders offer loan funding as soon as the same or next business day if you’re approved.
Here are Credible’s partner lenders that offer $30,000 personal loans:
| Lender | Fixed rates | Loan amounts | Check rates |
|---|---|---|---|
Credible Rating
View details | 7.99% - 29.99% APR | $10,000 to $50,000 | Check Rates |
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Credible Rating
View details | 9.95% - 35.99% APR | $2,000 to $35,000** | Check Rates |
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Credible Rating
View details | 11.79% - 20.84% APR | $10,000 to $50,000 | Check Rates |
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Credible Rating
View details | 8.99% - 35.99% APR | $2,000 to $50,000 | Check Rates |
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Credible Rating
View details | 7.99% - 24.99% APR | $2,500 to $40,000 | Check Rates |
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Credible Rating
View details | 11.72% - 17.99% APR | $5,000 to $40,000 | Check Rates |
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Credible Rating
View details | 9.57% - 35.99% APR | $1,000 to $40,000 | Check Rates |
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Credible Rating
View details | 7.49% - 25.49% APR with autopay | $5,000 to $100,000 | Check Rates |
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Credible Rating
View details | 6.99% - 35.99% APR | $2,000 to $50,000 | Check Rates |
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Credible Rating
View details | 8.99% - 29.99% APR10 | $5,000 to $100,000 | Check Rates |
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Credible Rating
View details | 8.49% - 35.99% APR | $1,000 to $50,000 | Check Rates |
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Credible Rating
View details | 7.8% - 35.99% APR4 | $1,000 to $50,0005 | Check Rates |
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Achieve
With Achieve, you borrow $10,000 to $50,000 with a term ranging from two to five years. Keep in mind that you might get a lower rate with Achieve if you plan to use at least 85% of your loan to pay off existing debt or if you can show proof of retirement savings.
Avant
With Avant, you can borrow $2,000 to $35,000* with a term ranging from two to five years**. Avant might be a good option for borrowers with poor or fair credit.
Axos
Axos Bank offers personal loans from $10,000 to $50,000 with terms from three to six years. You’ll typically need good to excellent credit to qualify for an Axos Bank loan.
Best Egg
Best Egg personal loans range from $2,000 to $50,000 with either three- or five-year terms. Keep in mind that Best Egg considers other credit attributes and your digital footprint on top of your credit score, which means you might still qualify even if you have less-than-perfect credit.
Discover
If you need a longer loan term, Discover might be a good option — you could have up to seven years to repay your loan. With Discover, you can borrow $2,500 to $40,000.
Happy Money
Happy Money personal loans are designed specifically for credit card consolidation. With Happy Money, you can borrow $5,000 to $40,000 with a term from two to five years.
LendingClub
LendingClub is one of the few personal loan companies that allows borrowers to apply with a cosigner. This could increase your chances of getting approved for a loan even if you have poor credit.
LightStream
With LightStream, you can borrow $5,000 to $100,000. Most LightStream loans have terms from two to seven years, but if you’re using your loan for home improvements, you could have up to 12 years to repay it. Plus, if you’re approved, you could have your loan funded as soon as the same business day.
Prosper
Prosper operates a peer-to-peer lending platform. This means that an investor will need to commit to funding your loan, which can range from $2,000 to $50,000.
Keep in mind that this process might take longer compared to other online lenders, so another lender might be better if you need the funds as soon as possible.
SoFi
With SoFi, you can borrow $5,000 to $100,000 with a term from two to seven years. If you’re approved, you’ll also enjoy access to perks like unemployment protection and career coaching.
Upgrade
Upgrade could be a good choice for borrowers with fair credit. You can borrow $1,000 to $50,000 with two to seven years to repay the loan.
Upstart
Unlike other personal loan lenders, Upstart will consider your education and job history when reviewing your application.
This means you could qualify even if you have little to no credit history. If you’re approved, you might be able to borrow $1,000 to $50,0005.
Learn More:
Banks
There are many banks that offer personal loans. Plus, if you already have a checking or savings account with a bank, you might qualify for a loyalty discount if you apply for a personal loan with them.
Keep in mind: Some major banks — such as Bank of America, Capital One, and Chase — don’t offer personal loans.
If you want to take out a $30,000 personal loan with a bank, here are a few of your options.
Check Out: Where to Get a Personal Loan
Credit unions
Because credit unions are nonprofit organizations, they tend to offer better rates and terms compared to banks. They also sometimes have less stringent qualification requirements.
Keep in mind: Credit unions generally have lower loan maximums than other types of lenders, though there are some credit unions that offer $30,000 personal loans.
You’ll also need to join the credit union to take out a loan. To be eligible for credit union membership, you might need to live in a certain area, work in a specific field, or join an associated organization.
Here are a few credit unions to consider.
Learn More:
What to consider when comparing $30,000 loans
Before you apply for a $30,000 personal loan, there are a few factors to consider first. Here’s what to keep in mind:
- Interest rates
- Fees
- Repayment terms
- Monthly payment
- Total repayment costs
1. Interest rates
Your interest rate is one of the major factors that will affect how much you’ll pay for your loan in addition to the loan principal. You’ll generally need good to excellent credit to qualify for the lowest rates offered by lenders.
Keep in mind: Most personal loans come with fixed rates, though there are some lenders that offer variable rates as well. Fixed rates stay the same over the life of the loan while variable rates could fluctuate over time.
Before you borrow, be sure to consider how much a personal loan will cost you so you can prepare for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
?Enter the total amount borrowed $
?Enter your annual interest rate %
or
?Enter the amount of time you have to repay your loan years
Total Payment
$Total Interest
$Monthly Payment
$With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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2. Fees
Some lenders charge fees for personal loans. A few common fees you might come across include:
- Origination fees that are deducted before your loan is disbursed to you
- Late fees if you miss a payment
- Prepayment penalties if you pay off your loan ahead of schedule
Tip: As you compare lenders, be sure to take any fees they charge into account.
Check Out: Home Equity Loan vs. Personal Loan
3. Repayment terms
Personal loan terms typically range from one to seven years, depending on the lender. It’s usually a good idea to choose a short repayment term to potentially get a lower interest rate, which could save you money over the life of your loan.
Tip: Shorter loan terms tend to come with lower rates. It’s usually a good idea to choose the shortest term you can afford to save as much as you can on interest charges.
Check Out: How to Get a $50,000 Personal Loan Fast
4. Monthly payment
Your payment is a fixed amount you’ll have to pay each month. Before applying for a loan, make sure the monthly payments will fit comfortably in your budget.
Tip: If you need a lower monthly payment, consider opting for a longer repayment term. Just keep in mind that having a longer term means you’ll pay more in interest over time.
Learn More: How to Get a $20,000 Personal Loan Fast
5. Total repayment costs
Before you sign for a loan, the lender will send you a Truth in Lending Act (TILA) disclosure, which will show you how much you’ll repay in total over the life of your loan including interest and fees. Be sure to review carefully to understand how much you’ll be responsible for in the future.
Pay special attention to these two numbers:
- The finance charge: This is the cost of your loan, including interest and fees, assuming you make all your payments on time.
- Total payments: This is the sum of all the payments you’ll make to pay off your loan, including the loan principal and finance charges.
Getting a $30,000 loan with fair or bad credit
While you’ll generally need good to excellent credit to get approved for a $30,000 personal loan, you might still be able to qualify even if you have poor or fair credit.
There are several lenders that offer personal loans for bad credit — however, keep in mind that these loans often come with higher rates compared to good credit loans.
If you’re struggling to get approved, you could also consider applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
For example: Say you applied for a $30,000 personal loan by yourself and qualified for a three-year loan with a 13% interest rate due to having poor credit. By the end of your term, you’ll have paid a total of $36,389.
However, if you applied with a cosigner and qualified for a three-year loan with a 9% interest rate, you’d pay $34,343 instead. This means adding a cosigner saved you $2,046 over the life of the loan.
If you can wait to get your personal loan, you could also consider building your credit first to potentially qualify for better rates in the future.
Cost to repay a $30k loan
In the table below, you can see how the repayment term, interest rate, and monthly payment affect the total repayment cost of a $30,000 personal loan. The interest rates in these examples are hypothetical and only for illustrative purposes.
| Loan term | APR | Monthly payment | Total interest | Total paid |
|---|---|---|---|---|
| 2 years | 5.00% | $1,316 | $1,587 | $31,587 |
| 3 years | 6.00% | $913 | $2,856 | $32,855 |
| 4 years | 7.00% | $718 | $4,483 | $34,482 |
| 5 years | 8.00% | $608 | $6,498 | $36,497 |
| 6 years | 9.00% | $541 | $8,935 | $38,935 |
| 7 years | 10.00% | $498 | $11,835 | $41,834 |
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About Rates and Terms:Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.
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Home » All » Personal Loans » How to Find a $30,000 Personal Loan for Any Credit Score
Personal Loan Basics
- Personal Loan Interest Rates
- How to Get a Personal Loan
- Qualify for a Personal Loan
- Where to Get a Personal Loan
- Time to Fund a Personal Loan
- How to Get Out of Credit Card Debt
Personal Loan Amounts
- Get a $5,000 Loan
- Get a $10,000 Loan
- Get a $20,000 Loan
- Get a $50,000 Loan
- Get a $100,000 Loan
Tools and Resources
- Good Credit Loans
- Fair Credit Loans
- Bad Credit Loans
- Compare Personal Loan Rates
- Current Personal Loan Rates
- Best Personal Loans
- Best Debt Consolidation Loans
- Personal Loan Calculator
