How to Get a $30,000 Loan (2024)

Credible takeaways

  • A $30,000 personal loan can be used for almost any purpose.
  • Online lenders, banks, and credit unions offer $30,000 loans.
  • Even if you have bad credit, you can still get a $30,000 loan.

You can get a $30,000 loan by shopping around and prequalifying with multiple lenders. Available from online lenders, banks, and credit unions, a $30,000 loan can be used to cover a medical bill, home repair, or almost any other purpose. However, finding the right $30,000 loan for you can depend on several factors, including the annual percentage rate (APR) and repayment term.

Where to get a $30,000 loan

You can find $30,000 loans from a few different places:

  • Online lenders: If you need fast cash, a loan from an online lender may be your best bet. The application process takes place entirely online and depending on the lender, you can receive your funds the same day you get approved or in a few business days.
  • Banks: Many large and smaller, community banks offer loans in addition to other products like checking and savings accounts. If you already have an account with a certain bank, you might be able to turn to them for a competitive APR on a loan.
  • Credit unions: Because they’re nonprofit organizations, credit unions can often have lower APRs than banks. They may also have more flexible requirements, but you may have to become a member to apply for a loan.

Check Out: Best Same-Day Loans

How to Get a $30,000 Loan (1)

A note on APR

When comparing loans, you may see APR referenced quite a bit. The APR is the total cost of your loan, and includes the interest rate and upfront fees. This makes it a better tool for comparison purposes instead of just relying on interest rate alone.

Advertiser Disclosure

4.24.2

Credible rating

Fixed (APR)

6.99% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

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Overview

Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.

Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.

Loan amount

$5,000 to $100,000

Repayment terms

2 - 12 years, depending on loan purpose

Fees

None

Discounts

Autopay

Eligibility

Available in all states except RI and VT

Min. income

Does not disclose

Customer service

Email

Soft credit check

No

Time to get funds

As soon as the next business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Read full review

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

Check Rates

on Credible’s website

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Overview

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Discounts

None

Eligibility

Available nationwide

Min. income

$12,000

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Read full review

4.44.4

Credible rating

Fixed (APR)

-

Loan Amounts

$2500 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

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Overview

Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.

Funds are available as soon as the next business day after loan approval.

Loan amount

$2,500 - $40,000

Repayment terms

3 - 7 years

Fees

Late fee

Discounts

None

Eligibility

Available in all 50 states

Min. income

$40,000

Customer service

Phone

Soft credit check

Yes

Time to get funds

Funds can be sent as soon as the next business day after acceptance

Loan uses

Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Read full review

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Email

Soft credit check

Yes

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Read full review

44

Credible rating

Loan Amounts

$1000 to $40000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

Overview

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.

Loan amount

$1,000 to $40,000

Fees

Origination fee

Discounts

None

Eligibility

Available in all 50 states

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

Within 3 days

Loan uses

Debt consolidation, paying off credit cards

Read full review

4.94.9

Credible rating

Fixed (APR)

8.99% - 29.99%

Loan Amounts

$5000 to $100000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

View Details

Overview

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Loan Amount

$5,000 to $100,000

Repayment terms

2 - 7 years

Fees

Option to pay an origination fee (up to 6%) in exchange for a lower rate

Discounts

Autopay, direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Phone, email, live chat

Soft credit check

Yes

Time to get funds

Typically within a few days, given approval and bank account verification, but sometimes within the same day

Loan uses

Solely for personal, family, or household uses

Read full review

44

Credible rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

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Overview

Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).

Loan amount

$2,000 to $50,000

Fees

Origination fee, late fee, unsuccessful payment fee, check processing fee

Discounts

None

Eligibility

Available in all states except DC, IA, VT, and WV

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days after successful verification

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Read full review

4.34.3

Credible rating

Fixed (APR)

-

Loan Amounts

$5000 to $35000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

Overview

It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.

Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.

Loan amount

$5,000 - $100,000 (up to $35,000 on Credible)

Fees

Origination fee

Discounts

None

Eligibility

Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000

Min. income

$25,000

Customer service

Live chat

Soft credit check

Yes

Time to get funds

Same day available, typically 1-3 days

Loan uses

Debt consolidation, home improvement, medical expenses, major purchases

Read full review

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

Overview

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Loan amount

$1,000 - $50,000

Repayment terms

3, 5, or 7 years

Discounts

Autopay and direct pay

Eligibility

A U.S. citizen or permanent resident; not available in DC, IA, SC, WV

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 business day after acceptance

Loan uses

Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases

Read full review

3.93.9

Credible rating

Fixed (APR)

11.72% - 17.99%

Loan Amounts

$3000 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

Overview

Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.

You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.

Loan amount

$5,000 to $40,000

Fees

Origination fee

Discounts

None

Eligibility

Available in all states except MA, MS, NV, and OH

Min. income

None

Customer service

Phone, email, chat

Soft credit check

Yes

Time to get funds

As soon as 2 - 5 business days after verification

Loan uses

Debt consolidation and credit card consolidation only

Read full review

44

Credible rating

Fixed (APR)

-

Loan Amounts

$20000 to $200000

Min. Credit Score

660

Check Rates

on Credible’s website

View Details

Overview

BHG Money stands out for offering the largest loan amounts up to $200,000 of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.

Loan amount

$20,000 - $200,000

Repayment terms

3 - 10 years

Fees

Origination fees, late fees

Discounts

None

Eligibility

Available in all states except Maryland and Illinois

Min. income

$100,000

Customer service

Email, phone

Soft credit check

Not on lender's site

Time to get funds

In as few as 5 days

Loan uses

Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other

Read full review

3.73.7

Credible rating

Fixed (APR)

14.30% - 35.99%

Loan Amounts

$3500 to $40000

Min. Credit Score

640

Check Rates

on Credible’s website

View Details

Loan amount

$3,500 to $40,000

Fees

Origination Fee, $15 Late Fee, $25 NSF Fee

Discounts

None

Eligibility

Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories

Min. income

$1,000 monthly

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

Funds typically deposited into your account in 1 business day13

Loan uses

Debt consolidation, credit card refinancing

Read full review

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Types of $30,000 loans

There are two types of $30,000 loans, unsecured and secured loans. Both are personal loans, but secure the loan in different ways.

Unsecured loans

Unsecured personal loans provide a lump sum which you repay with interest through fixed monthly payments over a set term. Most repayment terms can range from one to seven years.

Unsecured loan lenders scrutinize your credit profile and may require good to excellent credit to qualify for a $30,000 personal loan.

While unsecured loans don’t require collateral, they can have higher APRs as a result. However, unsecured loans can have lower APRs than a credit card. The average APR for a 24-month personal loan was 12.49% in February 2024, while the average credit card APR was 21.59%, according to The Federal Reserve.

Check Out: Personal Loan vs. Credit Card

Secured loans

Unlike an unsecured loan, these loans can be secured by collateral, like your house, car, or investment accounts. While secured loans can have lower APRs because of your collateral, you can lose your asset if you default on the loan, making them more of a risk for you than the lender.

Learn More: How Does a Personal Loan Default Happen?

How to qualify for a $30,000 loan

Requirements to qualify for a $30,000 personal loan can vary but most lenders typically evaluate the following factors.

  • Credit profile: Before lending to you, lenders may review your credit score and history to determine how much of a risk you may be. Your payment history tells them how consistent you may be with making your payments on time, while your score can determine your APR and loan amount. For example, a credit score below 550 may result in a higher APR.
  • Income: If you’re requesting a loan amount of $30,000, a lender may want to verify that you have a high enough income to repay that amount back, plus interest. Many lenders have minimum income requirements, so shop around to find the right one for you.
  • Debt-to-income ratio (DTI): Your DTI tells a lender how much of your current gross monthly income goes toward debt payments each month. This factor gives insight into whether or not you can afford another payment. Most lenders prefer a DTI of 35% or less.

Related: How Much of a Personal Loan Can I Get?

How to apply for a $30,000 loan

If you’re interested in a $30,000 loan, here are the steps to apply:

  1. Check your credit: Visit AnnualCreditReport.com to pull free copies of your credit reports from the three major credit bureaus. You can dispute any errors and possibly improve your credit score.
  2. Shop around: Not all $30,000 loans are created equal. Research and explore options from different lenders so you can zero in on the ideal loan for you. Compare APRs, fees, and terms.
  3. Prequalify: You can prequalify with multiple lenders and it won’t impact your credit score, however applying for the loan may. Prequalification is not an offer of credit and the final rate you receive may be different from the estimate.
  4. Fill out an application: After you determine the right $30,000 loan for you, complete the application online or in-person. Be prepared to submit documents, like your pay stubs and bank statements. The lender will then perform a hard credit pull once you apply, which can bring your score down temporarily.
  5. Get your funds: Upon approval, most lenders can distribute your funds via direct deposit as soon as the same or next business day. Some lenders may take up to a week.

Learn More: How Long Does It Take To Get a Personal Loan?

How to get a $30,000 loan with bad credit

If you have bad credit, you may still be able to get a $30,000 loan. These tips can increase your chances of qualifying with bad credit.

  • Consider secured loans: Secured loans require collateral or something valuable you own, like your home, car, or savings account. They may be easier to get than unsecured loans, and can often have lower APRs. But if you default, the lender can seize your collateral.
  • Explore credit unions and community banks: Credit unions and community banks tend to have more lenient qualification requirements than banks or some online lenders. You also may be more likely to get approved for a $30,000 loan if you’re already a customer of the bank or credit union.
  • Get a cosigner: A cosigner can be your spouse, parent, or anyone else you trust who has solid credit and stable income. They can become responsible for paying back the loan if you default. If you apply with a cosigner, you might be able to land a $30,000 loan that you wouldn’t qualify for on your own. However, not all lenders may accept cosigners.
  • Apply with a co-borrower: Co-borrowers can also be responsible for payments and can be someone with good credit that can help you get approved. However, unlike a cosigner, a co-borrower has equal access to the funds.
  • Improve your credit: Pay your bills on time, repay debt, and keep old credit accounts open. By doing so, you can boost your credit score and the likelihood of approval.

Related: Ways To Pay Off Debt Fast

Personal loans for bad credit

Advertiser Disclosure

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

Check Rates

on Credible’s website

View Details

Overview

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Discounts

None

Eligibility

Available nationwide

Min. income

$12,000

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Read full review

4.54.5

Credible rating

Fixed (APR)

8.49% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

600

Check Rates

on Credible’s website

View Details

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Email

Soft credit check

Yes

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Read full review

3.93.9

Credible rating

Fixed (APR)

9.95% - 35.99%

Loan Amounts

$2000 to $35000

Min. Credit Score

550

Check Rates

on Credible’s website

View Details

Overview

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Loan amount

$2,000 to $35,000**

Fees

Origination fee, late fee, dishonored payment fee

Discounts

None

Eligibility

Available in all states except HI, IA, MA, ME, NY, VT, and WV

Min. income

$1,200 monthly

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Loan uses

Debt consolidation, emergency expense, life event, home improvement, and other purposes

Repayment terms

1 to 5 years (2 to 5 years through Credible)

Read full review

4.34.3

Credible rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

560

Check Rates

on Credible’s website

View Details

Overview

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Loan amount

$1,000 - $50,000

Repayment terms

3, 5, or 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

A U.S. citizen or permanent resident; not available in DC, IA, SC, WV

Min. income

None

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 business day after acceptance

Loan uses

Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases

Read full review

3.93.9

Credible rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

540

Check Rates

on Credible’s website

View Details

Overview

OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.

Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.

Loan amount

$1,500 to $20,000

Fees

Origination fee, unsuccessful payment fee, late fee

Discounts

None

Eligibility

Must have photo I.D. issued by U.S. federal, state or local government

Min. income

Does not disclose

Customer service

Phone, email

Soft credit check

Yes

Time to get funds

As soon as 1 to 2 days after acceptance

Loan use

All except business, and education

Read full review

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

$30,000 loan FAQ

How much would a $30,000 loan cost per month?

The monthly cost of a $30,000 loan depends on a couple of factors which can include the APR and repayment term. For example, if you took out a $30,000 loan with a seven year term and a 16% APR, you might pay $595.86 per month. By the time you pay off the loan, you may end up paying $20,052 in total interest.

How hard is it to get a $30,000 dollar loan?

In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you’re having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan. A secured loan may also help you qualify and land you a lower APR, but your collateral may be at risk if you default.

What is a secured personal loan vs unsecured?

Unsecured loans can have higher APRs, as a lender examines your credit profile to determine eligibility for the loan. Secured loans are backed by collateral, like your car or home and can have a lower APR as a result. However, If you stop making payments, the lender may take your collateral to recoup its losses.

Read More:

  • Guide To Personal Loans
  • Personal Loan Requirements
  • How Do Personal Loans Work?
  • What Are Personal Loans Used For?
  • What Are Collateral Loans?
  • How To Get a Low-Interest Loan?
  • Best Personal Loan Rates
  • Best Personal Loans for Fair Credit

Meet the expert:

Anna Baluch

Anna Baluch is a personal finance freelance writer with years of experience writing for well-known media outlets in the business and personal finance space. Her work can be found on media outlets like The Balance, Freedom Debt Relief, LendingTree, Credit Karma, Nav, and RateGenius. She holds a bachelor's degree in marketing from Northwood University and an MBA from Roosevelt University.

How to Get a $30,000 Loan (2024)

FAQs

How hard is it to get a 30k loan? ›

In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.

What is the monthly payment on a $30,000 loan? ›

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Loan AmountLoan Term (Years)Estimated Fixed Monthly Payment*
$25,0005$514.57
$30,0003$926.18
$30,0005$608.15
$35,0003$1080.54
13 more rows

What credit score do you need to get a $20,000 loan? ›

Requirements for a $20,000 Personal Loan

This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.

What credit score do I need for a 50000 loan? ›

You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.

How long would it take to pay off a 30 000 loan? ›

If you only make the minimum payment each month, it will take about 460 months, or about 38 years, to pay off that $30,000 balance.

Can I get a $30,000 loan with bad credit? ›

$30,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.

What is 6% interest on a $30,000 loan? ›

For example, the interest on a $30,000, 36-month loan at 6% is $2,856.

How much would a $25000 loan be a month? ›

Here are the monthly payments on a $25,000 personal loan
Interest RateRepayment TimelineMonthly Payment
11.48%5 Years$549.65
6.00%10 Years$277.55
18.00%10 Years$450.46
Aug 28, 2023

How much would a $50,000 loan cost per month? ›

Here's what a $50,000 loan would cost you each month
8.00%
Two-Year Repayment$2,261.36/month, $4,272.75 in interest over time
Seven-Year Repayment$779.31/month, $15,462.10 in interest over time
10-Year Repayment$606.64/month, $22,796.56 in interest over time
Jan 20, 2024

How much income do I need for a 20k loan? ›

You need at least $10,500 in annual income to get a personal loan, in most cases. Minimum income requirements vary by lender, ranging from $10,500 to $100,000+, and a lender will request documents such as W-2 forms, bank statements, or pay stubs to verify that you have enough income or assets to afford the loan.

How much is a $20,000 loan for 5 years? ›

A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43.

Is it hard to get a 20k personal loan? ›

As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.

Is it hard to get a $50 000 loan? ›

The ease of getting a $50,000 loan depends on your credit and a lender's specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms.

How to get a large personal loan? ›

To qualify for a large loan, however, you'll generally need:
  1. A high credit score: You'll often need a credit score of at least 670 to 739 be approved for a personal loan. ...
  2. A high income: Your lender will want to see that you can repay the loan with your income.

What credit score is needed for a $25,000 loan? ›

Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.

What credit score do you need to get a 30k car loan? ›

There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car. Even moving up a few points can make a big difference if you have a low score.

Can I get a 30k loan with a 650 credit score? ›

What is the Minimum Credit Score to apply for a Personal Loan? HDFC Bank requires a minimum credit score of 650 to be eligible for Personal Loans. The credit score can vary from bank to bank.

How much would a 30k car cost a month? ›

If you have been qualified for a $30,000 car loan, the monthly payment depends on the amount of the down payment, interest rate, and loan length. For example, with a down payment of $2,500, an interest rate of 5%, and a loan length of three years, you will have to pay $824.20/month.

How much can you get approved for making 30k a year? ›

The safe conventional way of doing things is to take 1/4 of your monthly income as your mortgage payment. For a 30k/year salary, your monthly payment should be around $625. If your loan is at 4% and you put 20% (like you should), with a 15 year loan, you could get a $105K home.

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