How to get a $30,000 personal loan

A $30,000 loan could help you pay for a big expense or consolidate credit card debt. But you’ll generally need good credit to get a large personal loan.

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Looking for a $30,000 loan? Learn how to get one and where to find lenders who offer large personal loans. (iStock)

If you need to cover a car repair, medical bill or another large expense, you might have to borrow money. The good news is many lenders offer $30,000 personal loans that can help you do just that.

But you’ll likely need good credit, or a cosigner with good credit, to secure a personal loan for such a large amount.

Where to get a $30,000 loan

You can find a $30,000 loan with online lenders, and some banks and credit unions offer them as well.

Online lenders

Online loans are convenient because they typically offer quick funding. You can often get approved and have the money deposited directly into your account in just a few business days, within 24 hours or even the same day you apply. 

Credible lets you compare personal loan rates from various lenders in minutes.

These Credible partner lenders offer $30,000 loans.

Avant

Since 2012, online lending platform Avant has offered unsecured and secured personal loans. 

  • Loan amounts: $2,000 to $35,000
  • May be good for: Borrowers who may not qualify for loans with other lenders

Axos

Founded in 2000, Axos Bank offers a variety of financial products, like checking and savings accounts, personal loans and more.

  • Loan amounts: $5,000 to $50,000
  • May be good for: Borrowers with good or excellent credit

Best Egg

Best Egg is an online lending platform that’s lent more than $11 billion in personal loans.

  • Loan amounts: $2,000 to $50,000
  • May be good for: Borrowers who want to consolidate debt or pursue a home improvement project

Discover

While Discover is well-known for its credit cards, it also offers personal loans.

  • Loan amounts: $2,500 to $35,000
  • May be good for: Borrowers who want longer repayment terms

FreedomPlus

FreedomPlus is a personal loan platform that offers fast funding and competitive rates.

  • Loan amounts: $10,000 to $50,000
  • May be good for: Borrowers who want fast access to funds

LendingClub

LendingClub is America’s largest lending platform that matches borrowers to investors who have money to lend. 

  • Loan amounts: $1,000 to $40,000
  • May be good for: Borrowers with a strong credit score and low debt-to-income ratio

LightStream

LightStream is an online lending division of SunTrust Bank and has one of the highest limits for personal loans.

  • Loan amounts: $5,000 to $100,000
  • May be good for: Borrowers who need to borrow large amounts of money

Marcus by Goldman Sachs

Investment bank Goldman Sachs offers savings accounts, CDs and personal loans through its Marcus brand.

  • Loan amounts: $3,500 to $40,000
  • May be good for: Borrowers who want to pay for unexpected expenses or finance home repairs or improvements

Payoff

Payoff offers personal loans with fixed interest rates and repayment terms of two to five years.

  • Loan amounts: $5,000 to $40,000
  • May be good for: Borrowers who want to boost their credit score

Prosper

Prosper is a peer-to-peer lending platform that matches borrowers with investors.

  • Loan amounts: $2,000 to $40,000
  • May be good for: Borrowers who want to cover the cost of home improvement projects

SoFi

SoFi offers fixed- and variable-rate personal loans to borrowers with good to excellent credit.

  • Loan amounts: $5,000 to $100,000
  • May be good for: Borrowers with excellent credit who want to borrow a large amount

Upgrade

Upgrade provides fast approval of fixed-rate personal loans to borrowers who have a credit score of at least 560.

  • Loan amounts: $1,000 to $50,000
  • May be good for: Borrowers who want to build their credit score

Upstart

Upstart is an online lending platform that provides personal loans from several lending partners.

  • Loan amounts: $1,000 to $50,000
  • May be good for: Borrowers who want to pay off their loan early

With Credible, you can compare personal loan rates from various lenders without affecting your credit score.

Banks

Many banks offer personal loans in addition to checking accounts, savings accounts and other products. If you already have an account with a bank, you may qualify for a loyalty discount on a personal loan. While some banks don’t offer personal loans, major banks like PNC, Wells Fargo and U.S. Bank do.

Credit unions

Credit unions usually have more flexible requirements than banks. And since they’re not-for-profit organizations, you may be able to land better rates and terms. But you’ll likely need to join a credit union to get a personal loan. Alliant Credit Union, Navy Federal Credit Union and PenFed Credit Union are a few credit unions you may want to consider. 

What’s the monthly payment on a $30,000 loan?

Because interest rates can vary widely based on factors like the lender, the loan term and your personal credit, the monthly payment on a personal loan can vary significantly from borrower to borrower. 

Before you take out a $30,000 loan, use a personal loan calculator to estimate how much your monthly payment will be. These examples of average rates and terms can give you an idea of the type of loan payments you can expect:

  • Interest rate: 4.99%
  • Loan term: Two years
  • Monthly payment: $1,316
  • Total interest: $1,584
  • Interest rate: 36%
  • Loan term: Five years
  • Monthly payment: $1,084
  • Total interest: $35,039

You can see from these two examples that a longer loan term typically yields a lower monthly payment, even though the interest rate on the five-year loan is much higher. But because the repayment term is longer and the interest rate is higher, the five-year loan will cost significantly more in interest —  an additional $33,455.

Understand the basics of a personal loan

Although personal loans can vary from lender to lender, it’s a good idea to compare some common factors when you shop around for the best personal loan.

Interest rates

An interest rate is the amount a lender will charge you to borrow money. With a lower interest rate, you’ll save more over the life of the loan. On the flip side, a higher interest rate means your loan will be more expensive. 

Monthly payment

The monthly payment is what you pay to the lender each month to repay your loan. The amount of your monthly payment will depend on your interest rate and loan term. Choose a loan with a monthly payment that works with your budget. 

Fees

Most lenders will charge you fees in addition to interest. These may include application fees, origination fees, late payment fees and returned check fees. You may also have to pay a prepayment penalty if you pay off your loan early. 

Repayment terms 

Repayment terms refer to how long it will take you to completely pay off a loan. While a longer repayment term will lower your monthly payments, it will also increase the amount you pay in interest. 

Total principal

Total principal is the total amount of money you borrow and have to pay back. It doesn’t include any interest or fees. If you take out a loan for $5,000, for example, your total principal will be $5,000. 

Total interest

Total interest is the total amount of interest you’ll pay over the life of your loan. The lower your interest rate and shorter your repayment term, the more you’ll save on interest. 

How to secure a $30,000 personal loan with good credit

If you have good or excellent credit, you’re in luck: You’ll probably be able to lock in the lowest rates and more favorable terms than a borrower with bad or fair credit. To find the best lender for a $30,000 loan, shop around and carefully compare the rates, terms and fees of all your options.

Getting a $30,000 loan with fair or bad credit

Don’t worry if you have bad credit: Some lenders have lenient requirements and offer bad credit loans. But the downfall with these loans is they come with higher interest rates than loans for borrowers with good credit. 

By improving your credit score or adding a cosigner with good credit, you may be able to get approved for a $30,000 loan and save hundreds, or even thousands, of dollars in the long run.

If you’re looking for a personal loan, Credible lets you easily compare personal loan rates to find one that’s best for you.

How soon do you have to start paying back your $30,000 personal loan?

While every lender has its own unique requirements, most require borrowers to start repaying their loan within 30 days. If you stick to your minimum monthly payment, you should pay off your loan at the end of the repayment term. But if you make additional payments or pay more than the minimum, you can save on interest and pay off the loan much sooner.