Where 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 qualify
Looking to cover a large expense with a $30,000 personal loan? Here’s what you need to know. (iStock)
If you’re faced with a large or unexpected expense, like a major car repair or medical bill, you might have to borrow money. The good news is many lenders offer $30,000 personal loans that can help you out. But you’ll likely need good credit, or a cosigner with good credit, to secure a personal loan for such an amount.
If you’re considering getting a $30,000 personal loan, it’s a good idea to compare personal loan rates from multiple lenders. You can easily see your prequalified rates in minutes with Credible.
- Where to get a $30,000 loan
- What credit score do you need for a $30,000 loan?
- What is the monthly payment on a $30K loan?
- Comparing $30K personal loan lenders
- How to apply for a $30,000 personal loan
- Personal loan FAQs
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.
Because online lenders don’t have the operating expenses associated with physical branches, they can often offer lower interest rates. Some also have lower minimum credit score requirements. But keep in mind that to qualify for the best personal loan interest rates, you’ll likely need a very good to excellent credit score.
Credible lets you compare personal loan rates from various lenders in minutes.
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, Navy Federal and PenFed are a few credit unions you may want to consider. Be sure to check with credit unions in your area and see if you meet their eligibility requirements to join.
What credit score do you need for a $30,000 loan?
To qualify for a $30,000 personal loan, you’ll likely need a credit score of at least 670. Lenders will also consider other factors in addition to your credit, such as your income, debt-to-income ratio and employment status.
If you don’t have the best credit, know that some lenders are willing to work with borrowers with lower credit scores. But they’ll charge you a higher interest rate to borrow money. A higher rate can cost you hundreds or even thousands of extra dollars over the life of your loan.
You can increase your chances of getting approved for a personal loan by applying with a cosigner with good credit. Just keep in mind that your cosigner will be responsible for your loan if you fall behind on payments.
What is the monthly payment on a $30K loan?
Since interest rates can vary widely based on factors such as the lender, the loan term, and your credit score, the monthly payment for a personal loan can vary significantly from borrower to borrower.
These two examples of average rates and terms can give you an idea of the type of loan payments you can expect:
Two-year term at a 5% interest rate
- Monthly payment: $1,316
- Total interest: $1,587
- Total payment: $31,587
Five-year term at a 15% interest rate
- Monthly payment: $714
- Total interest: $12,822
- Total payment: $42,821
You can see from these 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, you end up paying more in interest over time. Compared to the two-year loan term, the five-year loan will cost significantly more in interest — an additional $12,822.
Before you take out a $30,000 loan, use a personal loan calculator to estimate how much your monthly payment will be.
Comparing $30K personal loan lenders
Many personal loan lenders offer $30,000 loans, so it’s a good idea to compare as many lenders as possible. As you weigh your loan options, be sure to consider the following:
- Loan amount: Some lenders may let you borrow more than $30,000. Depending on the lender and your financial situation, you can get a loan for $50,000 or even $100,000. Just be sure to borrow only what you need.
- Repayment term: Repayment terms typically range from one to seven years. While a longer term means lower monthly payments, it’ll cost you more in interest over time.
- Interest rate: Ideally, you’d choose a $30,000 loan with the lowest possible interest rate for your credit score. A lower interest rate can save you hundreds or even thousands of dollars over the life of the loan.
- Fees: Many lenders charge origination fees, late fees and prepayment penalties. Since these fees can add up quickly, go with a lender that offers minimal or no fees.
- Funding time: If you have an emergency expense to cover, you’ll likely want a $30,000 loan with fast funding. Depending on the lender, you may be able to get your money the same day you get approved, within 24 hours, or in a few business days.
How to apply for a $30,000 personal loan
If you’d like to take out a $30,000 personal loan, follow these four steps:
- Check your credit report: Visit a site like AnnualCreditReport.com to pull free copies of your reports from all three credit bureaus. If you notice any errors, dispute them with the appropriate bureau to potentially boost your score.
- Compare multiple lenders: Many lenders let you prequalify so you can check your loan offers without any impact to your credit. Be sure to get prequalified with multiple lenders to compare interest rates and terms.
- Use a personal loan calculator: As you compare lenders, use a personal loan calculator to figure out how much different loans will cost you over time. This can help you choose the right loan for your unique financial situation.
- Apply: Once you decide on a $30,000 loan offer, visit the lender’s website to complete the full application. Be prepared to submit documents, such as your ID, pay stubs and tax returns.
Personal loan FAQs
What can you use a personal loan for?
Personal loans can be used for many purposes. If you have multiple high-interest debts, for example, you can consolidate them through a personal loan to potentially save on interest. Other common uses for personal loans include unexpected medical bills, home improvement projects, major purchases and certain new business ventures.
What’s a personal loan origination fee?
When comparing personal loan options, be sure to check if lenders charge origination fees. These fees cover the various expenses that come with processing, underwriting and funding your loan. Most origination fees range from 1% to 10%, depending on the lender.
How soon do you have to start paying back your $30,000 personal loan?
Typically, you’ll need to begin repaying your $30,000 within 30 days of when you receive the funds. But this period may be longer or shorter. Before you commit to a loan, check with your lender to make sure you know exactly when you’ll be responsible for initial repayment.
APR vs. interest rate: What’s the difference?
APR, or annual percentage rate, includes the interest rate and any additional fees the lender charges. Because APR considers all of the expenses associated with the loan, it’s a better indicator of a loan’s total cost.
Lenders charge interest to make money on a loan. The interest rate is that charge expressed as a percentage. The lender applies the interest rate to the loan principal to calculate how much interest a borrower will pay over the life of the loan.
Comparing multiple lenders could help you find the lowest personal loan interest rates available to you. With Credible, you can easily see your prequalified personal loan rates without affecting your credit.