Key learning points
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You can get a $30,000 personal loan from banks, credit unions, online lenders, and peer-to-peer lenders.
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Eligibility requirements vary by lender, but for a loan of this size you’ll likely need a good credit score and a high enough income to qualify for the best rates.
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Prequalification is the key to finding the best offer. You can view the terms and interest rates available to you without affecting your credit.
Personal loan providers offering loans of $30,000 are common. However, if you have less than perfect credit, your choices are more limited.
Loans of this size usually have stricter requirements to limit the lender’s risk. Still, it is possible to get a larger loan even with bad credit, although it will likely come with higher-than-average interest rates and fees. Comparing personal loan rates from multiple lenders is crucial to finding the best terms for your situation, especially when such a large amount is involved.
Where can you get a $30,000 loan?
Different lenders may have better rates or terms, or they may be more responsive to certain credit scores. For example, banks typically have stricter requirements than both credit unions and online lenders. Online lenders like Upstart are generally more lenient, but if your credit needs work out, your loan may come with higher rates and fees.
Here are some options to consider when shopping for a $30,000 personal loan.
| Lender | APR range | Range of the loan amount | Minimum credit score requirement |
|---|---|---|---|
| Best egg | 8.99%-35.99% | $2,000 – $50,000 | 600 |
| LightStream | 7.49%-25.49%* (with AutoPay) | $5,000 – $100,000 | 695 |
| Upgrade | 9.99%-35.99% (with automatic payment) | $1,000 – $50,000 | 600 |
| SoFi | 8.99%-29.49% (with automatic payment) | $5,000 – $100,000 | 680 |
| Upstart | 7.80%-35.99% | $1,000 – $50,000 | No requirement |
| Happy money | 11.72%-17.99% | $5,000 – $40,000 | 640 |
Best egg
Best Egg provides personal loans large enough to pay for home or expensive car repairs, vacations, moving expenses, adoption and more. Best Egg also has a lower minimum credit score requirement than some lenders. It can be a good alternative to investigate whether you have reasonable credit. If you’re not sure if you qualify, you can pre-qualify without a hard credit check.
LightStream
Another online lender, LightStream, has some of the best rates in the industry. The lender is best suited for those with excellent credit and strong financial records.
LightStream loans can be used for almost any purpose, and borrowers can receive the money as soon as they sign up. The lender is also one of the few that doesn’t charge fees, making its loans cheaper than most.
Upgrade
If your credit isn’t in perfect shape, it may be easier to qualify for a $30,000 loan with Upgrade.
It has a lower minimum credit score requirement. But it also offers joint and secured loans. Both options could make it easier for borrowers with imperfect credit to get a large loan at a competitive rate.
SoFi
SoFi offers loans from €5,000 to €100,000, with terms of up to seven years. If you have good credit, SoFi is an excellent option to consider. It offers competitive interest rates with no fees. Borrowers can receive the money as soon as it is approved, so SoFi can be a good choice in an emergency.
Upstart
Upstart may be suitable for those with little to no credit history. Instead of just looking at a borrower’s credit score, the lender evaluates alternative factors, such as education and career background.
That said, origination fees are on the higher side, up to 12 percent. Interest rates are also limited to 35.99 percent. If you have poor or no credit, your loan can be expensive.
Happy money
Happy Money is an online lender that specializes in credit card debt consolidation loans. If you need the loan proceeds for other purposes or to consolidate debts other than credit card debt, then you should look elsewhere.
Although Happy Money’s rates start higher than most lenders listed here, they are capped at 17.99 percent. This is much lower than the average credit card interest rate, so you can still save money.
Requirements to receive a personal loan
Although most lenders offer loans of more than €30,000, borrowing this kind of money is not an easy task. Lenders are likely to impose such requirements.
- A good credit history: Lenders check your credit score and payment history by conducting a hard credit inquiry. This allows them to review your history for the past seven years and see whether you have typically paid on time. For a $30,000 loan, you typically need a credit score above 600 to qualify, or above 700 to get a competitive rate.
- A sufficiently high income: Part of the lender’s evaluation of your loan application includes determining whether you can afford the payments. With a loan amount of €30,000, you need sufficient income to make the monthly payments. Each lender has different income requirements, so talk to several lenders to find one that suits your income level.
- Debt-income ratio: Another factor that lenders use to determine whether you can repay the loan is the debt-to-income ratio (DTI). This is a number they calculate by adding up all your debts and dividing by your income. Although some lenders work with DTIs as high as 43 percent, for larger loans it is best to have a DTI of less than 36 percent.
- The documents to prove it all: When you give the lender all your information, they will want documentation proving that it is all true. Personal loan documents typically include proof of identity, employer and income verification documents, such as a pay stub, and something that proves your address.
- Origination costs: Some lenders charge a fee to cover the costs of processing your loan application. However, sometimes they will waive the origination fee if you have a good credit score.
How to Get a $30,000 Loan
Although the amount may be larger, obtaining a loan of €30,000 is comparable to applying for a personal loan. Simply follow these steps:
- Check your credit. This will help you narrow down the list of lenders to those who can offer loans for your situation.
- Prequalify with at least three lenders. This allows you to compare realistic offers side by side without affecting your creditworthiness.
- Run the numbers. Compare the different offers with your monthly budget to ensure you choose a loan you can afford.
- Select your offer and wait for a payout. When selecting an offer, pay close attention to benefits such as zero fees and discounts that can make your loan more affordable.
Cost of a $30,000 long-term personal loan
When you take out a loan, you agree to pay interest. During the term of your loan, you pay the loan amount plus any accrued interest. The interest on your loan and how quickly you pay off the loan principal will determine the total cost of your loan over time.
For example, suppose you take out a $30,000 loan with an annual interest rate (APR) of 8.99 percent and a term of three years. Your monthly payment is €954 and you will pay approximately €4,339 in interest.
That same loan with a five-year repayment term will cost you $7,356 in interest. However, your budget will be less burdened with a lower monthly payment of €623.
How to Determine If You Need a $30,000 Loan
Personal loans can be used for just about anything, and there are many reasons why you might want to apply for one. However, it is important that you only take out an amount of debt that you can handle. Some of the most common reasons for personal loans include:
- Wedding
- Education
- Home renovations or projects
- Consolidating debts
- Holidays
- Financing a vehicle
While people often take out personal loans for all of the above and more, this isn’t always the best idea. Debt that you use to help you achieve a life goal and build wealth or opportunity in the future can be worthwhile, such as going to college or buying a house.
However, it may not be wise to take on debt to make a luxury purchase or go on vacation. Especially if you are not sure whether you can make the payments.
You want to be sure that taking out such a large loan is a good idea. One of the best ways to use this amount is to consolidate debts from other loans into one loan with a lower interest rate. It can also be a good idea to invest in home renovations with such a loan, as this will likely increase the value of your home and increase your equity.
Whatever you decide, know what you’re getting into. Use a loan calculator to preview your monthly payment and make sure it fits your budget. Then manage your loan so that you can repay it within the specified repayment period.
it comes down to
Taking out a $30,000 personal loan can be beneficial if you use it wisely. Keep in mind that loans for things like home renovations, which can increase the value of your home, are considered “good” debt. Personal loans for things like vacations or weddings are riskier for your finances.
If you plan to take out a loan of this size, make sure you understand the costs. Shop around with different lenders to find the best rates. Banks and online lenders can offer a range of options to meet your needs.
