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Whether you need to cover medical bills, home repairs, or another sudden expense, you might have to borrow money to cover the cost.
If you need to take out a personal loan — such as a $30,000 personal loan — be sure to carefully consider all of your lender options to find the right 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:
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|
|9.95% - 35.99% APR||$2,000 to $35,000**|
|6.79% - 17.99% APR||$5,000 to $35,000|
|4.99% - 35.99% APR||$2,000 to $50,000|
|6.99% - 24.99% APR||$2,500 to $35,000|
|7.99% - 29.99% APR||$10,000 to $50,000|
|7.04% - 35.89% APR||$1,000 to $40,000|
|2.49% - 19.99% APR||$5,000 to $100,000|
|6.99% - 19.99% APR1||$3,500 to $40,0002|
|5.99% - 24.99% APR||$5,000 to $40,000|
|6.95% - 35.99% APR||$2,000 to $40,000|
|5.99% - 18.83% APR||$5,000 to $100,000|
|5.94% - 35.97% APR||$1,000 to $50,000|
|6.46% - 35.99% APR4||$1,000 to $50,0005|
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 Bank offers personal loans from $5,000 to $35,000 with terms from one to five years. You’ll typically need good to excellent credit to qualify for an Axos Bank loan.
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.
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 $35,000.
With FreedomPlus, 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 FreedomPlus 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.
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.
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.
Marcus personal loans are available for $3,500 to $40,0002 with terms from three to six years. Keep in mind that if you make your payments on time for 12 months, Marcus will let you defer one of your payments interest-free.
Payoff personal loans are designed specifically for credit card consolidation. With Payoff, you can borrow $5,000 to $40,000 with a term from two to five years.
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 $40,000.
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.
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 could be a good choice for borrowers with fair credit. You can borrow $1,000 to $50,000 with two, three, five, or six years to repay the loan.
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.
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.
If you want to take out a $30,000 personal loan with a bank, here are a few of your options. Note that these aren’t Credible partner lenders.
Check Out: Where to Get a Personal Loan
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.
Here are a few credit unions to consider. Note that these aren’t Credible partner lenders.
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:
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.
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
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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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
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.
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.
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.
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.
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.
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.
Check Out: How to Get a Personal Loan With Fair Credit
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|
If you decide to get a personal loan, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 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 8%. 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 March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.