A $30,000 loan can help you pay off a large expense or consolidate credit card debt. But generally you will need good credit to get a great personal loan.
If you need to cover car repairs, medical bills or other large expenses, you may need to borrow money. The good news is that many lenders offer personal loans of up to $30,000 that can help you do just that.
But to secure a personal loan for such a large amount, you will need good credit, or a co-signer with good credit.
Where to Get a $30,000 Loan
You can find loans of up to $30,000 with online lenders, and some banks and credit unions offer them as well.
Online loans are convenient as they generally provide quick money. You can often get approved and have money deposited into your account in just a few business days, within 24 hours or even directly Apply on the same day.
gives you reliable Compare Personal Loan Rates from various lenders in minutes.
These trusted partner lenders offer a $30,000 loan.
Since 2012, online lending platform Avant has offered unsecured and secured personal loans.
- Loan: $2,000 to $35,000
- May be good for: Borrowers who may not qualify for loans with other lenders
Established in 2000, Exos Bank offers a variety of financial products, such as checking and savings accounts, personal loans and more.
- Loan: $5,000 to $50,000
- May be good for: borrowers with good or excellent credit
Best Egg is an online lending platform that has disbursed over $11 billion in personal loans.
- Loan: $2,000 to $50,000
- May be good for: Borrowers who wish to consolidate loans or pursue a home improvement project
While Discover is famous for its credit cards, it also offers personal loans.
- Loan: $2,500 to $35,000
- May be good for: Borrowers who want longer repayment terms
FreedomPlus is a personal loan platform that offers fast funding and competitive rates.
- Loan: $10,000 to $50,000
- May be good for: borrowers who want fast access to money
LendingClub is America’s largest lending platform that connects borrowers with investors who have money to lend.
- Loan: $1,000 to $40,000
- May be good for: Borrowers with a strong credit score and low debt-to-income ratio
Lightstream is an online lending division of SunTrust Bank and has one of the highest limits for personal loans.
- Loan: $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: $3,500 to $40,000
- May be good for: Borrowers who want to pay for unexpected expenses or finance home repairs or improvements
Payoff offers personal loans with fixed interest rates and repayment terms of two to five years.
- Loan: $5,000 to $40,000
- May be good for: Borrowers who want to increase their credit score
Prosper is a peer-to-peer lending platform that connects borrowers with investors.
- Loan: $2,000 to $40,000
- May be good for: Borrowers who want to cover the cost of home improvement projects
SoFi offers fixed and variable rate personal loans to borrowers with excellent credit.
- Loan: $5,000 to $100,000
- May be good for: Borrowers with excellent credit who want to borrow a large amount
Upgrade offers faster approval of fixed-rate personal loans to borrowers with a credit score of at least 560.
- Loan: $1,000 to $50,000
- May be good for: Borrowers who want to build their credit score
Upstart is an online lending platform that offers personal loans from multiple lending partners.
- Loan: $1,000 to $50,000
- May be good for: Borrowers who want to repay their loan early
With Reliable, you can Compare Personal Loan Rates from various lenders without affecting your credit score.
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 do not offer personal loans, major banks such as PNC, Wells Fargo and US Bank do.
Credit unions generally have more flexible requirements than banks. And since they are non-profit organizations, you may be able to get better rates and terms. But you will need to join a credit union to get a personal loan. Alliant Credit Union, Navy Federal Credit Union and PenFed Credit Union are some of the credit unions you can consider.
What is the monthly payment on a $30,000 loan?
Since interest rates can vary widely depending on factors such as the lender, loan term, and your personal loan, the monthly payment on a personal loan can vary significantly from borrower to borrower.
Before you take out a $30,000 loan, use 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 what type of loan payments you can expect:
- Rate of interest: 4.99%
- loan term: two years
- Monthly payment: $1,316
- Total interest: $1,584
- Rate of interest: 36%
- loan term: five years
- Monthly payment: $1,084
- Total interest: $35,039
You can see from these two examples that longer-term loans typically yield lower monthly payments, even though the interest rates on five-year loans are much higher. But because the repayment period 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 personal loan
Although personal loans can vary from lender to lender, it is a good idea to compare some common factors when you shop for the best personal loan.
Rate of interest
An interest rate is the amount a lender will charge you for borrowing money. With a lower interest rate, you’ll save more over the life of the loan. On the other hand, a higher interest rate means your loan will be more expensive.
Monthly payment is what you pay to the lender every month to repay your loan. The amount of your monthly payment will depend on your interest rate and loan term. Choose a loan with monthly payments that suits your budget.
Most lenders will charge you a fee extra charge of interest. These may include application fee, origin fee, late payment fee and returned check fee. You may also incur prepayment penalties if you pay off your loan early.
Repayment terms indicate how long it will take you to pay off a loan in full. While a longer repayment period will lower your monthly payment, it will also increase the amount you pay in interest.
Total principal is the total amount that you borrow and have to pay back. There is no interest or fee involved. For example, if you take out a loan for $5,000, your total principal would be $5,000.
Total interest is the total interest you will pay over the life of your loan. The lower your interest rate and the shorter your repayment period, the more interest you will save.
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 poor or fair credit. Shop around and carefully compare the rates, terms, and fees for all your options to find the best lender for a $30,000 loan.
Getting a $30,000 Loan with Good or Bad Credit
Don’t worry if you have bad credit: Some lenders have generous requirements and provide bad credit loans. But the downside with these loans is that they come with higher interest rates than loans meant 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 thousands of dollars in the long run.
If you are looking for personal loan, then Credible gives you easily Compare Personal Loan Rates To find the one which is best for you.
How soon do you need to start paying off your $30,000 personal loan?
While each lender has its own unique requirements, most require borrowers to begin 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 period. But if you make extra payments or pay more than the minimum, you can save on interest and pay off the loan much quicker.