How To Get A $30k Personal Loan: Our Top Lenders

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A wide variety of lenders offer $30,000 personal loans, including banks, credit unions and online lenders. Since this is a larger loan, you will likely need very good credit or a cosigner to get a loan with bad credit. However, shopping around and prequalifying can help you get the best rate for your situation.

Lenders that offer $30,000 personal loans 

Bankrate’s view

LightStream, an online lender, has some of the best rates in the industry. The lender is best suited for those with excellent credit and strong financials. LightStream loans can be used for practically any purpose, and borrowers can receive the funds as soon as the same day they apply. This lender is also one of the few that doesn’t charge any fees, making its loans cost less than most.

Pros

• Low rates with Rate Beat program
• No fees
• Same-day funding

Cons

• No prequalification
• Good credit required
• Long credit history needed

Bankrate’s view

If your credit isn’t in mint condition, it may be easier to qualify for a $30,000 personal loan with Upgrade. It has a lower minimum credit score requirement of just 580, but even more notably, it offers joint and secured loans. This could make it easier for borrowers with imperfect credit to secure a large loan with a competitive rate.

However, you’ll pay an origination fee of up to 9.99 percent, and you can expect rates as high as 35.99 percent if you have a low credit score.

Pros

• Available to borrowers with bad credit
• Joint loans available
• Option for direct payment to creditors

Cons

• High maximum APR
• High origination fee

Bankrate’s view

SoFi offers $30,000 personal loans with repayment terms of up to seven years. It has competitive interest rates with zero mandatory fees — but to qualify for its lowest rate, you may need to agree to an optional origination fee of up to 7 percent. Borrowers can get the funds as soon as the same day they’re approved, so SoFi may be a good choice in a crunch.

Pros

• Same-day funding
• Co-borrower option
• No required fees

Cons

• Must borrow at least $5,000
• Not available in all states

Bankrate’s view

Upstart may be a good fit for those with little to no credit history. Instead of only considering your credit score, the lender also evaluates alternative factors, like career and education background. That said, Upstart’s top-end interest rate is high and it charges origination fees of up to 12 percent of your loan amount, so if you have bad credit or are new to credit, your loan may be expensive.

Pros

• May qualify with no or bad credit
• Low minimum APR
• Prequalification option

Cons

• High maximum APR
• Steep origination fee
• Only two repayment term options

How to get a $30,000 personal loan

The process for getting a $30,000 loan is similar to applying for most other types of loans. To streamline the process, gather your income and identity verification documents before applying.

1. Check your credit. This will help narrow down the list of lenders to those that can offer loans for your situation.
2. Prequalify with at least three lenders. This will allow you to compare realistic offers side-by-side without impacting your credit.
3. Run the numbers. Check the different offers against your monthly budget to ensure you choose a loan you can afford.
4. Select your offer and wait for a disbursement. When selecting an offer, look closely at perks like zero fees and discounts that can make your loan more affordable.

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Common personal loan requirements

Though many lenders offer loans larger than $30,000, borrowing this kind of money isn’t a small feat. To qualify, you’ll likely need to clear the following hurdles:

• A good credit history: Lenders will check your credit score and payment history by running a hard credit inquiry. This allows them to check your history from the past seven years for on-time payments. For a $30,000 loan, the best personal loan lenders have varying requirements.
• A sufficiently high income: While evaluating your loan application, your lender will look at your income to determine whether you can afford the payments. Each lender has different income requirements, so talk to different lenders to find one that will work with your income level.
• Debt-to-income ratio: Another factor lenders use to determine your ability to repay the loan is your debt-to-income (DTI) ratio. This is a number they calculate by adding together all your debt and dividing it by your pre-tax income. Though some lenders may work with higher DTI ratios, it’s best to have a DTI below 36 percent for larger loans.
• The documents to prove it all: Your lender will require documentation to verify your income and residency. Personal loan documents typically include proof of identity, proof of address and employer and income verification documents like pay stubs.

Long-term costs of a $30,000 personal loan

When you borrow any loan, you agree to pay interest. Over the life of your loan, you will repay the amount you borrowed, plus any interest that accrues. The interest rate on your loan and the time it takes pay down the loan’s principal amount will determine your loan’s total cost over time.

For example, let’s say you take out a $30,000 loan with an annual percentage rate of 8.99 percent. Note that you need an excellent credit score to qualify for an 8.99 percent rate. Here’s what you’ll pay monthly and in interest over the following loan terms:

A five-year repayment term gives you a more affordable monthly payment, but it also means you’ll pay over $3,000 more in interest over the life of the loan than you would if you opted for a three-year term. The best loan is the one that offers the lowest overall cost of borrowing with a monthly payment you can reasonably afford.

Alternatives to a $30,000 personal loan

Consider these alternatives if a $30,000 personal loan isn’t a good fit:

• Home equity loan: If you owe less than your home is worth, you could qualify for a home equity loan with a low rate. They typically offer more competitive rates than personal loans, but expect a loan term of up to 30 years and steeper borrowing costs over time. But remember: If you default on the loan, you could lose your home to foreclosure.
• Personal line of credit: You can opt for a line of credit if you want more flexibility. Like a credit card, you draw funds up to the limit as needed. You don’t have to put your home up as collateral and are only charged interest on the amount you borrow. Interest rates on personal lines of credit are variable, making it challenging to predict total borrowing costs.
• Saving: If you have time before you need funds, consider saving to reach your goal. While it can be tough to save on a tight budget, it can be worth it in the long run since you’ll avoid spending money on interest.

Bottom line

Taking out a $30,000 personal loan can be helpful if you use it wisely. Remember that loans for projects like home renovations, which could add to the value of your home, are considered good debt. Personal loans for expenses 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 cost. Shop around and compare lenders to find the best personal loan rates. Banks and online lenders offer a range of options to help provide a $30,000 loan, greatly simplifying the process and helping you get the funds that you need.