A $30,000 personal loan could help you cover the costs of a significant expense, such as a home renovation, medical bills, or a wedding. If you can qualify for a competitive rate, a personal loan could also be a strategic way to consolidate and pay off debt.
You can find personal loans for $30,000 from online lenders, banks, and credit unions. Here are our recommendations for lenders that offer $30,000 personal loans with competitive rates, flexible repayment terms, and other appealing features.
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We’ve selected five popular lenders that stand out for borrowers looking to take out a $30,000 personal loan and have reviewed them below.
Click the lender’s name in the table to see more details about its $30,000 loans.
Lender | Best for | Starting rates (APR) |
Credible | Marketplace | 5.20% |
SoFi | Good credit | 8.99% |
LightStream | Excellent credit | 7.49% |
Upgrade | Fair credit | 8.49% |
Happy Money | Credit card debt | 11.72% |
LendEDU rating: 5.0 out of 5
Credible is an excellent choice for those seeking a $30,000 personal loan due to its vast network of lending partners. As a marketplace, it allows borrowers to compare offers from multiple lenders, ensuring you find the best rate and terms. Credible asks how much you want to borrow while filling out the application to ensure you only receive offers from lenders that match your loan requirements.
LendEDU rating: 5.0 out of 5
SoFi is an excellent choice for borrowers with good credit looking to borrow $30,000. It offers competitive rates and no required fees, making it an affordable option. It provides unemployment protection for borrowers who lose their jobs due to no fault of their own. You can modify your payments if this benefit is triggered to ensure affordability during this difficult time.
LendEDU rating: 4.8 out of 5
LightStream stands out for those with excellent credit. It offers some of the lowest possible rates on personal loans, and borrowers can get up to $100,000 in funds. Its Rate Beat program can lead to a 0.10 percentage point reduction in your interest rate from another lender if it’s better than LightStream offers.
LendEDU rating: 4.9 out of 5
Upgrade may be suitable if you have fair credit. The lender offers an online application process and competitive rates for those with less-than-stellar credit. Upgrade’s flexible repayment options and the potential for direct payment to creditors make it a practical choice for debt consolidation and other financial needs.
LendEDU rating: 4.8 out of 5
Happy Money is an excellent choice for those looking to borrow $30,000 for credit card debt consolidation. This is the only acceptable use of its loan, which allows the lender to help borrowers become debt-free. Member advocates are available to speak to for human support.
The specific criteria to qualify for a personal loan with higher limits will vary by lender, but most look for the following:
If bad credit makes qualifying for a $30,000 personal loan difficult, you may still have options. For one, work on improving your credit before you apply. Making on-time payments on your debts and reducing your credit utilization could help your credit score.
You could also apply with a creditworthy cosigner or pursue a secured personal loan backed with collateral, such as a vehicle or savings account. Secured personal loans can have more lenient credit requirements than unsecured loans, but you risk losing your collateral if you don’t repay your loan.
Secured vs. unsecured loans: Our expert’s take
Typically, collateral will increase your approval odds if you have poor credit or offer lower interest rates than an unsecured personal loan. If you take out a secured loan, be aware the lender can seize that asset if the loan is delinquent or in default. If you don’t want to risk losing an asset and can be approved with a reasonable interest rate without putting up collateral, I would suggest choosing an unsecured loan. As always, keep in touch with the lender—no matter what type of loan you choose—if you need to make a late payment or you experience financial hardship. Many lenders will work with you by offering a grace period or other options, such as SoFi’s unemployment feature.
When you borrow a $30,000 personal loan, you’ll often pay it back monthly over a certain period. Your monthly payments and overall costs depend on your APR and repayment term.
A higher APR will mean larger monthly payments and higher interest charges over the life of your loan. A lower APR could reduce monthly payments and make your loan more affordable. According to the Federal Reserve, the average APR on a two-year personal loan in January 2024 is 12.17%.
The repayment terms you choose will also influence your loan costs. For example, a shorter term of three years will have higher monthly payments but lower long-term costs than a longer term of seven years.
When selecting your repayment term, balance low interest costs with a monthly payment you can afford. Here are examples of personal loans for $30,000 with different APRs and repayment terms:
APR | Term | Monthly payment | Total amount repaid |
9% | 2 years | $1,371 | $32,893 |
12% | 3 years | $996 | $35,871 |
15% | 5 years | $714 | $42,822 |
18% | 7 years | $631 | $52,965 |
Personal loans are a flexible form of financing for almost any expense, but some may have better options. Here are other ways to borrow $30,000:
Method | Best for |
Personal loan | Borrowers with fair or good credit |
HELOC | Homeowners with variable costs |
Home equity loan | Homeowners with predictable expenses |
Peer-to-peer loan | Borrowers with weak credit |
Credit card | Borrowers with solid credit, high income, and a plan for repayment |
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