Of the roughly $17.69 trillion in total household debt reported in 2024 by the Federal Reserve Bank of New York, $543 billion comes from retail cards and other personal loans.
As consumer borrowing continues to increase in volume, you might be part of a growing number of people looking to take on debt to pay for debt consolidation, medical bills, home improvements, or a large purchase. If you need a personal loan of $30,000 or more, you're in the right place.
You can get a $30,000 loan by shopping around and prequalifying with multiple lenders. Available from online lenders, banks, and credit unions, personal loans can be used to cover almost anything.
However, finding the right $30,000 loan for you depends on several factors, including the annual percentage rate (APR) and repayment term.
Where to get a $30,000 loan
You can find $30,000 loans from a few different places:
- Online lenders: If you need fast cash, a loan from an online lender may be your best bet. The application process takes place entirely online and depending on the lender, you can receive your funds the same day you get approved or in a few business days.
- Banks: Many large and smaller, community banks offer loans in addition to other products like checking and savings accounts. If you already have an account with a certain bank, you might be able to turn to them for a competitive APR on a loan.
- Credit unions: Because they're nonprofit organizations, credit unions can often have lower APRs than banks. They may also have more flexible requirements, but you may have to become a member to apply for a loan.
Check Out: Best Same-Day Loans
Types of $30,000 loans
There are two types of $30,000 loans, unsecured and secured loans. Both are personal loans, but secure the loan in different ways.
Unsecured loans
Unsecured personal loans provide a lump sum which you repay with interest through fixed monthly payments over a set term. Most repayment terms can range from one to seven years.
Unsecured loan lenders scrutinize your credit profile and may require good to excellent credit to qualify for a $30,000 personal loan.
While unsecured loans don't require collateral, they can have higher APRs as a result. However, unsecured loans can have lower APRs than a credit card. The average APR for a 24-month personal loan was 12.33% in August 2024, while the average credit card APR was 21.86%, according to the Federal Reserve.
Compare: Personal Loan vs. Credit Card
Secured loans
Unlike an unsecured loan, these loans can be secured by collateral, like your house, car, or investment accounts. While secured loans can have lower APRs because of your collateral, you can lose your asset if you default on the loan, making them more of a risk for you than the lender.
Cost of a $30,000 loan
The cost of a $30,000 loan ends up being more than $30,000, but how much more depends entirely on your repayment term, APR, and fees. The longer your term and higher your APR, the more you will pay in interest over the life of your loan.
The following factors contribute to the cost of a personal loan:
- Repayment term: This is the amount of time you have to repay your loan, and it might range from one to more than 10 years, depending on the lender and what you use the loan for. You agree on a repayment term when opening a loan and typically make fixed monthly payments for the duration of this term. A longer term often means making lower monthly payments but paying more in interest, but you might get a lower APR on a shorter loan term (though this depends on your credit profile).
- APR: The APR is the total cost of your loan, and it includes the interest rate and upfront fees expressed as a yearly cost of credit. This makes it a better tool for comparison purposes than relying on your interest rate alone. Lenders are legally required to show you your APR in the terms of your loan.
- Fees: Many personal loan lenders charge origination fees when you take out your loan. These fees are generally deducted from your loan itself, meaning you will receive less money than you requested. Origination fees are often 1% to 10%, and they are included in your APR, as if you were to spread the payment out over the life of your loan (even though you pay them upfront).
Below is a breakdown of different costs you would incur on a $30,000 loan with various rates and terms.
How to qualify for a $30,000 loan
Requirements to qualify for a $30,000 personal loan can vary but most lenders typically evaluate the following factors.
- Credit profile: Before lending to you, lenders may review your credit score and history to determine how much of a risk you may be. Your payment history tells them how consistent you may be with making your payments on time, while your score can determine your APR and loan amount. For example, a credit score below 550 may result in a higher APR.
- Income: If you're requesting a loan amount of $30,000, a lender may want to verify that you have a high enough income to repay that amount back, plus interest. Many lenders have minimum income requirements, so shop around to find the right one for you.
- Debt-to-income ratio (DTI): Your DTI tells a lender how much of your current gross monthly income goes toward debt payments each month. This factor gives insight into whether or not you can afford another payment. Most lenders prefer a DTI of 35% or less.
Learn More: What Are the Requirements for a Personal Loan?
How to apply for a $30,000 loan
If you're interested in a $30,000 loan, here are the steps to apply:
- Check your credit: Visit AnnualCreditReport.com to pull free copies of your credit reports from the three major credit bureaus. You can dispute any errors and possibly improve your credit score.
- Shop around: Not all $30,000 loans are created equal. Research and explore options from different lenders so you can zero in on the ideal loan for you. Compare APRs, fees, and terms.
- Prequalify: You can prequalify with multiple lenders and it won't impact your credit score, however applying for the loan may. Prequalification is not an offer of credit and the final rate you receive may be different from the estimate.
- Fill out an application: After you determine the right $30,000 loan for you, complete the application online or in-person. Be prepared to submit documents, like your pay stubs and bank statements. The lender will then perform a hard credit pull once you apply, which can bring your score down temporarily.
- Get your funds: Upon approval, most lenders can distribute your funds via direct deposit as soon as the same or next business day. Some lenders may take up to a week.
Learn More: How Long Does It Take To Get a Personal Loan?
How to get a $30,000 loan with bad credit
If you have bad credit, you may still be able to get a $30,000 loan. These tips can increase your chances of qualifying with bad credit.
- Consider secured loans: Secured loans require collateral or something valuable you own, like your home, car, or savings account. They may be easier to get than unsecured loans, and can often have lower APRs. But if you default, the lender can seize your collateral.
- Explore credit unions and community banks: Credit unions and community banks tend to have more lenient qualification requirements than banks or some online lenders. You also may be more likely to get approved for a $30,000 loan if you're already a customer of the bank or credit union.
- Get a cosigner: A cosigner can be your spouse, parent, or anyone else you trust who has solid credit and stable income. They can become responsible for paying back the loan if you default. If you apply with a cosigner, you might be able to land a $30,000 loan that you wouldn't qualify for on your own. However, not all lenders may accept cosigners.
- Apply with a co-borrower: Co-borrowers can also be responsible for payments and can be someone with good credit that can help you get approved. However, unlike a cosigner, a co-borrower has equal access to the funds.
- Improve your credit: Pay your bills on time, repay debt, and keep old credit accounts open. By doing so, you can boost your credit score and the likelihood of approval.
Related: Ways To Pay Off Debt Fast
Personal loans for bad credit
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
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