Key takeaways

  • You can get a $30,000 personal loan from banks, credit unions, online lenders and peer-to-peer lenders.
  • Eligibility requirements vary by lender, but for a loan this size, you'll likely need a good credit score and a high enough income to qualify for the best rates.
  • Prequalifying is key to finding the best offer. You'll be able to see the terms and interest rates available to you without impacting your credit.

Personal loans lenders that offer $30,000 loans are common. If you have less-than-perfect credit, however, your choices will be more limited.

Loans this size typically come with stricter requirements to mitigate the lender’s risk. Still, it’s possible to get a larger loan even with bad credit, though it will likely come with higher-than-average interest rates and fees. Comparing personal loan rates from multiple lenders is key to find the best terms available for your situation, especially with such a large sum involved.

Where to get a $30,000 loan

Different lenders may have better rates or terms or they may cater better to certain credit scores. For instance, banks tend to have stricter requirements than both credit unions and online lenders. Online lenders like Upstart tend to be more lenient, but if your credit needs work, your loan may come with higher rates and fees.

Here are some options to consider when shopping for a $30,000 personal loan.

Lender APR range Loan amount range Minimum credit score requirement
Best Egg 8.99%-35.99% $2,000–$50,000 600
LightStream 7.49%-25.49%* (with AutoPay) $5,000–$100,000 695
Upgrade 8.49%-35.99% (with autopay) $1,000–$50,000 600
SoFi 8.99%-29.49% (with autopay) $5,000–$100,000 680
Upstart 7.80%-35.99% $1,000–$50,000 No requirement
Happy Money 11.72%-17.99% $5,000–$40,000 640

Best Egg

Best Egg provides personal loans large enough to pay for home or expensive car repairs, vacations, moving expenses, adoption and more. Best Egg also has a lower minimum credit score requirement than some lenders. It may be a good alternative to explore if you have fair credit. If you’re not sure if you qualify, you can prequalify without a hard credit check.


Another online lender, LightStream 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. The lender is also one of the few that doesn’t charge any fees, making its loans lower cost than most.


If your credit isn’t in mint condition, it may be easier to qualify for a $30,000 loan with Upgrade.

It has a lower minimum credit score requirement. But, notably, it also offers joint and secured loans. Both of these options could make it easier for borrowers with imperfect credit to secure a large loan with a competitive rate.


SoFi offers loans for anywhere from $5,000 to $100,000, with terms of up to seven years. If you have good credit, SoFi is a prime option to consider. It offers competitive interest rates with zero fees. Borrowers can get the funds as soon as the same day they’re approved, so SoFi may be a good choice in a crunch.


Upstart may be a good fit for those with little to no credit history. Instead of just considering a borrower’s credit score, the lender evaluates alternative factors, like education and career background.

That said, origination fees are on the higher side at up to 12 percent. Also, interest rates are capped at 35.99 percent. If you have bad or no credit, your loan may be expensive.

Happy Money

Happy Money is an online lender that specializes in credit card debt consolidation loans. If you need the loan proceeds for other purposes or to consolidate other debts beyond credit card debt, then you’d have to look elsewhere.

Though Happy Money’s rates start higher than most of the lenders featured here, they are capped at 17.99 percent. This is much lower than the average credit card interest rate, so you could still save money.

Requirements to receive a personal loan

Though most lenders offer loans larger than $30,000, borrowing this kind of money isn’t a small feat. Lenders will likely have requirements like these.

  • A good credit history: Lenders will check your credit score and payment history by doing a hard credit inquiry. This allows them to look at your history from the past seven years and see whether you’ve typically made payments on time. For a $30,000 loan, you’ll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
  • A high enough income: Part of the lender’s evaluation of your loan application includes determining whether you can afford the payments. With a loan amount of $30,000, you will need sufficient income to make monthly 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 debt-to-income ratio (DTI). This is a number they calculate by adding together all your debt and dividing it by your income. Though some lenders may work with DTIs as high as 43 percent, for larger loans it’s best to have a DTI under 36 percent.
  • The documents to prove it all: When giving the lender all your information, they will want to have documentation that shows it is all true. Personal loan documents typically include proof of identity, employer and income verification documents — like a pay stub, and something that proves your address.
  • Origination fee: Some lenders charge a fee to cover the costs of processing your loan application. However, sometimes they waive the origination fee if you have a good credit score.

How to get a $30,000 loan

Though the amount may be larger, getting a $30,000 loan is similar to applying for a personal loan. Simply follow these steps:

  1. Check your credit. This will help you narrow down the list of lenders to those that can offer loans for your situation.
  2. Prequalify with at least three lenders. This will let you 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.

Costs of a $30,000 personal loan in the long term

When you take out any loan, you agree to pay interest. Over the life of your loan, you will pay the amount you borrowed plus interest that accrues. The interest rate on your loan and how quickly you 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 (APR) of 8.99 percent and a term length of three years. Your monthly payment will be $954 and you will pay about $4,339 interest.

That same loan with a five-year repayment term will cost you $7,356 in interest. However, your budget will be less stretched with a lower monthly payment of $623.

How to determine if you need a $30,000 loan

Personal loans can be used for virtually anything, and there are a lot of reasons you might want to apply for one. However, it’s important that you only take out an amount of debt you can handle. Some of the most common reasons for personal loans include:

  • Wedding
  • Education
  • Home renovations or projects
  • Consolidating debt
  • Vacation
  • Financing a vehicle

While people often take out personal loans for all of the above and more, it’s not always the best idea. Debt that you use to help you reach a life goal and build wealth or opportunity in future may be worth it — like going to college or buying a house.

However, going into debt to make a luxury purchase or go on vacation may not be wise. That is especially true if you are unsure if you can make the payments.

You want to make sure it is a good idea to get a loan this large. Some of the best uses for this amount might be consolidating debt from other loans into one loan with a lower interest rate. Also, investing in home renovations with a loan like this may be a good idea because it will likely raise the value of your home and increase your equity.

No matter what you decide, know what you are getting into. Use a loan calculator to preview your monthly payment and ensure it fits your budget. Then, manage your loan so you can repay it in the specified repayment period.

The bottom line

Taking out a $30,000 personal loan can be helpful if you use it wisely. Remember that loans for things like home renovations, which could add to the value of your home, are considered “good” debts. Personal loans for things 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 with different lenders to find the best rates. Banks and online lenders can offer a range of options to fit your needs.