How to get a $ 30,000 personal loan
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If you need to cover an auto repair, medical bill, or other large expense, you may need to borrow money. The good news is that many lenders offer $ 30,000 personal loans that can help you do just that.
But you’ll probably need good credit, or a co-signer with good credit, to get such a large personal loan.
Where to get a $ 30,000 loan
You can find a $ 30,000 loan from lenders online, and some banks and credit unions offer them as well.
Online loans are convenient because they usually offer quick financing. You can often get approved and have the money deposited directly into your account within a few business days, within 24 hours or even the the same day you apply.
Credible allows you compare personal loan rates from various lenders within minutes.
These credible partner lenders offer loans of $ 30,000.
Since 2012, the Avant online loan platform has been offering secured and unsecured personal loans.
- Loan amounts: $ 2,000 to $ 35,000
- May be good for: Borrowers who may not qualify for loans from other lenders
Founded in 2000, Axos Bank offers a variety of financial products, such as checking and savings accounts, personal loans, etc.
- Loan amounts: $ 5,000 to $ 50,000
- May be good for: Borrowers with good or excellent credit
Best Egg is an online lending platform that has lent more than $ 11 billion in personal loans.
- Loan amounts: $ 2,000 to $ 50,000
- May be good for: Borrowers who wish to consolidate their debts or pursue a home improvement project
While Discover is well known for its credit cards, it also offers personal loans.
- Loan amounts: $ 2,500 to $ 35,000
- May be good for: Borrowers who want longer repayment terms
FreedomPlus is a personal loan platform that offers fast financing and competitive rates.
- Loan amounts: $ 10,000 to $ 50,000
- May be good for: Borrowers who want quick access to funds
LendingClub is the largest lending platform in the United States that connects borrowers with investors who have money to lend.
- Loan amounts: $ 1,000 to $ 40,000
- May be good for: Borrowers with a good credit score and a 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 amounts: $ 5,000 to $ 100,000
- May be good for: Borrowers who need to borrow large sums of money
Marcus by Goldman Sachs
investment bank Goldman Sachs offers savings accounts, CDs and personal loans through its Marcus brand.
- Loan amounts: $ 3,500 to $ 40,000
- May be good for: Borrowers who wish to pay 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 amounts: $ 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 and investors.
- Loan amounts: $ 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 good to excellent credit.
- Loan amounts: $ 5,000 to $ 100,000
- May be good for: Borrowers with excellent credit who want to borrow a large amount
The upgrade allows for quick approval of fixed rate personal loans to borrowers who have a credit score of at least 560.
- Loan amounts: $ 1,000 to $ 50,000
- May be good for: Borrowers who want to build their credit rating
Upstart is an online loan platform that offers personal loans from several lending partners.
- Loan amounts: $ 1,000 to $ 50,000
- May be good for: Borrowers who wish to repay their loan early
With Credible 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 can benefit from a loyalty discount on a personal loan. While some banks don’t offer personal loans, big banks like PNC, Wells Fargo, and US Bank do.
Credit unions generally have more flexible requirements than banks. And since these are non-profit organizations, you may be able to get better rates and terms. But you will likely have to join a credit union to get a personal loan. Combining Credit Union, Navy Federal Credit Union, and PenFed Credit Union are some of the credit unions you may want to consider.
What is the monthly payment for a $ 30,000 loan?
Since interest rates can vary widely depending on factors such as lender, loan term, and your personal credit, the monthly payment for a personal loan can vary widely from borrower to borrower.
Before taking out a loan of $ 30,000, use a personal loan calculator to estimate the amount of your monthly payment. These examples of average rates and terms can give you an idea of the type of loan repayment you can expect:
- Interest rate: 4.99%
- Term of the loan: Two years
- Monthly payment: $ 1,316
- Total interest: $ 1,584
- Interest rate: 36%
- Term of the loan: Five years
- Monthly payment: $ 1,084
- Total interest: $ 35,039
You can see from these two examples that a longer loan term usually results in a lower monthly payment, even though the interest rate on the five-year loan is much higher. But because the repayment term is longer and the interest rate is higher, the five-year loan will cost much more in interest – an additional $ 33,455.
Understand the basics of a personal loan
Although personal loans can vary from lender to lender, it is a good idea to compare some common factors when looking for the best personal loan.
An interest rate is the amount that 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 that your loan will be more expensive.
The monthly payment is what you pay the lender each month to pay off your loan. The amount of your monthly payment will depend on your interest rate and the length of your loan. Choose a loan with a monthly payment adapted to your budget.
Most lenders will charge you fees in addition to interest. These may include handling charges, set-up charges, late payment charges, and returned check charges. You may also have to pay a prepayment penalty if you prepay your loan.
Repayment terms refer to the time it will take you to fully repay a loan. While a longer repayment term will reduce your monthly payments, it will also increase the amount you pay in interest.
Total principal is the total amount you borrow and have to pay back. It does not include any interest or fees. If you take out a loan of $ 5,000, for example, your total principal will be $ 5,000.
Total interest is the total amount of interest you will pay over the life of your loan. The lower your interest rate and the shorter your repayment term, 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 can probably get the lowest rates and better terms than a borrower with bad or fair credit. To find the best lender for a $ 30,000 loan, shop around and carefully compare the rates, terms, and fees for all of your options.
Get a $ 30,000 loan with fair or bad credit
Don’t worry if you have bad credit: some lenders have lenient requirements and offer bad credit loans. But the downfall with these loans is that they come with higher interest rates than loans for borrowers with good credit.
By improving your credit score or adding a co-signer with good credit, you may be able to get approved for a loan of $ 30,000 and save hundreds or even thousands of dollars in the long run.
If you are looking for a personal loan, Credible easily allows you compare personal loan rates to find the one that’s right for you.
How quickly do you have to start paying off your $ 30,000 personal loan?
While each lender has their own requirements, most require borrowers to start paying off 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 term. But if you make extra payments or pay more than the minimum, you can save on interest and pay off the loan much sooner.