How to get a $30,000 personal loan

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Looking for a $30,000 loan? Learn how to get one and where to find lenders who offer large personal loans. (iStock)

If you need to cover a car repair, medical bill or another large expense, you might have to borrow money. The good news is many lenders offer $30,000 personal loans that can help you do just that.

But you’ll likely need good credit, or a cosigner with good credit, to secure a personal loan for such a large amount.

Where to get a $30,000 loan

You can find a $30,000 loan with online lenders, and some banks and credit unions offer them as well.

Online lenders

Online loans are convenient because they typically offer quick funding. You can often get approved and have the money deposited directly into your account in just a few business days, within 24 hours or even the same day you apply.

Because they don’t have the expense of physical branches, online lenders often are able to offer lower interest rates. Some also have lower minimum credit score requirements. But keep in mind that to qualify for the best personal loan interest rates, you’ll likely need a very good to excellent credit score.

Credible lets you compare personal loan rates from various lenders in minutes.

Banks

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 may qualify for a loyalty discount on a personal loan. While some banks don’t offer personal loans, major banks like PNC, Wells Fargo and U.S. Bank do.

Credit unions

Credit unions usually have more flexible requirements than banks. And since they’re not-for-profit organizations, you may be able to land better rates and terms. But you’ll likely need to join a credit union to get a personal loan. Alliant Credit Union, Navy Federal Credit Union and PenFed Credit Union are a few credit unions you may want to consider.

What’s the monthly payment on a $30,000 loan?

Because interest rates can vary widely based on factors like the lender, the loan term and your personal credit, the monthly payment on a personal loan can vary significantly from borrower to borrower.

Before you take out a $30,000 loan, use a personal loan calculator to estimate how much your monthly payment will be. These examples of average rates and terms can give you an idea of the type of loan payments you can expect:

Interest rate: 4.99%
Loan term: Two years
Monthly payment: $1,316
Total interest: $1,584
Interest rate: 36%
Loan term: Five years
Monthly payment: $1,084
Total interest: $35,039

You can see from these two examples that a longer loan term typically yields 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 significantly more in interest — an additional $33,455.

How to secure a $30,000 personal loan with good credit

If you have good or excellent credit, you’re in luck: You’ll probably be able to lock in the lowest rates and more favorable 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 of all your options.

Getting 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 they come with higher interest rates than loans for borrowers with good credit.

By improving your credit score or adding a cosigner with good credit, you may be able to get approved for a $30,000 loan and save hundreds, or even thousands, of dollars in the long run.

If you’re looking for a personal loan, Credible lets you easily compare personal loan rates to find one that’s best for you.

Personal loan FAQs

Although personal loans can vary from lender to lender, it’s a good idea to compare some common factors when you shop around for the best personal loan. Here are answers to some frequently asked questions about personal loans and how they work.

What are personal loan interest rates?

An interest rate is the amount a lender will charge you to borrow money. With a lower interest rate, you’ll save more over the life of the personal loan. On the flip side, a higher interest rate means your loan will be more expensive. Generally, interest rates on personal loans are lower than credit card interest rates, making them a good option for debt consolidation.

What are personal loan fees?

Most lenders will charge you fees in addition to interest. These may include application fees, origination fees, late payment fees and returned check fees. You may also have to pay a prepayment penalty if you pay off your loan early.

What’s the difference between APR and interest rate?

Lenders charge interest to make money on a loan. The interest rate is that charge expressed as a percentage. The lender applies the interest rate to the loan principal to calculate how much interest a borrower will pay over the life of the loan.

APR, or annual percentage rate, includes the interest rate and any fees associated with the loan. Because APR considers all the expenses associated with the loan, it’s a better indicator of a loan’s total cost.

What is principal and total interest?

Total principal is the total amount of money you borrow and have to pay back. It doesn’t include any interest or fees. If you take out a loan for $5,000, for example, your total principal will be $5,000.

Total interest is the total amount of interest you’ll pay over the life of your loan. The lower your interest rate and shorter your repayment term, the more you’ll save on interest.

How soon do you have to start paying back your $30,000 personal loan?

While every lender has its own unique requirements, most require borrowers to start repaying 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 additional payments or pay more than the minimum, you can save on interest and pay off the loan much sooner.