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How to get a $30,000 loan

Learn more about where to find a $30,000 loan in Canada, along with who can qualify and how to apply. 

You can find $30,000 loans in Canada with various lenders including banks, credit unions and private loan companies. You’ll usually need good to excellent credit to qualify, and you can use the money to pay for just about anything. Learn more about how to find the best $30,000 loan for your personal situation.

Compare $30,000 loans

1 - 4 of 4
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
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Where to get a $30,000 loan

You can apply for a $30,000 loan with the following types of lenders:

Banks

Many banks offer $30,000 loans to eligible borrowers with good to excellent credit. Bank loans usually come with competitive interest rates and may be a good choice if you’d rather do your business in person with an established financial institution. You won’t typically qualify for a $30,000 loan in Canada with bad credit.

Credit unions

Credit unions sometimes offer $30,000 loans to established members who have good to excellent credit. These loans come with rates that are equal to or better than bank rates. It’s unlikely you’ll qualify for $30,000 with a poor credit score.

  • Sample lenders. Providers include Meridian, Servus, Vancity, connectFirst, Conexus, First West, Steinbach, Alterna Savings and Coast Capital Savings.

Online lenders

Some private lenders offer online $30,000 loans to borrowers with good to excellent credit. You can apply and qualify without ever leaving your house. You’ll typically pay higher interest rates, but you’ll get your money fast.

Types of $30,000 personal loans

You can choose from a secured or unsecured $30,000 loan with fixed or variable interest rates.

Unsecured vs secured loans

Loan typeWhat’s it best forHow it worksWhat it costsWhat happens if you default
Unsecured personal loansBest for good to excellent credit.Lenders base their loan decision on your credit score, with no need for collateral.Interest rates are often between 7% and 20% with good credit.Credit score goes down if you default.
Secured personal loansBest if you want lower interest rates or if you have bad to fair credit.Secure your loan with an asset such as your home or vehicle to get a lower interest rate.Interest rates typically range from 5.4% to 11% with good credit. You’ll pay more if you have bad credit.Your asset will be repossessed and sold to pay off your loan if you default.

Fixed vs variable rate loans

Loan typeWhat’s it best forHow it worksWhat it costsWhat happens if you default
Fixed rate personal loansBest for predictable payments.Interest rates stay the same for your loan term.Pay the same amount onto your loan every month.Consequences of defaulting depend on if you have a secured or unsecured loan.
Variable rate personal loansPossibility of lower interest rates some months. But in the current environment, be prepared for rates to increase.Interest rates fluctuate in line with the Bank of Canada’s prime rate.Pay off more of your principal each month if rates go down. Pay more interest if rates go up.Consequences of defaulting depend on if you have a secured or unsecured loan.

Who’s eligible for a $30,000 loan?

$30,000 loans are typically reserved for Canadian citizens or residents with good to excellent credit score over 660. You will need to show proof of a steady job, home address and a reasonably high income to qualify.

Required documents

To apply for a $30,000 loan in Canada, you’ll usually need to provide the following documents to verify your personal details.

  • Government-issued ID. Personal ID such as your passport or driver’s licence.
  • Proof of income. Recent pay stubs, employment records and tax records.
  • Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
  • Credit score. Consent for your lender to run a credit check.

Steps to get approved for the best $30,000 loan

Follow these 3 steps to get approved for the best $30,000 loan for your personal situation:

  1. Shop around. Compare multiple lenders and loan types to get a fuller picture of how much you should pay based on your credit score and other personal factors. You can compare $30,000 loans using a loan broker or by comparing loans manually.
  2. Prequalify. Apply to prequalify with as many lenders as possible. Some lenders will only do a soft credit check, which won’t damage your credit score, and you’ll get to see the actual rates you might qualify for (instead of comparing the advertised rates). It also lets you see if you get rejected or approved so you have a better idea of your options.
  3. Finish the application. Fill out an application form once you’ve decided on the lender you want to go with (usually the one with the best rates). A full application will require you to submit financial documents as well as agree to a hard credit check, which will temporarily bring down your credit score.

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

Example: $30,000 loan over five vs seven years at 6.99%, 8.75% and 10.15%.

The amount you pay will depend on your loan term and interest rate. Longer terms will give you lower monthly repayments, but you’ll end up paying more in interest over the life of your loan.

Loan amountAPRLoan termMonthly payment amountTotal cost of the loanExtra cost compared to the cheapest option
$30,0006.99%5 years$593.89$35,633.67

$30,000

6.99%7 years$452.63$38,021.24$2,387.57

$30,000

8.75%5 years$619.12$37,147.02$1,513.35
$30,0008.75%7 years$478.87$40,225.48

$4,591.81

$30,00010.15%5 years$639.63$38,377.67

$2,744.00

$30,00010.15%7 years$500.36$42,030.55

$6,396.88

Your goal when choosing a loan term is to get a payment that fits your budget, while also making sure the total interest you pay is as low as possible.

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Can you get a $30,000 loan with bad credit?

It will be very difficult to find a $30,000 loan with bad credit. If you have bad credit, chances are you’ll only get approved for much lower loan amounts. This is because lenders want to manage their risk, and they view borrowers with bad credit as higher risk of defaulting. Steer clear of any lender that offers a $30,000 bad credit loan with guaranteed approval. If an offer sounds too good to be true, it’s likely not legitimate.

Can you get a $30,000 loan with no credit check?

No, you should definitely avoid any lender offering a $30,000 loan in Canada with no credit check. Legitimate lenders will always want to see your credit score for a large loan, even if you secure the loan with an asset or get a cosigner. They’ll want to make sure you have a solid history of repaying your bills before they lend you a large amount of cash.

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