Getting a personal loan in your 30s: What you need to know

While you may not have everything figured out yet by your 30s, adulthood probably doesn’t feel like a distant memory anymore. And since taking on more responsibilities can sometimes be expensive, a personal loan is a solid option in some cases.

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Credible Personal Loans			4.99% to 35.99%	Fair to excellent credit	$50,000	Get personalized rates in minutes and then choose an offer from a selection of top online lenders.	Check my rate View details		loading Fetching your data...
Fiona Personal Loans			4.99% to 35.99%	Good to excellent credit	$100,000	Get loan offers from multiple lenders at once without affecting your credit score.	Check my rate View details		loading Fetching your data...
Monevo personal loans			3.49% to 35.99%	None	$100,000	Quickly compare multiple online lenders with competitive rates depending on your credit.	Check my rate View details		loading Fetching your data...
Even Financial personal loans			4.99% to 35.99%	550	$100,000	Get connected to competitive loan offers instantly from top online consumer lenders.	Check my rate View details		loading Fetching your data...
Upgrade personal loans			7.99% to 35.97%	600	$35,000	Affordable loans with two simple repayment terms and no prepayment penalties.	Check my rate View details		loading Fetching your data...
SoFi personal loans			5.99% to 17.53%	680	$100,000	A highly-rated lender with competitive rates, high loan amounts and no fees.	Check my rate View details		loading Fetching your data...
LightStream			Varies	Good to excellent credit	$100,000	Borrow up to $100,000 with low rates and no fees.	Check my rate View details		loading Fetching your data...
OneMain Financial Personal Loans			18% to 35.99%	Varies	$20,000	An established online and in-store lender with quick turnaround times. Poor credit is OK.	Check my rate View details		loading Fetching your data...

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How 30-somethings can use a personal loan

If you’ve been making on-time debt payments, it’s likely that you have a good or excellent credit score and solid credit history. The average credit score for 30-somethings is 671 — good enough to qualify for a loan with most lenders. Put that score to use by making beneficial purchases.

1. Refinancing and consolidating your debt

If your credit score has improved or you’ve paid off debt since you last took out a loan, consider refinancing. This works by taking out a loan with more favorable rates and terms to pay off your current loan.

Racked up a lot of credit card debt in your 20s? Consider a debt consolidation loan. It’s similar to personal loan refinancing, but instead of paying off a lender, you pay off your credit card balances. You can also consolidate other types of debt — like personal loans — with a debt consolidation loan.

2. Investing in your health and career

Sometimes you need to spend money to save money. When you’re in a strong financial position and can handle a little debt, an investment in personal care could help you cut down on long-term personal expenses.

For example, if you spend hundreds on contacts and glasses each year, taking out a personal loan to pay for LASIK surgery can save you in the long run. Need dental work that your insurance doesn’t cover? A personal loan to fix the problem now could help you avoid more costly procedures in the future.

It doesn’t have to just be about health. If you’re thinking of switching careers or need more training to get that big promotion, consider taking a training or certificate course. A personal loan can help with those upfront costs.

3. Renovating your home

If you buy a house in your 30s, taking out a home improvement loan not only gets you that deck you’ve always dreamed of, but it can increase the value of your property. And if you choose to use the funds to install solar panels or other eco-friendly devices, you could save in utilities for years to come.

A personal loan can also help you cover the cost of urgent fixes like a moldy kitchen or leaky roof, which makes your home more livable and valuable.

4. Starting a family

Having kids is expensive. While you might not want to take on a lot of debt before taking on the huge cost of having a child, a personal loan can help you make it over several hurdles:

• Unpaid maternity leave. A personal loan can help you cover household bills and other expenses when you don’t have money coming in.
• Egg and sperm freezing. Maybe you don’t want to have a baby now — but you also don’t want to write it off. A personal loan can help cover the cost of freezing your eggs or sperm banking so you’re not beholden to your biological clock.
• Infertility treatment. Procedures like in vitro fertilization (IVF) can set you back more than $10,000 — and insurance doesn’t cover it in most states. If you can’t afford to pay for everything out of pocket, a personal loan can help.
• Adoption and surrogacy. Both adoption and surrogacy can cost tens of thousands of dollars. A personal loan might not cover all of that, but it can help with at least part of the expense.

When to avoid taking out a personal loan

Taking on more debt isn’t always the right choice in your 30s — especially if you’re in one of these situations:

• You’re struggling to save for retirement. Contributing to your 401(k) to meet your long-term goals — especially if your company matches what you put away — should come first.
• You’re planning on buying a house. Hold off on taking out a loan so you can qualify for the lowest mortgage rates.
• You’re worried about layoffs. Wait until your employment is on more stable ground to ensure you’re able to afford repayments.

3 tips for strengthening your finances in your 30s

1. Open an IRA. You might already have a 401(k) through your employer. But to maximize your retirement savings, consider opening a Roth IRA to help you save even more.
2. Consider disability and life insurance. If you think you might want life insurance, consider getting a policy while you’re in your 30s. That’s because rates increase the older you get. Disability insurance can also cover you if you get injured or sick and can’t work.
3. Decide if buying a home makes sense. If you move around a lot, renting might be a more financially reasonable option for you. If buying a home is in your plan, take steps to save up for the down payment on a mortgage. Using a budgeting app like Mint can help you reach your goals with minimal work.

Look ahead to a checklist of things you’ll want done by 40

Bottom line

If you borrow wisely, a personal loan can help you build the life and family you’ve always wanted while helping you save in the long run. But taking on debt at the wrong time can also get in the way of reaching your personal goals. Before you take out a loan, make sure you know what you’re getting into by checking out our guide to personal loans.

Frequently asked questions

• Should I refinance my student loans?

  It depends on what type of student loans you have. If you only have federal loans, it’s likely you won’t get a better deal — though you could look into other repayment plans.

  If you’re paying private student loans, you could save on interest by refinancing if your credit score or income has improved. You can learn about how this works by reading our student loan refinancing guide.

• Can I get a personal loan with bad credit?

  Yes, though it might not be cheap. If you need a small loan to pay for an emergency expense, short-term loans can get you money fast — though those can also be expensive.

• Can you use a personal loan for anything?

  Most lenders don’t have many restrictions, though many don’t allow you to use the funds to pay for educational expenses. Check with your lender before applying to see if the expense you need covered is eligible.