Editor's choice: Upstart personal loans

- Work and education get you better rates
- Fair credit OK
- No prepayment penalty
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.
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.
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.
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.
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.
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:
Taking on more debt isn’t always the right choice in your 30s — especially if you’re in one of these situations:
Look ahead to a checklist of things you’ll want done by 40
Your credit score is one of the most important factors lenders look at when you apply for a loan. Learn how you can up your rating by reading our 13 tips to improve your credit score.
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.
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