Couple in their 30s having a walk

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

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

How borrowing wisely can help you build a better future.

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.

Our top pick: Credible Personal Loans

  • Min. Credit Score Required: Good to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 4.99% to 35.99%
  • Requirements: Have good to excellent credit, ages 18+ and be a US citizen or permanent resident.
  • Free loan connection service
  • Personalized rates in minutes
  • Secure online application

Our top pick: Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

  • Min. Credit Score Required: Good to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 4.99% to 35.99%
  • Requirements: Have good to excellent credit, ages 18+ and be a US citizen or permanent resident.
Promoted

4 ways to make the most of a personal loan in your 30s

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.

Compare personal loan providers

Updated October 24th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Varies by lender
Available for all credit scores
$100,000
Get connected with a lender — or get debt advice.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.98% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
4.99% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

Don’t have good credit? Build up your score before applying for a personal loan

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.

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

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site