How to Get a $30,000 Personal Loan in 2026

How to get a $30,000 personal loan

Follow these six steps to apply for a $30K personal loan.

1. Calculate what you can afford. Analyze your budget to determine how much money you can allot toward your $30,000 personal loan payment each month.
2. Explore your options. Look for lenders that offer $30,000 personal loans for your purpose. For example, you might search for lenders that specialize in debt consolidation if that’s your goal. You can evaluate online lenders, banks and credit unions.
3. Compare lenders. Once you’ve found lenders that offer $30K personal loans, you can begin comparing interest rates and loan terms. It’s also smart to look out for origination fees, prepayment options and credit score or income requirements.
4. Get prequalified. Most lenders conduct a soft credit check to estimate your interest rate on a $30K personal loan. Compare multiple quotes to find the best deal. Note that your quoted interest rate may change once you go through the formal approval process.
5. Gather your documents. Documentation requirements may vary by lender, but in general, expect to have the following information handy: Social Security number, proof of identity, proof of address and employment and income verification.
6. Apply. Once you’ve picked a lender that fits your needs, follow the instructions to fill out the loan application and submit the required documentation. The lender should notify you within a day or two if you qualify.

Eligibility requirements for a $30,000 loan

Exact requirements to qualify for a $30K loan vary by lender, but they are typically most interested in your credit history and income. Be prepared to meet the following criteria:

• Have a good credit score. For loans of this size, lenders typically want credit scores in the mid-to-high 600s and higher, but some online lenders and credit unions may be less strict.
• Have a low debt-to-income (DTI) ratio. Your DTI compares your minimum debt payments to your income. Most lenders prefer a DTI of 35% or less for a $30K personal loan but may accept a ratio of up to 43%. Calculate your own DTI ratio by dividing your total monthly debt payments (credit cards, student loans, etc.) by your monthly gross income.
• Have a job. Lenders require proof of income to approve your loan. Depending on your occupation, you need to provide some or all of the following: W-2s, paystubs, bank statements, 1099s or tax returns.
• Be over 18 and a US citizen or permanent resident. Most lenders require you to be at least 18 and a resident to apply. There are loan options for nonresidents, but you may need to meet additional requirements or get a cosigner.

How to increase your chances of loan approval

The better your credit score, the better your odds of obtaining approval on a $30,000 personal loan. One of the best ways to improve your credit score is to pay down as much of your existing debt as you can before you apply for a new loan.

You may also want to get a copy of your free credit report to check for inaccuracies. If you find any, you can dispute the errors and have them removed from your credit history.

Another way to improve your chances of loan approval is to increase your income. This might mean picking up extra hours at your current job or taking on a side gig.

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

Getting a loan with less-than-stellar credit can be harder, but it’s not impossible. For example, some lenders, such as Upstart and PenFed Credit Union, specialize in personal loans for borrowers with lower credit scores. However, you will likely qualify at a higher interest rate than those with good or excellent credit.

To get around the higher interest, you have a few options. One is to raise your credit score before you apply for a $30K personal loan. Alternatively, see if a friend or family member with a better credit score will cosign the loan with you. You can also look into secured loans, which can be easier to qualify for.

How much does a $30,000 personal loan cost?

In addition to repaying the loan’s principal, you’ll also need to pay interest, which can run anywhere from about 6% to 36% for a $30K loan.

You may also have to pay an origination fee, also known as a processing or administrative fee, between 1% and 10% of the loan amount. Most commonly, the fee is deducted from the loan amount. For example, if the fee is 5%, you’ll only receive $28,500 instead of the whole $30,000 you applied for. Some lenders don’t charge an origination fee but might make up for it with a higher interest rate.

The length of your loan term also affects the cost. For instance, shorter-term loans typically have lower interest rates, meaning you’ll pay less for the loan. However, your monthly payments will be higher with a shorter loan term, so make sure you can fit the higher loan payment into your budget.

Calculate your $30,000 personal loan payment

Use our loan calculator to compare monthly payments based on a $30K personal loan at different interest rates and loan terms.

Five tips to get a low rate on your loan

1. Ask for a shorter loan term. Shorter loans tend to come with lower interest rates.
2. See if you can find a cosigner. If you apply with a lender that allows a cosigner, you’ll add security to your loan application, which could up your chances of getting a lower interest rate.
3. Compare multiple lenders. Compare loans from several lenders to ensure you get the best deal for your situation.
4. Raise your credit score. A higher credit score signals less risk to lenders, which means lower rates for you.
5. Consider a secured loan. If you have collateral, such as a car or home, this could mean lower rates for you. However, if you can’t repay the loan, your assets are on the line.

How to pay off $30,000 in debt

You can use a few strategies to repay your $30K personal loan rather than sticking with the set repayment schedule.

• Refinance. If interest rates go down during your loan term, you may be able to refinance the remaining balance at a lower rate.
• Pay extra when you can. The faster you pay off your loan, the less you’ll pay in interest. Even an extra $20 or $30 a month can make a difference.
• Consider payment splitting. Another strategy to reduce interest charges is to practice payment splitting. Just pay half your payment 15 days before the due date and the other half on or before your due date. Bonus: this can also improve your credit score.

Alternatives to personal loans

If you don’t qualify for a personal loan or you don’t like the rate and terms you’re offered, consider some alternatives.

• Leverage your home’s equity. If you own your home and have some equity in it, consider a home equity loan or a home equity line of credit. Since these loans are secured by your house, you could get much better rates than with an unsecured $30,000 personal loan.
• Try for a business loan. If the purpose of your loan is to start or grow a business, look into getting a small business loan instead of a personal loan. You can seek out traditional business loan lenders, or if you meet the criteria, you might qualify for an SBA loan, which could get you a better rate.

To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.

Written by

Lacey Stark

Writer

Lacey Stark is a freelance personal finance writer for Finder, specializing in banking, loans, investing, estate planning, and more. She has 20 years of experience writing and editing for magazines, newspapers, and online publications. A word nerd from childhood, Lacey officially got her start reporting on live sporting events and moved on to cover topics such as construction, technology, and travel before finding her niche in personal finance. Originally from New England, she received her bachelor’s degree from the University of Denver and completed a postgraduate journalism program at Metropolitan State University also in Denver. She currently lives in Chicagoland with her dog Chunk and likes to read and play golf. See full bio