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Yes, you can get a loan for £30,000 for any purpose provided you meet the lender’s eligibility criteria. £30,000 is considered a large amount for a personal loan, so you may need to provide a guarantor or security as part of your loan application, and also have good credit history.
Whether you’re consolidating debt or planning home improvements, a £30,000 lump sum could have a dramatic impact on your life. But with a loan of this size, even a small difference in interest rate can make a big impact on the overall cost – especially if you’re borrowing over a longer term. So it’s important to find a loan with the best terms for your needs.
This will depend on the interest rate you receive and the length of your loan term. The higher your rate, the more you’ll pay in interest. The longer your loan term, the more you’ll pay in interest overall, but your monthly payments will be smaller. You can find out how much you’ll pay using our calculator.
The key to finding the best deal for you is to understand and explore your options. As you can see from the table below, doing so could save you thousands of pounds in the long run.
|Interest rate of 5% fixed p.a.||Interest rate of 10% fixed p.a.||Interest rate of 15% fixed p.a.|
|Over 5 years||£566.14||£637.41||£713.70|
|Over 10 years||£318.20||£396.45||£484.00|
|Over 20 years||£197.99||£289.51||£395.04|
|5% p.a. interest||10% p.a. interest||15% p.a. interest|
Most lenders offering unsecured loans have an upper limit of £25,000, but you don’t have to look too far to find a lender willing to lend up to £30,000, or in a few rare cases, £50,000. These tend to be the big high-street banks, although some supermarket banks do stretch to £30,000.
To borrow such a large sum without putting up any security is going to require excellent credit, however. And those big banks may additionally insist that you’re already an existing customer if you want to borrow £30,000.
If that doesn’t sound like you, then you may wish to consider a secured loan. A secured loan requires you to put up a possession – normally a property – as collateral for the loan. If you already have a mortgage, you’d effectively be applying for a second charge mortgage. This is where a lender is next in line (after your mortgage provider) to recoup any losses they might incur if you failed to repay your loan, from the value in your property.
If you don’t already have an idea of your credit score, services from the likes of Experian, Equifax and TransUnion (formerly Callcredit) will give you an idea of your credit score at no cost to you. These services will give you a sense of whether you’re likely to be accepted for a £30,000 loan. If your credit score is poor, you could focus on building it up a bit before applying for a loan (interest rates are almost always tailored to the individual). After all, multiple application for credit could harm your score further.
It’s certainly an option. Remortgaging is a popular way to get hold of a big lump sum, and in today’s climate of competitive introductory mortgage rates followed by less-competitive ongoing rates, remortgaging every few years is a smart thing to do anyway.
The loan illustrations below demonstrate that spreading loan repayments over, say, 20 years means low monthly instalments but a much, much higher overall cost. That may be a moot point if you’re super-organised and you always pay off as much of your mortgage as you can afford to each month, but if you’re more inclined to just let your mortgage tick along, it could make for a very expensive £30,000 loan.
A £30,000 loan is at the higher end for unsecured personal loans, which means you’ll likely need a very good credit score in order to borrow £30,000. If you’re looking to get a secured loan and use your house as a guarantee against the loan, the credit score requirements may be lower, but you risk losing your property if you fail to make your loan repayments.
There are a few key things you’ll need to do to give yourself the best chance of being approved for a £30k loan. These include:
There are specialist lenders for businesses, and it’s likely you’ll need to go through them if you’re pumping money into one, as most personal loans explicitly prohibit the use of loan funds to support a business.
For most people, however, it’ll be necessary to secure the loan against property, which takes a little longer – typically a couple of weeks rather than a couple of days. Realistically, some lenders are faster than others. If you’re looking for an instant £30k loan, you should factor in turnaround time when comparing lenders.
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