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Get approved for a £30,000 loan with the best rate

A £30,000 loan is a big commitment, so it’s worth doing all you can to secure the best rate for you and your family. These tips reveal how to find the best deal.

A £30,000 lump sum could have a dramatic impact on your life, but if you’re prepared for a lengthy commitment to monthly repayments, it could be yours. The interest on a loan this size will be substantial, so it’s important to find a loan with the best terms for your needs.

Should you get a secured or unsecured loan?

A “secured loan” requires you to commit a possession as collateral on a loan, while an “unsecured loan” does not need this. You may not get the choice between the two, as lenders may only offer the option of a secured loan to borrowers with bad credit. If you do get to choose, you may well opt for a secured loan anyway, as these tend to come with lower rates. For a loan of this size, it’s common for borrowers to use property as collateral.

Want to see which lenders can offer you a secured loan?

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Warning: late repayments can cause you serious money problems. See our debt help guides.

Warning: your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

How to get a £30,000 loan

  • How much you need to borrow? Do you really need £30,000? If you can get away with borrowing less, you’ll owe less in interest payments and may even be eligible for a better rate. Add up the total cost of your desired purchase and explore alternative ways to raise capital for some of it.
  • Check 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, consider building it before applying for a huge loan. After all, being rejected for credit will harm your score further.
  • Compare lenders. Shop around online and look for the best price for the amount you need.
  • Apply through the lender’s website. The application process requires some personal details and financial disclosures. You’ll be put through a credit check, then be given a decision within seconds.

£30,000 loans for specific circumstances

  • £30,000 loans for the self-employed. It’s traditionally been difficult for self-employed people to get access to large loans, because their income is often considered too unstable. That’s changing, though, and there are few lenders who specialise in offering deals.
  • £30,000 loans for businesses. There are specialist lenders for businesses, too, and it’s likely you’ll need to go through them if you’re pumping money into one, as most personal loans explicitly forbid you from using the funds to support a business.
  • £30,000 loans for bad credit. It’s tough for people with a bad credit rating to borrow sums as large as £30,000, although there are some specialist lenders that claim to offer these sums. Once again, the rates will be much higher than normal. Make sure you can afford the monthly repayments before applying.

How to compare £30,000 loans

  • Rate. The rate offered may not be equal to the representative APR advertised. Lenders only need to offer this to 51% of customers, so you may end up being offered a higher rate if you’re deemed not as creditworthy as others.
  • Total payable. The total payable consists of the capital owed plus the total interest payments.
  • Term length. The best lenders will offer you a wide range of term lengths. The longer your term, the more you’ll shell out in interest charges.
  • Fees. A few lenders still charge one-off set-up fees on personal loans. Consider this as well as your total payable.
  • Eligibility. The criteria you’ll need to meet to even be considered for a loan approval. Read these rules before you apply.

Loan illustrations

Interest rate of 5% fixed p.a.Interest rate of 10% fixed p.a.Interest rate of 25% fixed p.a.
1 year loanMonthly: £2,568.22
Overall: £30,818.69
Monthly: £2,637.48
Overall: £31,649.72
Monthly: £2,851.33
Overall: £34,215.91
3 year loanMonthly: £899.13
Overall: £32,368.57
Monthly: £968.02
Overall: £34,848.56
Monthly: £1,192.79
Overall: £42,940.61
5 year loanMonthly: £566.14
Overall: £33,968.22
Monthly: £637.41
Overall: £38,244.68
Monthly: £880.54
Overall: £52,832.38

Should I just remortgage?

Remortgaging is another common way to get hold of a huge lump sum. This essentially involves borrowing against the equity in your home. As you’re adding to an already significant loan, it’s rare to find a remortgaging deal that’ll cost less than a personal loan. However, this is certainly possible when mortgage rates are low and therefore shouldn’t be discounted as an option in the current economy.

The key to finding the best deal for you is to understand your options and explore them all. Doing so could save you thousands of pounds in the long run.

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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2 Responses

  1. Default Gravatar
    JohnSeptember 19, 2018

    I was wondering if you could contact me about lending £30000 to pay car, phone and other extra bills so it helps myself and my family to budget better and save more for a mortgage.

    • Avatarfinder Customer Care
      johnbasanesSeptember 20, 2018Staff

      Hi John,

      Thank you for leaving a question.

      You are currently communicating with finder, we are a comparison website that assists users on the contents of our pages. I understand that you wish to apply. On the page that you are on, kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!

      Cheers,
      Reggie

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