You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.
Credit Score Required for $30,000 Personal Loans
| Lender | Credit Score Required | Loan Amount | APR Range |
| SoFi | 680 | $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts |
| TD Bank | 660-750 | $2,000 - $50,000 | 8.99% - 23.99% |
| Wells Fargo | 660 | $3,000 - $100,000 | 7.49% - 23.24% |
| LightStream | 660 | $5,000 - $100,000 | 7.49% - 25.99% |
| Discover | 660 | $2,500 - $40,000 | 7.49% - 24.99% |
| Upgrade | 580 | $1,000 - $50,000 | 8.49% - 35.99% |
| Universal Credit | 580 | $1,000 - $50,000 | 11.69% - 35.99% |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
Keep in mind that your chances of approval do get better the higher your score is above the minimum requirement. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21 and it was last updated on 03/01/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
What credit score do I need for a $30,000 personal loan? ›
FAQ: $30,000 Personal Loans
Generally, a score of 670 or higher is recommended to access better interest rates and terms. However, some lenders may accept lower scores but will compensate for the increased risk with higher interest rates and less favorable terms.
How much can I borrow with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
What is the minimum credit score for a personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
How much is the monthly payment on a $30 K loan? ›
The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.
Is it hard to get a $30,000 loan? ›
$30,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
Can I get a $30,000 loan with bad credit? ›
If your credit score is below 579, you are considered to have bad credit. While you may qualify for a personal loan, it's not likely that you will qualify for an amount as high as $30,000. We are not saying it's not possible but it's unlikely. If you do qualify you will likely pay a premium to borrow the money.
How big of a loan can you get with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
What credit score is needed for a $25,000 loan? ›
Typically, a desirable credit score for a $25,000 personal loan is around 670 and above, but some lenders work with those who have scores from 580 and up.
Can you get denied with a 700 credit score? ›
According to the FICO® scale, a good credit score falls between 670 and 739. However, having a score in that range or above doesn't guarantee approval on credit applications.
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Is a 900 credit score possible? ›
Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Does getting a small personal loan hurt your credit? ›
Does a personal loan hurt your credit score? Your credit score can dip a few points when you formally apply for a personal loan, but missed payments can cause a more significant drop. Getting a personal loan will also increase the amount of debt you owe, which is one of the factors that make up your credit score.
How long does it take to pay back a $30000 loan? ›
It will take 41 months to pay off $30,000 with payments of $1,000 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How to get approved for a $30 K personal loan? ›
Having a strong credit score and credit history is vital to qualify for a $30,000 personal loan. Lenders have varying requirements, but a good credit score is often necessary to secure a sizable loan. Additionally, a high credit score can lead to lower interest rates and more favorable loan terms.
What is 6% interest on a $30,000 loan? ›
For example, the interest on a $30,000, 36-month loan at 6% is $2,856.
What is the average payment on a $30000 personal loan? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $20,000 | 5 | $415.07 |
| $25,000 | 3 | $771.81 |
| $25,000 | 5 | $514.57 |
| $30,000 | 3 | $926.18 |
13 more rowsWhat is the Minimum Credit Score to apply for a Personal Loan? HDFC Bank requires a minimum credit score of 650 to be eligible for Personal Loans. The credit score can vary from bank to bank.
Can I get a 30k car loan with a 650 credit score? ›
Getting a car loan is possible if you have a 650 credit score. Although the loan terms may not be ideal, and you'll end up paying more for the car than someone with a lower credit score, you're still eligible for a loan.
How big of a loan can I get with a 600 credit score? ›
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
