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 last updated on 03/01/24 and it was first published on 10/17/21. 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 to get a $30,000 personal loan? ›
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
Can I get a 30k loan with a 650 credit score? ›
To qualify for a ₹30,000 loan, you typically need to meet criteria such as having a minimum income of Rs. 15,000, a good CIBIL score (650 or higher), and your income should be regularly credited to a bank account.
What is the average payment on a $30000 personal loan? ›
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| 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 credit score do you need for a $35,000 loan? Some personal loan lenders require good or excellent credit with a minimum score requirement of 660. However, other lenders work with borrowers who have fair or poor credit.
How much loan can be approved on 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 is the easiest loan to get approved for? ›
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.
What credit score do I need for a $30,000 car loan? ›
Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian. Meanwhile, low-credit borrowers with scores of 600 or lower accounted for only 14% of auto loans.
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).
What is the personal loan rate with a 650 credit score? ›
Average personal loan interest rates by credit score
| Credit score | Average loan interest rate |
|---|
| 720-850 | 10.73%-12.50% |
| 690-719 | 13.50%-15.50% |
| 630-689 | 17.80%-19.90% |
| 300-629 | 28.50%-32.00% |
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For example, the interest on a $30,000, 36-month loan at 6% is $2,856.
How long would 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 much is a car payment on a $30000 loan? ›
A $30,000 auto loan balance with an average interest rate of 5.0% paid over a 6 year term will have a monthly payment of $483. In total, the loan will cost $34,787 with $4,787 in interest.
What credit score do I need for a 30k loan? ›
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.
Who will give me a loan if no one else will? ›
How Can I Get a Loan If No One Will Approve Me? Specialist lenders offer bad credit loans with more flexible approval criteria. Provide a larger deposit, use a guarantor, or secure the loan against an asset. Shop around and compare lenders.
What credit score is needed for a credible personal loan? ›
If your score is in the good-to-excellent credit range (above 670), lenders are more likely to consider you favorably and offer lower interest rates and better terms.
What credit score do I need for a 30000 car loan? ›
Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian. Meanwhile, low-credit borrowers with scores of 600 or lower accounted for only 14% of auto loans.
Can I get a $20000 loan with a 700 credit score? ›
As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.
How big of a personal loan can I get with a 720 credit score? ›
Personal loan averages by credit score
| Credit score range | Average APR | Average loan amount |
|---|
| 720+ | 14.34% | $19,657.52 |
| 680-719 | 21.19% | $16,032.83 |
| 660-679 | 32.30% | $12,392.46 |
| 640-659 | 44.50% | $10,010.65 |
4 more rowsThe required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of loan. For an FHA loan, the minimum credit score is usually around 580.
