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
Requirements to receive a personal loan
What credit score do you 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.
What is the minimum credit score to get a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
How much can I borrow with a 720 credit score? ›
The best personal loans for a 720 credit score are from LightStream because they offer $5,000 - $100,000 with APRs of 7.49% - 25.99% and repayment periods of 24 - 84 months. You will need a credit score of 720+ to qualify for a personal loan from LightStream.
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.
How hard is it to get a $35000 personal loan? ›
Key takeaways. Borrowers must have a stable income and a good credit score to qualify for a $35,000 personal loan. Not all lenders offer $35,000 personal loans, so it's important to shop around and compare rates and terms from different lenders.
Can I get a 30K loan with a 650 credit score? ›
Yes, you can still get a personal loan with a 650 credit score. Interest rates will be higher than people who apply for loans with good or excellent credit, but there are plenty of lenders out there that will consider your loan application.
What credit score do I need for a $50,000 loan? ›
You'll have the best chance of getting approved with an excellent credit score, such as one above 800. You may struggle to find a lender that will approve a $50,000 loan for folks with poor or bad credit. A "poor" credit score is considered 580 or under. Most lenders require at least a "fair" score of around 670.
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.
How big of a loan can I 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.
You can get a $30,000 personal loan from banks, credit unions, online lenders and peer-to-peer lenders. Eligibility requirements vary by lender, but for a loan this size, you'll likely need a good credit score and a high enough income to qualify for the best rates. Prequalifying is key to finding the best offer.
How much would I have to pay back on a $30,000 loan? ›
Representative example
| Loan amount £30,000 | Monthly repayments £601.62 | Length of agreement 60 months |
| Total amount repayable £36,097.20 | Representative 7.8% APR | Fixed Annual Rate of Interest (nominal) 7.5343% |
1 more rowIt 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.
Can I get a 25k personal loan with a 700 credit score? ›
Requirements for a $25,000 Personal 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. Demonstrating that you have enough income to pay the monthly loan payments is essential.
What credit score do you need for a 40k personal loan? ›
To qualify for a $40,000 loan, you'll typically need a credit score upwards of 670 or a co-signer with good or excellent credit. That's because these loans involve a higher risk for the lender, so most will limit high amounts to those with solid scores.
What credit score do I need for a $35000 loan? ›
What Credit Score Do I Need for a $35,000 Loan? Lenders will typically offer better terms to personal loan applicants who have a credit score of 640 or higher. You may still be able to get a $35,000 personal loan with a lower credit score, but you will likely have to pay a higher interest rate.
What credit score do I need for a $60000 personal loan? ›
Know your credit history: Because $60,000 is such a large sum of money and there are fewer lenders that offer such large loans, you'll find it's harder to qualify for. You'll typically need good or excellent credit (a FICO score of 670 or higher) and may need to meet certain income requirements.
