How to Get a $30,000 Loan in 6 Steps (2024)

The best way to get a $30,000 loan is to take out a personal loan from Navy Federal Credit Union, SoFi, or LightStream. These lenders offer personal loans of $3,500 to $100,000, with APRs as low as 2.49%, depending on an applicant's creditworthiness.

How to Get a $30,000 Loan in 6 Steps

1. Check your credit score.
2. Check for personal loan pre-qualification to see your approval odds and potential rates.
3. Compare the terms of personal loans for which you have high approval odds.
4. Pick a loan and submit an application.
5. Wait for a decision.
6. Wait for the funds to be delivered (usually within 7 business days of applying).

Best $30,000 Loan Options

*According to either the lender or multiple third-party sources

There are several other ways to get a $30,000 loan, too. For example, you could tap into your home equity, charge the amount to a credit card, or borrow from a friend or family member. Pawnshop loans are an option, as well, though they're expensive and it's best to avoid them.

Ways to Get a $30,000 Loan

Personal loan

Personal loans offer $1,000 to $100,000 in funding for 12 to 84+ months, depending on the lender. Their APRs typically range from 6% to 36%, and they may or may not charge an origination fee to open the loan. Personal loan credit score requirements typically range from 585 to 700+, but there are some options for people with lower scores (including secured loans).

Home equity

You can get a home equity loan or home equity line of credit (HELOC) to borrow against your home. You'll be able to borrow a percentage of the difference between your home's value and the amount you have left to pay on the mortgage. There's the potential for a lot of funding if you have a lot of equity. Home equity loans usually last for 5 to 30 years, have APRs of 4% to 8%, and tend to require credit scores of 680+. If you cannot repay what you owe, you risk foreclosure on your house.

Credit card

Depending on what you need money for, you may have the option to charge it to a credit card. Credit cards have a wide range of credit limits, depending on the card and your creditworthiness. You may want to check out WalletHub's picks for the best high limit credit cards. It will likely be difficult to find a credit card with a minimum credit limit of $30,000 or higher, but it's possible to get a limit this large if your credit score and income are high enough.

Friends and family

You can always turn to someone you know to borrow money, and you're likely to get better terms than you would with a traditional lender. However, you also risk putting your relationship with that person in jeopardy if you can't repay what you owe. It may also be difficult to convince someone to lend you an amount this large.

Pawnshop loan

Pawnshops give you money for an item and let you pay it back with interest to reclaim the item. However, this interest tends to be very expensive, around 2% to 25% per month. Plus, if you don't pay back what you owe, the pawnshop can sell your item. This option is not ideal.