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. But if you take out a $30,000 loan for seven years with an APR of 4%, your monthly payment will be $410.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it’s built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $30,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments on a $30,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $2,708 | $2,493 |
| 24 months | 15% | $1,455 | $4,910 |
| 36 months | 15% | $1,040 | $7,439 |
| 48 months | 15% | $835 | $10,076 |
| 60 months | 15% | $714 | $12,822 |
| 72 months | 15% | $634 | $15,673 |
| 84 months | 15% | $579 | $18,628 |
If you’d like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub’s free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you’ll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/31/21. 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
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.
What does your credit score need to be to get a $30000 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.
How long would it take to pay off a $30,000 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.
What do I say to get approved for a personal loan? ›
To get a better idea of what you may want to tell your lender, below are some of the most common reasons to get a personal loan:
- A Short-Term Unexpected Emergency Expense.
- To Consolidate Debt.
- A Large Purchase.
- Home Repair and Renovation.
- Covering Costs for Major Milestones and Goals.
- Paying for School.
- Buying Real Estate.
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.
How much is a $20,000 loan for 5 years? ›
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.
How much can you borrow with a personal loan? ›
Personal loan amounts generally range from as low as $1,000 to as high as $100,000. The exact range varies from lender to lender. For example, among the best personal loan lenders, there are lenders that offer loans from $1,000 to $50,000, $2,000 to $30,000, and $5,000 to $100,000.
Can I get a personal loan with a 600 credit score? ›
You aren't likely to get a lender's best rates on a personal loan without a good credit score, but a FICO score of 600 should allow you to qualify for one.
How to pay off $30,000 in debt in 2 years? ›
To pay off $30,000 in credit card debt within 36 months, you will need to pay $1,087 per month, assuming an APR of 18%. You would incur $9,116 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
Ways to clear your debt
- Informally negotiated arrangement.
- Free debt management plan (DMP )
- Individual voluntary arrangement (IVA)
- Bankruptcy.
- Debt relief order (DRO)
- Administration order.
- Debt consolidation and credit.
- Full and final settlement offer.
If you racked up $30,000 in student loan debt, you're right in line with typical numbers: the average student loan balance per borrower is $33,654. Compared to others who have six-figures worth of debt, that loan balance isn't too bad. However, your student loans can still be a significant burden.
Do I have to give a reason for a personal loan? ›
Lenders are indeed interested in how borrowers plan to use the funds they're loaned — in fact, the reason for a loan is one of the application questions. But does loan purpose really matter? Yes. In some cases, your loan purpose can impact whether or not you receive the loan, as well as your loan terms.
Which bank gives a loan easily? ›
Baroda Personal Loans
offer a quick and easy solution to all your urgent financial needs. Whether you need funds for a medical emergency in your family, your sibling's wedding, to renovate your home, or for any other personal commitments a personal loan can finance all your requirements.
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.
How much are payments on a $35,000 personal loan? ›
The monthly payment on a $35,000 personal loan varies based on the interest rate and repayment term. For example, qualifying for 7.99% APR for 24 months on a $35,000 loan would leave you paying $1,582.80 per month for two years.
How much is a $30,000 car payment for 5 years? ›
Provided the down payment is $5,000, the interest rate is 10%, and the loan length is five years, the monthly payment will be $531.18/month. With a $1,000 down payment and an interest rate of 20% with a five year loan, your monthly payment will be $768.32/month.
How much would a $50,000 personal loan cost per month? ›
Here's what a $50,000 loan would cost you each month
| 8.00% | 12.35% |
|---|
| Seven-Year Repayment | $779.31/month, $15,462.10 in interest over time | $892.02/month, $24,929.90 in interest over time |
| 10-Year Repayment | $606.64/month, $22,796.56 in interest over time | $727.51/month, $37,300.90 in interest over time |
1 more rowJan 20, 2024
Here are the monthly payments on a $25,000 personal loan
| Interest Rate | Repayment Timeline | Monthly Payment |
|---|
| 11.48% | 5 Years | $549.65 |
| 6.00% | 10 Years | $277.55 |
| 18.00% | 10 Years | $450.46 |
Aug 28, 2023
