$30,000 Personal Loans
Looking for a $30,000 personal loan? Find and compare deals from a range of flexible offers with Savvy.
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The features and benefits of a $30,000 personal loan
Competitive interest rates
You can compare a range of loans from lenders offering some of the lowest interest rates on the market tailored to your borrowing profile.
Choose your repayment term
You can borrow over a term as short as one year to minimise your overall interest cost or as long as seven to ensure your $30,000 loan repayments are affordable.
Fixed or variable interest
We’re partnered with lenders who can offer you both the stability of fixed interest and the potential to capitalise on rate drops that comes with variable rates.
Instant outcomes
When you submit your initial application to your lender, you’ll receive an instant outcome in as little as 60 seconds and your funds inside one business day.
Unsecured finance
There’s no need to supply any valuable assets as part of your personal loan; we compare unsecured personal loans, which are the most widely available.
Consolidate your debts
One of the many uses for your $30,000 personal loan is to consolidate existing debts under one single repayment, which can make them easier to manage.
Types of personal loan
Why compare personal loans through Savvy?
100% free
There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.
Paperless applications
You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.
Reputable lending partners
We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.
How to maximise your borrowing power to access $30,000
Increase your credit rating
Having a strong credit rating is a great way of maximising your borrowing capacity for personal loans. This is because it serves as an indication of your ability to take on, and subsequently repay, debt. Lenders want to minimise any potential risk of losing out on their funds, so having a credit score which shows that you’re highly responsible when it comes to paying back debt will help your approval chances for greater sums. Even increasing an average credit rating by paying off existing debts can help.
Hold stable employment
Part of the risk factor discussed above relates to how safe and consistent your income stream is. When assessing loan applications, lenders look for borrowers who have a strong history of employment in the same job for an extended period (the longer, the better) and earning a stable income over that period. This indicates a lesser likelihood of having your income stream run dry unexpectedly, which might be the case if you’re under a probationary period or working inconsistent casual hours.
Positive record of similar previous loans
An extension of a positive credit rating is having a proven track record of taking on and successfully repaying loans of this nature. There’ll be greater confidence in you as a borrower if you have a personal or car loan on your credit file that was repaid without any issues. Repaying a loan requires discipline, so lenders want to be sure that you’ll be able to take on the responsibility.
Apply with your partner
Submitting a joint application can be highly useful if you’re looking to make a shared purchase or to cover combined expenses. You can expose yourself to lower rates and a greater borrowing capacity when you take on the personal loan responsibility with a partner, as you’re only responsible for paying half of your loan’s monthly payments each and are by definition at a lower risk of the entire income stream of the borrower being cut off.
Find a guarantor
Finally, if you’re an inexperienced borrower or on the cusp of being approved for $30,000, you can benefit from a guarantor on your loan. Guarantors agree to pay out your loan in the event that you won’t be able to, bringing significant stability to your loan agreement. Because this person, who will most often be a parent, comes with a stronger personal financial situation, lenders will be far more willing to offer greater sums and lower rates.
Frequently asked $30,000 personal loan questions
$30,000 personal loans explained
How do I compare $30,000 personal loans?
There are many ways you can go about comparing personal loan offers, so it can be difficult to know where to start. Fortunately, you can do just that right here with Savvy. With lending partners from around Australia, you can find comparison information quickly and easily in one place to help you determine which deal is best for your needs. You can start the process of comparing personal loans right here today and have the wheels in motion on your application in a matter of hours.
The main points to consider when comparing different personal loans are:
Eligibility criteria
Before all else, you’ll have to find a lender whose eligibility requirements you can meet. Different lenders will impose varying requirements when it comes to financing, so you should always be clear on whether you fit the bill. Rejections due to not meeting all the criteria are highly avoidable and can still show up on your credit file, so take the time to consider which lender is right for you. The basic minimum criteria you’ll have to meet are:
- At least 18 years of age
- A citizen, permanent resident or accepted visa holder
- Employed and earning a stable income of at least $20,000 p.a.
- No prior defaults or bankruptcy
Repayment terms
When taking out a $30,000 personal loan, you should ensure your lender can provide you with your preferred term length. You should always be comfortable when repaying finance agreements, so ensuring your lender can approve you for the period you’re looking for is essential. If you’re earning enough to pay it off in under three years, make sure your lender offers available terms of one or two years, while those looking for more than five years should do the same. Don’t sacrifice your comfort and savings by opting for a loan term shorter or longer than you need.
Interest rates
Getting the lowest rate available to you can potentially save you thousands of dollars over the life of your loan. Interest adds up on personal loans, so you should always compare thoroughly to find offers with the lowest available rates. For example, a $30,000 loan over five years at 8.5% p.a. would cost $6,930 in interest. However, opting for a different lender who can provide a rate of 7.5% p.a. instead will result in an interest outlay of $6,068 and a saving of over $850. It’s always worth taking the time to find the best rate available to you.
Fees
There are several fees which can apply to loans on top of your interest rate. The two main ones to look out for are establishment (up to $595) and ongoing fees (up to $10 per month). While both of these can add hundreds to the cost of your loan, it’s important to note that many lenders don’t impose these charges, either one or both, on their loans. Because of this, you should always look for finance which doesn’t set you back a substantial amount in the fee department. You’ll always be required to pay a late fee of $15 to $35 if you miss a repayment, though.
Comparison rates
An effective way of comparing different loan offers is via their comparison rates. This is a percentage figure listed next to the interest rate which encompasses the cost of both interest and regular fees, painting a more accurate picture of the cost of your loan as a whole. It’s more effective to compare loans this way than on interest alone, as a low rate may be offset by steep fees. Comparison rates don’t include conditional fees such as late or early repayment charges, as these may not apply to your loan.
The cost of additional repayments
You should always afford yourself the flexibility to pay above the minimum required amount wherever possible. Making extra repayments across your loan term will cut down on the amount of interest you’re liable to pay and potentially shorten your repayment period by several months. For example, a $30,000 loan repaid over five years at 9% p.a. would set you back $7,366 in interest alone. However, adding an extra $100 to your $623 monthly repayments would trim ten months from your term and enable you to save almost $1,300. Some lenders charge fees to let you do so, so it’s worth comparing loans on this basis.
Other useful features
If you’re looking to make additional repayments across your term, you may also benefit from the flexibility of a redraw facility. Some lenders offer these as a way for you to withdraw cash from the extra money paid towards your loan rather than applying for another loan. Redrawing funds runs the risk of lengthening your loan term and increasing the amount of interest and fees you end up paying, though, so it’s important to consider whether you need one. You should also look for lenders which can accommodate your preferred repayment schedule of either weekly, fortnightly or monthly.
How do I apply for a $30,000 personal loan?
The process of applying for a personal loan is quite a simple one, but it’s still important to familiarise yourself with each of the steps required before diving into your application. Not every lender will have exactly the same process, but they’ll remain largely consistent across the board. The steps you’ll be required to follow when applying for your loan are:
- Compare loans with Savvy: before all else, you should compare as many options as possible and find your ideal lender and loan. By comparing different offers with Savvy, you can choose the best loan for you with more confidence. Once you’ve done this, you can move into the application process.
- Make sure you’re eligible: as mentioned earlier, it’s important to double-check your lender’s eligibility criteria to ensure you meet each and every point required to apply. You should avoid wasting any time with an application which is doomed to fail before it even begins and guarantee your lender can accept you as a borrower.
- Gather all your documents: part of the process is supplying documentation to confirm your identity and financial position with your lender. It’s worth finding all of these ahead of time and having them on hand so you won’t have to scramble for them down the track. As a minimum, you’ll need your driver’s licence or passport, your last two payslips and information on your assets, liabilities and expenses. 90 days’ worth of bank statements may be required also.
- Fill out your application form: with all the information you need at your disposal, you can go ahead and complete your lender’s digital application form on their website. This should only take between ten and 20 minutes to complete in almost all cases, after which you can simply await their response. If you want to estimate how much you can borrow, you can use Savvy's personal loan borrowing power calculator.
- Supply additional documents: in some cases, your lender will request further documents from you to verify your personal information. This won’t always happen, though, and usually only serves as a minor delay in the processing of your application.
- Receive approval and funding: if your lender is happy with your application and satisfied you’ll be able to comfortably repay $30,000 on the terms you’ve requested. They’ll send through a loan contract for you to sign electronically and return to them, after which the approved funds can be advanced directly into your nominated bank account.
Helpful personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.
