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 would payments be on a $30,000 personal loan? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $25,000 | 5 | $514.57 |
| $30,000 | 3 | $926.18 |
| $30,000 | 5 | $608.15 |
| $35,000 | 3 | $1080.54 |
13 more rowsIt 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 $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 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 hard is it to get a $30,000 personal 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 hard is it to get a loan for $30,000? ›
$30,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
What credit score do I need for a 30k loan? ›
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.
How to clear 30k of debt? ›
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.
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
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.
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% |
|---|
| Two-Year Repayment | $2,261.36/month, $4,272.75 in interest over time |
| Seven-Year Repayment | $779.31/month, $15,462.10 in interest over time |
| 10-Year Repayment | $606.64/month, $22,796.56 in interest over time |
Jan 20, 2024
Below are the methods you should consider to pay off your car loan faster:
- Refinance your car loan.
- Split Your Bill Into Two Biweekly Payments.
- Make a large down payment.
- Round up your car payments.
- Review additional car expenses.
What 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.
What are personal loan rates right now? ›
Average Overall Personal Loan Rates
| This week's rates | Last week's rates |
|---|
| Average overall rate | 21.11% | 20.90% |
| Average low rate | 11.58% | 11.18% |
| Average high rate | 30.64% | 30.62% |
| Highest rate | 99.99% | 99.99% |
1 more row6 days ago
Average online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 12.64% |
| Good | 690-719. | 14.84% |
| Fair | 630-689. | 18.69%. |
| Bad | 300-629. | 21.74%. |
Apr 9, 2024
Example Monthly Payments on a $25,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $2,256 |
| 24 months | 15% | $1,212 |
| 36 months | 15% | $867 |
| 48 months | 15% | $696 |
3 more rowsAug 31, 2021
Monthly payments for a $300,000 mortgage
| Annual Percentage Rate (APR) | Monthly payment (15-year) | Monthly payment (30-year) |
|---|
| 7.00% | $2,696.48 | $1,995.91 |
| 7.25% | $2,738.59 | $2,046.53 |
| 7.50% | $2,781.04 | $2,097.64 |
| 7.75% | $2,823.83 | $2,149.24 |
5 more rowsHow much will a $60,000 loan cost?
| Credit score | Interest rate | Monthly payment |
|---|
| 640 to 679 | 26.93% | $2,447 |
| 680 to 719 | 21.73% | $2,283 |
| 720 to 779 | 16.58% | $2,127 |
| ≥780 | 13.19% | $2,027 |
