Whether you’re consolidating debt or planning home improvements, a £30000 loan could have a dramatic impact on your life. But with a loan of this size, even a small difference in interest rate can make a big impact on the overall cost – especially if you’re borrowing over a longer-term. So it’s important to find a loan with the best terms for your needs.
Should you get a secured or unsecured loan?
Most lenders offering unsecured loans have an upper limit of £25,000, but you don’t have to look too far to find a lender willing to lend up to £30,000, or in a few rare cases, £35,000. To borrow such a large sum without putting up any security is going to require excellent credit, however.
If that doesn’t sound like you, then you may wish to consider a secured loan. A secured loan requires you to put up a possession – normally a property – as collateral for the loan. If you already have a mortgage, you’d effectively be applying for a second charge mortgage. This is where a lender is next in line (after your mortgage provider) to recoup any losses they might incur if you failed to repay your loan, from the value in your property.
Why take out a £30000 loan?
If you’re struggling to keep up with payments on a number of debts, a £30000 loan could help you. You could use it to help consolidate all your debts. As consolidating your debts helps reduce the number of monthly outgoings and means you can get a better handle on your finances.
Whatever you choose to take out a loan for £30,000 for, it truly can be a life-changing amount of money that you’ll no doubt have spent a lot of time planning for.
How do I apply?
Once you find out your eligibility with our eligibility checker, simply decide to apply to receive an instant decision on your unsecured personal loan.
You’ll be asked for the following details:
- Full name
- Contact details
- Address history for the past three years
- Income and outgoings
If you need a hand in getting an idea of how much you could afford to borrow, try out our loans calculator. You can also use our budget planner to see how much you spend each month on essentials such as bills, rent, food etc.