We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Financing a home purchase
Refinancing your existing loan
Finding the right lender
Additional Resources
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Compare Accounts
Use calculators
Get advice
Bank reviews
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Compare by category
Compare by credit needed
Compare by issuer
Get advice
Looking for the perfect credit card?
Narrow your search with CardMatch™
Personal Loans
Student Loans
Auto Loans
Loan calculators
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Best of
Brokerages and robo-advisors
Learn the basics
Additional resources
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Get the best rates
Lender reviews
Use calculators
Knowledge base
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Selling a home
Buying a home
Finding the right agent
Additional resources
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Car insurance
Homeowners insurance
Other insurance
Company reviews
Elevate your Bankrate experience
Get insider access to our best financial tools and content
Retirement plans & accounts
Learn the basics
Retirement calculators
Additional resources
Elevate your Bankrate experience
Get insider access to our best financial tools and content
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for .
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
If you need $30,000 quickly or for a large expense, a personal loan could be the answer. Whether you are planning a wedding or you need cash to go to college, there are loans available for a range of credit scores from both online lenders and banks.
If you plan to take out a $30,000 personal loan, understand the costs. You won’t just be paying back the loan amount. You will be responsible for any interest accrued too. It’s also important to think about what the loan will get you. Investing in home renovations may give you more equity, while using a loan for a vacation doesn’t have any monetary payout.
Personal loans can be used for virtually anything, and there are a lot of reasons you might want to apply for one. However, it’s important that you only take out an amount of debt you can handle. Some of the more common reasons for a personal loan include:
While people often take out personal loans for all of the above and more, it’s not always the best idea. Debt that you use to help you reach a life goal and build wealth or opportunity in future may be worth it — like going to college or buying a house. However, debt that is just for fun might not be the best idea, especially if you are not sure if you can make the payments or work them into your budget.
You want to make sure it is a good idea to get a loan this large. Some of the best uses for this amount might be consolidating debt from other loans into one loan with a lower interest rate. Also, investing in home renovations with a loan like this may be a good idea because it will likely raise the value of your home and increase your equity.
No matter what you decide, know what you are getting into. Use a loan calculator to determine the payment amount for your loan. Then, pay off your loan in the specified repayment period.
While every lender varies on the exact requirements for a personal loan, there are a few things you will generally need. The lender needs to verify that you have sufficient income to pay back the loan, and they will want to check your financial history to make sure you are reliable.
Be prepared for the lender to ask for these requirements when you apply:
When looking for a personal loan, it’s important to shop around. Different lenders may have better rates or terms or they may cater better to certain credit scores. You can talk to banks, online lenders and peer-to-peer lenders like LendingClub or Prosper. Here are a few top options for $30,000 personal loans.
Aiming to bring you simple personal loan options of up to $50,000, Best Egg allows you to check your rate in just a few minutes by filling out an online form. They provide personal loans for various options, from emergency loans, to home renovation funding.
Another online lender, LightStream allows customers to apply for a loan on their website or mobile app. If customers are approved quickly, they can receive loan funds as soon as the same day they apply. If you’re not happy with the service, the lender will send you $100.
When you apply, Upgrade gives you multiple loan options, and you pick the one that best fits your needs and budget. With Upgrade, you can get personal loans for up to $50,000.
SoFi offers loans for anywhere from $5,000 to $100,000. Depending on your monthly budget, you can choose a loan term length between two years and seven years. SoFi will do a soft credit inquiry to figure out which loan options you qualify for and will only do a hard inquiry once you choose a loan option.
When you take out any loan, you agree to pay interest. This means that over the life of your loan you will pay the total amount you borrowed plus interest that accrues over your loan term. The interest rate on your loan and how quickly you pay down the loan’s principal amount will determine your loan’s total cost over time.
For example, let’s say you take out a $30,000 loan with an annual percentage rate (APR) of 8 percent and a term length of 5 years. You will pay a total of $6,497.51 interest if you make all of your monthly payments on time.
Use a loan calculator as you shop for loans to see how much interest you could pay. Remember that making any extra payments can help bring down the total interest you pay throughout the life of the loan.
Taking out a $30,000 personal loan can be helpful if you use it for good. Remember that loans for school and things like home renovations are considered “good” debts, while personal loans for things like vacations or weddings are a little riskier.
Make sure you understand the cost of a loan this size if you plan to take one out. Shop around with different lenders to find the best rates. Banks and online lenders can give you a range of options to fit your needs.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access
© 2022 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
About Author
