Get a $3,000 loan

When emergency strikes and you need $3,000 yesterday, there may be several options available to you. However, your options can be limited depending on your credit score. We’ve located eight lenders that work with bad credit and another five that prefer fair or good credit to help you narrow your search.

Compare lenders that offer $3,000 personal loans

Compare requirements, rates and terms for personal loan providers that offer $3,000 loans. Hit Go to site to check your rate.

How much does a $3,000 loan cost?

The overall cost of a $3,000 loan largely depends on your interest rate and loan term. The rates and terms you qualify for are primarily based on your income and credit score, and lenders typically charge higher rates on low loan amounts. The good news is that you can often lower your rate by shortening your loan term.

These examples show how much a $3,000 loan might cost at different rates and terms:

While a $3,000 loan with a five-year term has a monthly payment over half the size of the payment with a two-year term, you end up paying more than three times in interest. Go for the shortest term that fits your budget to maximize savings (and get out of debt quicker).

Calculate your loan repayments

Enter your loan amount, loan term in years and interest rate to see how much you’ll pay over the loan’s life.

How long does it take to get a $3,000 loan funded?

How long you get a $3,000 loan funded largely depends on the type of lender you go with. Online lenders can typically fund a loan within one to two business days after you apply — sometimes as soon as the same day, if you apply in the morning.

If you choose to start with a business loan marketplace, that process will take a little longer, because you have to sort through offers and then apply with the lender you want and turnaround times can vary. If you get connected with a bank or credit union, it may take around one week or longer to get your hands on the funds.

How to pay off $3,000 in debt

With a $3,000 personal loan, you must make monthly payments toward the loan balance and interest — usually over two or three years. Here are some tips to help you pay off your debt more quickly and at a lower cost:

1. Sign up for autopay. Most lenders offer discounts of around 0.25% just for signing up to have automatic payments deducted from your account on your due date. Many banks offer an even higher discount of around 0.5% for current customers — one reason to consider borrowing from your bank before going to other lenders.
2. Pay it off early. The faster you pay off a loan with a fixed interest rate, the more you’ll save. If you don’t have any prepayment penalties on your loan, then paying a little extra each month or even a whole extra payment can reduce how much interest you’ll accrue over time and end the loan sooner than expected.
3. Split your payments. Payment splitting is a savings method where you split your payment in half each month. You’d pay half of your monthly payment before it’s due, ideally at least 15 days early, then you pay the rest on the due date. The early payment reduces the daily interest that would accrue before the due date. But make sure you don’t have any prepayment penalties before using this tactic.

Contact your lender as soon as your financial situation changes. Most offer financial hardship programs of up to three months for customers facing temporary setbacks — or will extend your term if you need long-term assistance. This helps you avoid default and keeps you in good standing with the lender.

Eligibility requirements for a $3,000 loan

Since $3,000 loans are relatively small, you can probably qualify by meeting the lender’s minimum requirements. While eligibility criteria vary by lender, most require the following:

• Good credit score above 670
• Debt-to-income ratio below 45%
• At least $24,000 in annual income
• No recent bankruptcies or repossessions less than 12 months old
• Active bank account
• Over 18 years old

How to increase your chances of approval

Two of the biggest requirements for any loan are your credit score and your ability to repay the loan. If your income is all tied up in other expenses or your credit score is below 670, it can be tough to qualify.

However, you can ask someone else to apply with you to increase your approval odds:

A cosigner is someone who “lends” you their good credit score to help you meet credit score requirements. They also promise to repay the loan if you were to default. However, they aren’t responsible for keeping up with the monthly installments.

A coapplicant, sometimes called a co-borrower, is someone that takes on the loan with you. If both of you have income, your incomes are combined to meet income requirements. Both credit scores are considered as well, and each of you is equally responsible for the monthly payments.

If you’ve recently turned 18, compare loans geared towards young borrowers with no credit history.

Alternatives for short-term loans

A short-term loan is often defined as one that doesn’t have any collateral and is completed in under 12 to 18 months. For many, these loans are for emergencies, unexpected bills or debt consolidation. However, if you aren’t having luck with personal loans, there are other alternatives to consider.

• When you just need a small amount of cash quickly, consider cash advance apps.
• A credit card cash advance lets you borrow against your existing credit card.
• If you want to avoid short-term loans altogether, there are lending circles where a group of people lend each other money at low or no cost.

To learn more about these options, or see other short-term loan substitutes, compare our picks for the best personal loans.

Looking for a different loan amount?

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings and reviewed by Anna Serio, a member of Finder's Editorial Review Board.

Written by

Bethany Hickey

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise

Bethany has written 448 Finder guides across topics including:

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