Getting a £3,000 loan will depend on your status, whether you have a good, fair or poor credit score but there are different providers that cater to each. This guide compares the best loans on the market, tools to see if you’re likely to get approved for the loan (our LoanFinder tool) and a calculator to check how much you’ll eventually repay.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Whether you’re planning a holiday abroad or perhaps need to repair your car, a £3,000 loan can let you spread the cost over a time frame that suits you. It’s a figure that can be small enough to pay back without making major lifestyle changes. Many lenders reserve their best rates for larger loans, however, so it is worth taking the time to find the best deals available to you. Here’s how.
Loans of this sum are available from a huge range of lenders, both traditional (high street banks) and non-traditional (online specialist lender offering loans for bad credit). The providers and products you can choose from will be determined by factors such as your circumstances and the purpose of the loan. Perhaps the most common option, however, is an unsecured fixed-rate personal loan.
With an unsecured loan, the borrower doesn’t put down any possession as collateral. By contrast, a loan that involves collateral is called a secured loan. The most common examples of secured loans are for larger amounts, such as mortgages (where a property is used as collateral) and car finance (where a vehicle is used as collateral). However, it’s worth noting that even when a loan is unsecured, the lender can take legal action to get its money back.
Unsecured loans involve less risk for the borrower, but more for the lender. As such, they can involve higher rates than secured loans.
A fixed interest rate will not change throughout the course of a loan. It’s the opposite of a variable rate, which can be changed at the lender’s discretion. A fixed interest rate means equal monthly repayments. Each repayment consists partly of the interest accrued so far, and partly of a repayment towards the original sum borrowed.
Each lender will offer a range of loan terms, and normally the term that you opt for will be dictated by the affordability of monthly repayments. Broadly speaking, the shorter the loan term, the higher your monthly repayments will be. If you opt to spread the repayment over a longer loan term, your monthly repayments will be more manageable, but the overall cost of the loan will be higher.
There are occasional exceptions to this rule, however – such as when a lender offers a promotional, lower rate on specific loan terms or loan amounts. Sometimes, by increasing the loan term or loan amount fractionally, borrowers can access a better rate. By focusing on the “total amount payable” (that’s the overall cost of the loan) it’s straightforward to work out your smartest course of action.
Here’s an example of a £3,000 loan over two years at a 9% APR. Each bar represents a single monthly repayment, and you can see how the breakdown of interest vs. capital changes over the course of the loan.
These are some of the key steps on your journey to securing a £3,000 loan:
If you have a bad credit rating, there are still lenders out there who will help you. Typically, specialist loans for people with bad credit will have extra high rates and/or require a guarantor.
It used to be tougher for self-employed people to get a personal loan, because in many cases, their income was deemed too unreliable. However, the demand for loans among self-employed people has grown so much that there are now lenders who specialise in offering deals to them.
It’s often stated in personal loan terms that the money can’t be used to fund a business. However, there are a range of specialist business loans and lenders around, too, many with features specifically tailored to business purposes.
Here are the key factors to consider when comparing personal loans.
| Interest rate of 5.0% fixed p.a. | Interest rate of 10.0% fixed p.a. | Interest rate of 25.0% fixed p.a. | |
|---|---|---|---|
| 1 year term | £256.82 monthly £3,081.87 overall | £263.75 monthly £3,164.97 overall | £285.13 monthly, £3,421.59 overall |
| 2 year term | £131.61 monthly £3,158.74 overall | £138.43 monthly £3,322.43 overall | £160.11 monthly, £3,842.75 overall |
| 3 year term | £89.91 monthly £3,236.86 overall | £96.80 monthly £3,484.86 overall | £119.28 monthly, £4,294.06 overall |
As well as your credit record, lenders will consider:
If you need to borrow £3,000, it’s wise to compare your options first. You’ll want to look at the interest rates, term lengths, the total amount payable, any fees or penalties, and the restrictions, if any, around making early repayments.
Before applying, make sure you meet the lender’s criteria to give you the best chances of getting approved.
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