Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Life has a way of throwing out curveballs sometimes, which can create an unexpected financial hardship. If you find yourself in a pinch, you might decide that you need a small personal loan to help cover these unplanned expenses.

Many different types of lenders offer small loans, whether it’s for auto repairs, medical bills, or even to help make ends meet if you’re in between jobs.

Here’s a look at where to find a $3,000 loan, how to apply for a loan of this size, and how much it might cost you:

Where to find a $3,000 loan

Personal loans are very common financial products, and their popularity continues to grow each year. But it can actually be difficult to take out a smaller loan amount, since many lenders have traditionally set minimum loan amounts greater than just a few thousand dollars.

With that said, the demand for personal loans has grown, making it more likely to find a lender that offers smaller loan amounts. This includes online lenders as well as traditional financial institutions, like banks and credit unions.

Online lenders

When it comes to shopping around for a smaller personal loan amount, online lenders can often be the best place to start. Many online lenders offer funding as soon as the same or next business day.

Online lenders make it possible to take out a range of loan amounts, with a completely digital application process. And since they don’t have the overhead costs associated with maintaining physical branches, they may offer lower interest rates than banks or credit unions.

You can use Credible to compare your prequalified personal loan rates from multiple lenders, all in one place. The Credible partner lenders in the table below all offer personal loans for small amounts.

Lender Fixed rates Min. loan amount


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


9.95% – 35.99% APR
$2,000**
  • Fixed APR:

    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 35.99% APR
$2,000 to $50,000
  • Fixed APR:

    4.99% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg and Blue Ridge Bank
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.99% – 24.99% APR
$2,500
  • Fixed APR:

    5.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.04% – 35.89% APR
$1,000
  • Fixed APR:

    7.04% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 2 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub Bank
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.99% – 35.99% APR
$2,000
  • Fixed APR:

    7.99% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


18.0% – 35.99% APR
$1,500
  • Fixed APR:

    18.0% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.99% – 17.99% APR
$600
(depending on loan term)
  • Fixed APR:

    4.99% – 17.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $600 to $50,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


7.95% – 35.99% APR
$2,000
  • Fixed APR:

    7.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


8.93% – 35.93% APR7
$1,000
  • Fixed APR:

    8.93% – 35.93% APR7
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


5.94% – 35.97% APR
$1,000
  • Fixed APR:

    5.94% – 35.97% APR
  • Min. credit score:
    560
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


4.37% – 35.99% APR4
$1,000
  • Fixed APR:

    4.37% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As fast as 1 business day6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!
Get Rates Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Banks and credit unions

Many national and local banks, as well as credit unions, also offer personal loans. You can often apply for these loans online, though you may need to visit a branch to apply in person.

You may be able to receive your loan funds in a few business days, but there are some important differences to note between traditional financial institutions and online lenders.

For starters, some national banks have higher minimum personal loan thresholds. This means that if you only need to take out a smaller amount, you’ll need to find another lender.

Good to know: Many banks and credit unions offer interest rate discounts for existing customers who take out a personal loan. But you’ll most likely need to be a member of a credit union in order to take out a loan from one.

Time to fund a $3,000 personal loan

Depending on which lender you choose, you may be able to get your personal loan funds deposited into your bank account in as little as one business day. While the loan funding time varies based on the specific lender, your application approval, and how you want funds disbursed, it’s generally a quick process.

Some lenders even offer same-day loans. This means that if you apply and qualify for your loan by a certain time, the lender may be able to disburse your new loan as quickly as that afternoon.

Credible makes it easy to compare rates from multiple lenders, some of which offer personal loans with a fast funding time.

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Qualifying for a small loan amount

Not everyone who needs a personal loan will qualify for one — even if it’s a small loan amount. Lenders look at two main factors when deciding whether or not to approve a personal loan application:

These two factors give the lender an idea of your past credit history, what sort of accounts you’ve held, how you manage your credit, and how large of a debt burden you currently have. This tells them how risky of a borrower you are, and whether you can realistically afford to repay the loan you’re applying for.

If you’re ready to apply for a personal loan, these are the steps you should take:

  • Check your credit. You can request free copies of your credit reports from the three main bureaus — Equifax, Experian, and TransUnion — by visiting AnnualCreditReport.com. Your reports will show you what kind of accounts are being reported and whether there are any errors. If you notice any errors, you can dispute them with the credit bureau before applying for a loan. If there aren’t any errors but your score isn’t where you want it to be, you can work to improve it before you apply.
  • Shop around and compare lenders. It’s wise to consider at least three to five lenders in your search for a personal loan. This way, you can find a lender that offers the loan amount you need, competitive rates, and loan repayment terms that fit your budget. You may also be able to weed out lenders with qualification requirements that you don’t meet.
  • Get prequalified and check your rates. Prequalifying enables you to get personal loan offers without taking a hit on your credit score. Many lenders will include potential rates in a prequalification offer. It’s not a guarantee that you’ll be approved, but it’ll give you an idea of what rates you might receive if you complete a formal loan application.
  • Select the best offer for your situation. Once you’ve seen your prequalified offers, choose the best one for your specific situation and needs. This means choosing the loan amount, monthly payment, interest rate, funding time, and even income requirements that suit you.
  • Complete the application and receive funds if approved. Once you’ve picked your lender, it’s time to complete an official application. This usually involves a hard credit inquiry, which can temporarily lower your scores by a few points. The lender may request certain personal or employment information, such as bank statements, W-2s, or pay stubs. If you’re approved, the lender will disburse your loan funds.

Learn more: How Long It Takes to Get Approved and Get a Personal Loan

Credit score requirements

Generally, the higher your credit score, the lower the annual percentage rate (APR) you’ll be offered on your new personal loan. So, borrowers with excellent credit may wind up with a more affordable loan product. But that also means that if you have bad credit, you might not get approved for a loan, may be offered higher interest rates, or could be limited in how much you can borrow.

While many different credit-scoring formulas exist, each with its own ranges, most lenders will pull your FICO Score when considering you for a loan. FICO Scores fall into five different categories: Excellent, Very Good, Good, Fair, and Poor. Here are typical credit score ranges:

Credit score ranges Credit rating
Below 640 Poor
640 to 699 Fair
700 to 749 Good
750 and up Excellent

If your score is too low, you may not be able to qualify for a loan without adding a cosigner. This cosigner agrees to be held responsible for your new loan if you fail to make payments as scheduled.

Even if you qualify for a loan on your own, though, adding a cosigner with good to excellent credit may unlock better interest rates for you, which can save you money over the life of the loan.

How much will a $3,000 personal loan cost?

The cost of any personal loan depends on your interest rate and repayment term.

A higher interest rate will result in a costlier loan in the end, compared to a loan with a lower interest rate. A longer loan term may mean lower monthly payments, but it can also be more expensive than a shorter loan term with the same interest rate.

For example: A $3,000 loan with a 7% interest rate will cost you $1,180 in interest over a 10-year period. But if you opted for a six-year loan term on that same loan, you’d pay just $683 in interest.

Some loans may also charge application or origination fees for processing the loan, which can further increase your upfront costs. You can use our personal loan calculator below to see how much a $3,000 loan might cost you.

Enter your loan information to calculate how much you could pay

Total Payment
$

Total Interest
$

Monthly Payment
$

With a
$
loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
$
over the life of the
loan.


Need a personal loan?
Compare rates without affecting your credit score. 100% free!

Check Personalized Rates

Checking rates won’t affect your credit score.

Is a $3,000 loan right for you?

A small personal loan can be helpful in a pinch, or a lifesaver in a serious situation. It’s important to choose the right loan product for you and your needs.

Even if we’re only talking about a $3,000 loan, it’s always a good idea to shop around to find the best lender for your specific situation. This enables you to not only choose the right loan amount, but also snag the best loan terms, lowest rates, and the funding timeline you need.

About the author

Stephanie Colestock

Stephanie Colestock

Stephanie Colestock is a Washington, D.C.-based writer who has more than 10 years of experience in writing about investing, business, and personal finances. She’s contributed to outlets such as Yahoo! Finance, MSN, Investopedia, Credit Karma, Credible, and more. She holds a bachelor’s degree from Baylor University and is in the process of earning her CFP® certification.

Read More



Source link