Regardless of how you'll use it, there's a smart way to get a $3,000 loan.
Start by researching online lenders, banks, and credit unions to find lenders that are most likely to approve you and give you the lowest rate. Then, compare $3,000 loans between lenders based on APRs, monthly payments, available discounts, and fees. Which lender has the best $3,000 loan depends on your credit score, income, and employment.
$3,000 loan lenders
Advertiser DisclosureOverview
More borrowers are able to prequalify with Upstart compared to all other Credible partners, based on Credible personal loans data. This could make the lender a good choice if you have at least fair credit and have struggled to qualify with other lenders. It also offers loans as low as $1,000, which makes it a good choice if you need a small loan. Just know that Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed. However, it received a below average score in J.D. Power's 2025 U.S. Consumer Lending Satisfaction Study.
pros
- May fund in 1 business day
- 300 in most states
- Low minimum APR
- Trustpilot score of 4.9/5 stars
cons
- May charge a high origination fee
- No discounts offered
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Read full reviewOverview
Best Egg is a solid lender for a wide range of borrowers. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, which means borrowers with fair credit are eligible. Plus, Best Egg is one of a handful of Credible partner lenders to offer secured loans, and the only one we know of that offers loans secured by the fixtures in your home. This can be a great way for homeowners to lower their rate, while not putting their actual home up as collateral.
However, Best Egg loans may have an origination fee, which ranges from 0.99% to 9.99% of the loan amount.
pros
- Secured loans available
- Low minimum income requirement
- Wide range of loan purposes allowed
- Funds in 1-3 business days
cons
- Origination fees
- No discounts
- Not available in DC, IA, VT, or WV
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
LendingClub makes loans to borrowers across the credit spectrum and stands out for its low rates, based on Credible personal loan data. The lender had some of the lowest APRs for borrowers with fair credit (FICO 580 - 669), very good credit (FICO 740 - 799), and excellent credit (FICO 800+), compared to other Credible partner lenders. The lender has a low minimum income requirement, wide availability, and offers a mobile app for streamlined loan management.
LendingClub may charge an origination fee between 3% and 8%.
pros
- Mobile app
- Low minimum income requirement
- High close rate on loans made through Credible
- Available in all states
cons
- Origination fee
- No discounts
- Funding not as fast as some competitors
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers and borrowers with low annual incomes. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
- Low annual income requirement
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 740 or higher). No-fee means no origination fees and no late fees, and Citi is one of few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).
The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers. However, Citi requires a relatively high credit score to qualify and caps the amount you can borrow at $30,000, which is less than most of its competitors.
Citi came in second for overall customer satisfaction in J.D. Power's 2025 Consumer Lending Satisfaction Study.
pros
- No minimum credit score required
- No origination fees
- Autopay discount
- 2nd in J.D. Power's Consumer Lending Satisfaction Study
- 100% digital process
cons
- Max loan amount is lower than most lenders
- High credit score required
Discounts
0.5% APR autopay discount
Time to get funds
Same day with an existing Citi account, or within 2 business days with a non-Citi account
Loan uses
Can be used for almost any purpose, except for using the proceeds for post-secondary expenses or business purposes.
Read full reviewOverview
Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you.
Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.
pros
- Offers peer-to-peer lending (individuals can invest in personal loans)
- Can fund in 1 business day
- Open to borrowers with fair credit
- Low minimum APR
cons
- Origination fee
- Not available in Iowa or West Virginia
- No discounts
Eligibility
Available in all states except IA and WV
Time to get funds
On average, within 5 days of accepting your offer
Loan uses
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Read full reviewOverview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Read full reviewOverview
Reprise may be an excellent option if you need a loan with bad credit. Not only does it offer bad credit loans, but the lender delivered the lowest rates, on average, to borrowers with bad credit compared to other Credible partners offering loans for bad credit. (Average interest rates are based on Credible personal loans data across credit score tiers over the last 12 months.) The lender also offers secured loans as well as some cosigned loans to help you qualify.
Reprise loans are a great options for emergencies as loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating and a 4.16 customer rating on BBB (the Better Business Bureau) — indicating satisfied customers.
But Reprise is not for everyone. Available loan amounts are capped at a relatively low $25,000, Reprise may charge an origination fee, and there are no discounts for autopay or direct pay to creditors when using the loan to consolidate debt.
pros
- Loans for bad credit
- 4.7 Trustpilot rating
- Secured loans available
- Cosigners considered
- Next-day funding available
- Easy to contact
cons
- Does not accept self-employment income as a primary source of income
- Relatively low maximum loan amount ($25,000)
- Origination fees up to 6%
- Not available nationwide
- No mobile app
- No discounts for autopay or direct pay
Loan amount
$2,500 to $25,000 (Minimum $5,000 for OH, Minimum $3,500 for GA)
Fees
$15 late fee except where the state has a different limit (ie. NM), return payment fees - $20 except where state has a different limit (ie – NM), and no prepayment penalty
Eligibility
Unavailable in CO, CT, HI, IA, ME, MD, MA, NV, NJ, NY, SD, VT, WA, and WV
Time to get funds
1-7 business days depending on loan security type
Loan uses
Credit card refinancing, debt consolidation, emergencies, major purchases, medical and dental expenses, moving expenses, special occasions, unexpected expenses, vacation and travel
Read full reviewOverview
Universal Credit offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
pros
- Borrowers with low credit scores considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewOverview
More borrowers are able to prequalify with Upstart compared to all other Credible partners, based on Credible personal loans data. This could make the lender a good choice if you have at least fair credit and have struggled to qualify with other lenders. It also offers loans as low as $1,000, which makes it a good choice if you need a small loan. Just know that Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed. However, it received a below average score in J.D. Power's 2025 U.S. Consumer Lending Satisfaction Study.
pros
- May fund in 1 business day
- 300 in most states
- Low minimum APR
- Trustpilot score of 4.9/5 stars
cons
- May charge a high origination fee
- No discounts offered
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Read full reviewOverview
Best Egg is a solid lender for a wide range of borrowers. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, which means borrowers with fair credit are eligible. Plus, Best Egg is one of a handful of Credible partner lenders to offer secured loans, and the only one we know of that offers loans secured by the fixtures in your home. This can be a great way for homeowners to lower their rate, while not putting their actual home up as collateral.
However, Best Egg loans may have an origination fee, which ranges from 0.99% to 9.99% of the loan amount.
pros
- Secured loans available
- Low minimum income requirement
- Wide range of loan purposes allowed
- Funds in 1-3 business days
cons
- Origination fees
- No discounts
- Not available in DC, IA, VT, or WV
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
LendingClub makes loans to borrowers across the credit spectrum and stands out for its low rates, based on Credible personal loan data. The lender had some of the lowest APRs for borrowers with fair credit (FICO 580 - 669), very good credit (FICO 740 - 799), and excellent credit (FICO 800+), compared to other Credible partner lenders. The lender has a low minimum income requirement, wide availability, and offers a mobile app for streamlined loan management.
LendingClub may charge an origination fee between 3% and 8%.
pros
- Mobile app
- Low minimum income requirement
- High close rate on loans made through Credible
- Available in all states
cons
- Origination fee
- No discounts
- Funding not as fast as some competitors
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers and borrowers with low annual incomes. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
- Low annual income requirement
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 740 or higher). No-fee means no origination fees and no late fees, and Citi is one of few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).
The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers. However, Citi requires a relatively high credit score to qualify and caps the amount you can borrow at $30,000, which is less than most of its competitors.
Citi came in second for overall customer satisfaction in J.D. Power's 2025 Consumer Lending Satisfaction Study.
pros
- No minimum credit score required
- No origination fees
- Autopay discount
- 2nd in J.D. Power's Consumer Lending Satisfaction Study
- 100% digital process
cons
- Max loan amount is lower than most lenders
- High credit score required
Discounts
0.5% APR autopay discount
Time to get funds
Same day with an existing Citi account, or within 2 business days with a non-Citi account
Loan uses
Can be used for almost any purpose, except for using the proceeds for post-secondary expenses or business purposes.
Read full reviewOverview
Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you.
Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.
pros
- Offers peer-to-peer lending (individuals can invest in personal loans)
- Can fund in 1 business day
- Open to borrowers with fair credit
- Low minimum APR
cons
- Origination fee
- Not available in Iowa or West Virginia
- No discounts
Eligibility
Available in all states except IA and WV
Time to get funds
On average, within 5 days of accepting your offer
Loan uses
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Read full reviewOverview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Read full reviewOverview
Reprise may be an excellent option if you need a loan with bad credit. Not only does it offer bad credit loans, but the lender delivered the lowest rates, on average, to borrowers with bad credit compared to other Credible partners offering loans for bad credit. (Average interest rates are based on Credible personal loans data across credit score tiers over the last 12 months.) The lender also offers secured loans as well as some cosigned loans to help you qualify.
Reprise loans are a great options for emergencies as loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating and a 4.16 customer rating on BBB (the Better Business Bureau) — indicating satisfied customers.
But Reprise is not for everyone. Available loan amounts are capped at a relatively low $25,000, Reprise may charge an origination fee, and there are no discounts for autopay or direct pay to creditors when using the loan to consolidate debt.
pros
- Loans for bad credit
- 4.7 Trustpilot rating
- Secured loans available
- Cosigners considered
- Next-day funding available
- Easy to contact
cons
- Does not accept self-employment income as a primary source of income
- Relatively low maximum loan amount ($25,000)
- Origination fees up to 6%
- Not available nationwide
- No mobile app
- No discounts for autopay or direct pay
Loan amount
$2,500 to $25,000 (Minimum $5,000 for OH, Minimum $3,500 for GA)
Fees
$15 late fee except where the state has a different limit (ie. NM), return payment fees - $20 except where state has a different limit (ie – NM), and no prepayment penalty
Eligibility
Unavailable in CO, CT, HI, IA, ME, MD, MA, NV, NJ, NY, SD, VT, WA, and WV
Time to get funds
1-7 business days depending on loan security type
Loan uses
Credit card refinancing, debt consolidation, emergencies, major purchases, medical and dental expenses, moving expenses, special occasions, unexpected expenses, vacation and travel
Read full reviewOverview
Universal Credit offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
pros
- Borrowers with low credit scores considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewWhere can I get a $3,000 personal loan?
Most personal loans are available online via online lenders, banks (yours and others), and credit unions.
Online lenders
There are dozens of online lenders offering $3,000 loans, such as Prosper, Upstart, and Best Egg, that cater to a wide range of borrower profiles and needs.

Note
Some online lenders, like SoFi, LightStream, and Happy Money don’t offer $3,000 loans. These lenders offer $5,000 loans and higher.
Online lenders have built their platforms for ease and simplicity of use. Instead of visiting a physical branch location, you can complete the entire process from application to funding online, sometimes getting money as soon as the same day you apply.
"We believe lending can and should be a tool for happiness, which is why we have designed an application process and simple loan product with borrowers' best interests in mind," says Matt Tomko, the chief revenue officer at Happy Money, a financial technology company specializing in personal loans.
Banks
While some banks like Chase and Bank of America no longer make personal loans, Wells Fargo, U.S. Bank, T.D. Bank, Citi, Discover, and PNC do.
Note that banks may have certain stipulations. For example, you'll need to have had an open Wells Fargo account for at least 12 months to qualify for a Wells Fargo personal loan.
To stay up with the tech-driven upstarts, these and other banks typically offer online applications and same-day credit decisions for existing customers. If you're not a current customer, you may need to wait a few business days for your approved loan to fund.
Credit unions
There are more than 4,000 federally insured credit unions with 139.3 million members. If you're one of them, you may wish to start your $3,000 personal loan journey here.
Credit union loans are known for their flexible terms, less stringent approval requirements, and interest rate caps, currently at 18%.
Credit unions, however, have membership restrictions. Typically, they limit membership to specific groups, such as military members, firefighters, teachers, or residents of particular regions. But anyone can join PenFed Credit Union, the nation's third-largest by asset size. It offers $3,000 personal loans with rates as low as 8.99% APR.
Approval estimates for $3,000 loans
We crunched a year's worth of data to find the average $3,000 loan rates that borrowers using the Credible marketplace received, and how likely they were to prequalify for a $3,000 loan. Not surprisingly, borrowers with excellent credit received the lowest rates and were the most likely to qualify.
Data are for borrowers who used the Credible marketplace from July 2024 through June 2025 to get a $3,000 loan. Source: Credible
Top loan purposes for $3,000 loans
Most people who got a $3,000 loan through Credible used it for debt consolidation. However, more people are using $3,000 loans to pay bills or rent.
Loan purposes are for closed $3,000 loans (+/- $500) from July 2024 through June 2025 with average borrower TransUnion V9 credit scores. Source: Credible
Interest rates for $3,000 loans by loan purpose and credit score
In addition to your credit score, lenders consider how you want to use the loan when determining what APR to offer. The graph below shows how APRs varied for different loan purposes for borrowers who used the Credible personal loan marketplace. For example, borrowers with poor credit received the lowest rates, on average, when they refinanced credit card debt.
How to compare $3,000 personal loans
While there are a number of features to compare between lenders and loans, cost is usually the most important. Be aware of the loan's monthly cost, overall cost, and any upfront costs, such as origination fees. Note that the repayment term you choose also impacts how much it costs to borrow $3,000. Here's how to compare.

Tip
Some loan purposes — such as debt consolidation — may confer lower interest rates than loans for other purposes.
Interest rates
While government policy and lenders' business and profit models are factors in determining your individual interest rate, you, the customer, also play a large role.
You should expect a competitive rate if you have a good credit score (a FICO score between 670 and 739) based on factors like your bill-paying history and credit utilization rate.
If you have a poor credit history (a FICO score below 580), expecting a rate more than double that of someone with excellent credit (a FICO score of 800 or higher) is not unreasonable.
If you have poor credit, you could pay more than twice the amount of interest over the life of your loan than someone with excellent credit.
Fees
Fees to look for include origination fees, late payment fees, returned payment fees, and so on. One lender may charge an origination fee; another may not. One lender may impose late fees; another may not. While you may be able to avoid late fees, origination fees (when charged) aren't optional and impact the overall cost of the loan.
That's why it's essential to compare each lender's annual percentage rate (APR), which accounts for upfront lender fees.
Repayment terms
Repayment terms on $3,000 loans could range from one year (or less) to five years. Some lenders offer longer repayment terms, but you may need to take out a larger loan amount to qualify.
The repayment term indicates not just how long you'll make payments on the loan, but how long you'll pay interest. In other words, you'll generally pay more interest on a longer-term loan. This is why it's best to get a loan with the shortest repayment term and monthly payment you can comfortably afford.
Monthly payment
Your monthly payment is determined by multiple factors, including your loan amount, interest rate, and loan term. By changing any of these three main inputs on a loan calculator, you will get a different monthly payment estimate. Your goal is to get one you can comfortably afford.
Total repayment costs
This gives you the big picture. Over time, interest adds up. If your loan is shorter, your monthly payments will be higher, but your total repayment costs will be less. Conversely, if you stretch your monthly payments over a longer period, your monthly payments will be less, but your total repayment costs will be more.
If you hate the idea of paying excessive interest over the life of your loan, shorten your loan term. If cash flow is your bigger concern, lengthen your term.
$3,000 loan cost comparison
This graph illustrates how different APRs can affect how much you'll pay over the life of the loan.
How to get a $3,000 loan
1. Evaluate your credit score and profile
- Obtain a free copy of all three credit reports (Experian, TransUnion, and Equifax).
- Clean up errors or discrepancies on the reports to boost your scores.
- Check your FCIO credit score for free via a site like Experian or through free tools provided by your bank.
- Take steps (pay off debts, reduce credit usage, etc.) to improve your score.

Tip
Ask for a credit line increase to reduce your credit utilization and potentially improve your score.
2. Research and compare lenders
- Research minimum income and credit score requirements between lenders to find those you may qualify with.
- Look for discounts you might be eligible for, such as discounts for autopay and direct pay to creditors (for debt and credit card consolidation).
- If time is a factor, find lenders that can fund your loan quickly, such as the same day you apply or the next business day.
- Find lenders that will approve your intended loan purpose.

Tip
Some lenders only approve specific loan purposes, like debt consolidation or home improvements.
3. Prequalify with multiple lenders
- To prequalify, provide a few pieces of information - such as the last four digits of your Social Security number, education level, annual income, and whether you rent or own - and the lender runs a soft credit check. In return, you get a quote that indicates the rate and loan amount you might qualify for.
- Prequalification quotes are not offers of credit. When you apply for a loan, most lenders conduct a hard credit check that could ding your credit score by a few points for up to a year.
4. Calculate estimated monthly payments
- Use an online personal loan calculator to plug in different repayment terms and loan amounts using the rates you've prequalified for.
- Compare numbers to find repayment term/APR/loan amount combinations that best fit your goals and budget.
5. Choose a lender and apply
- Review loan quotes to find ones with a payment you can afford and a lender you feel good about.
- Compare APRs to account for upfront fees, such as origination fees.
- If you choose a loan with an origination fee, know that the amount will likely be deducted from the amount you're borrowing.
- Confirm for yourself that your loan will help you accomplish your stated goal.
- Complete the lender's application form and provide required documentation.
6. Review terms, sign, and begin repayment
- Carefully read the contract's Truth-in-Lending (TIL) statement, showing the APR, finance charges, loan amount, monthly loan payment, total payments, penalties for late payments or early payoff, and all other applicable terms and disclosures.
- Sign the agreement and await funding.
- Begin repayment.
Personal loan alternatives
If you decide a personal loan isn't for you, consider these alternatives.
Cash advance
If you're among the 82% of Americans who have a credit card, you might be able to borrow against it in the form of a cash advance. The amount you can borrow typically is a percentage of your limit. Since your card issuer has already authorized your use, there should be little, if any, paperwork to fill out and no credit check. The downside of this alternative is interest begins accruing at once and cash advance fees may apply. Cash advances also do not earn credit cash rewards or other incentives.
Family loans
If you don't mind divulging your intentions or personal business to people close to you, your family and friends might be the perfect source for a $3,000 family loan. Typically, loans under $10,000 don't require the family lender to notify the Internal Revenue Service (IRS).
Nevertheless, to eliminate confusion and protect relationships, you and your family lender should at least document the loan amount, the interest rate, and the payback schedule. The interest rate should be equal to or greater than the IRS' Applicable Federal Rate.
To draw up a contract, you could download a legal agreement from providers like Lawdepot.com, legalcontracts.com, and eform.com, or consult services like Namma or National Family Mortgage to guide you through the process.
Pawnshop loans
People walk through the doors of the nation's more than 7,000 pawnshops daily, putting up their jewelry, musical instruments, electronics, firearms, and other possessions as collateral for short-term pawnshop loans.
Pawnshops can be a fast and convenient way to get cash without a credit check. Just keep in mind that seemingly modest, single-digit monthly interest rates, when computed annually, can quickly get pricey. A 4% monthly rate is at least a 48% (4% x 12) annual rate; a 5% monthly rate is at least a 60% (5% x 12) annual rate. Know the true cost of the convenience you're buying.

Note
For loans that charge compound interest, the annual rates above could be higher.
Personal line of credit
Without collateral, you could tap a personal line of credit up to your limit to pay expenses and maintain your cash flow. The interest rate on a personal line of credit is typically higher than a personal loan but lower than a credit card. However, unlike a credit card, interest accrues immediately, with no grace period.
FAQ
How fast can I get a $3,000 loan?
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Funding your loan quickly is a point of pride and competition for many lenders. Just bear in mind that a rate decision made in minutes or the same day is different from the money actually hitting your account. If any lender is going to deliver on its same-day promise, it will likely be an online lender that utilizes AI underwriting.
But even among online lenders, it could take longer. "Once the borrower is approved, the loan is finalized with an e-signature, and funds are transferred in three-to-six business days," says Tomko.
What credit score do you need for a $3,000 personal loan?
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Lenders have different minimum credit score requirements. Some, like OneMainFinancial, consider applicants with FICO scores below 580. But most lenders prefer applicants with good credit scores. That's why it's important to know your score and shop around. The better your credit, the easier your loan search is likely to be.
Can I get a $3,000 loan with bad credit?
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It's possible to get a $3,000 personal loan with bad credit, but you'll likely pay a lot more in interest. The higher interest rate compensates lenders for the added risk they assume. If you think the cost is too high, consider other $3,000 loan funding alternatives, like a family loan.
Meet the expert:
Peter Bennett
Peter Bennett has almost four decades of financial experience. His work has been published by the Los Angeles Times and Los Angeles Times magazine.