Stephanie Colestock has more than 11 years of experience in personal finances. Her work has been featured by MSN, CBS News, Credit Karma, and USA TODAY Blueprint.
Meredith Mangan is a senior editor at Credible and expert on personal loans.
Updated August 16, 2024
Editorial disclosure: 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.”
Credible Takeaways
If you’re looking for a $3,000 personal loan, consider a bank, online lender, or credit union.
The main factors that lenders look at are credit score, income, and debt-to-income ratio.
If your credit score is too low, consider asking a close friend or family member to cosign on a loan.
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.
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.
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.
The Credible partner lenders in the table below are online lenders, banks, or credit unions, and all offer personal loans for small amounts.
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. 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.
pros
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
cons
May charge a high origination fee
No discounts offered
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
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
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. 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, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
pros
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
cons
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
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
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
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, WA, IA, MA, ME, NY, VT, or WV
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
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
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 you don't need to input your Social Security number to prequalify on the website. 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
cons
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It 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 bad credit considered
No minimum 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
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
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
Zable offers relatively small loan amounts — ranging from $1,000 to $35,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
pros
Funding as soon as the same day
Low minimum income required
100% digital process
cons
No discounts
Maximum loan amount is lower than most other lenders
Origination fee
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan amount
$1,000 to $35,000
Repayment terms
1 to 5 years
Fees
Origination fees (5% to 9%)
Discounts
None
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Min. income
$1,000 per month
Customer service
Email, phone
Soft credit check
Yes
Time to get funds
As soon as the same day
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
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
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. 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.
pros
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
cons
May charge a high origination fee
No discounts offered
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
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
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. 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, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
pros
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
cons
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
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
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
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, WA, IA, MA, ME, NY, VT, or WV
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
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
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 you don't need to input your Social Security number to prequalify on the website. 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
cons
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It 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 bad credit considered
No minimum 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
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
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
Zable offers relatively small loan amounts — ranging from $1,000 to $35,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
pros
Funding as soon as the same day
Low minimum income required
100% digital process
cons
No discounts
Maximum loan amount is lower than most other lenders
Origination fee
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan amount
$1,000 to $35,000
Repayment terms
1 to 5 years
Fees
Origination fees (5% to 9%)
Discounts
None
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Min. income
$1,000 per month
Customer service
Email, phone
Soft credit check
Yes
Time to get funds
As soon as the same day
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
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
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
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.
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 three main factors when deciding whether or not to approve a personal loan application:
These 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 — using Credible's credit monitoring tool. 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 estimates 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.
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 580
Poor
580 to 669
Fair
670 to 739
Good
740 to 799
Very good
800 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.
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.
Stephanie Colestock has more than 11 years of experience in personal finances. Her work has been featured by MSN, CBS News, Credit Karma, and USA TODAY Blueprint.
