Monthly Payment on a $3,000 Personal Loan (2024)

FAQs

What would monthly payments on a $3,000 loan be? ›

Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen, permanent resident or visa holder, and having a valid bank account.

The interest rate on a $3,000 loan from a major lender could be anywhere from 7.8% to 699%. It's difficult to pinpoint the exact interest rate that you'll get for a $3,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income.

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.

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

Personal loans generally aren't hard to get and are available from credit unions, banks, and online lenders. There are various types of personal loans to consider, depending on how much money you need to borrow.

What is the most common personal loan amount? ›

In general, personal loan amounts range from $1,000 up to $50,000, though some lenders may offer loans up to $200,000. The average personal loan amount was about $11,500 as of Q2 2023, according to data from TransUnion. Below, we look at how average personal loan balances vary by generation and state.

The specific credit score you need to qualify for a $1,000 loan can vary quite a bit among lenders. Most lenders look for good to excellent credit scores (670 or higher), but there are some that are willing to work with people who have less-than-perfect credit.

Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.