You will need a credit score of 580 or higher for a $3,000 personal loan. 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.
Credit Score Required by Lenders That Offer $3,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| Avant | $2,000 - $35,000 | 580 |
| LendingClub | $1,000 - $40,000 | 600 |
| PenFed | $500 - $50,000 | 600 |
| Prosper | $2,000 - $50,000 | 640 |
| LoanMe | $1,000 - $30,000 | Not disclosed, but does consider those with bad credit |
Some lenders will consider people with bad credit for a $3,000 personal loan, but it may be difficult to get approved for an amount above the lender's minimum unless you have a lot of income. Your chances of approval do get better the higher your credit score is above the minimum requirement, though.
The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/15/21 and it was last updated on 10/30/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
To increase your chance of approval for a $3,000 personal loan you should have a FICO score 600 or above. However, some lenders may be able to approve you with a credit score in the mid to high 500's.
What credit score do I need for a $3,000 personal loan? ›
Requirements for a $3,000 Personal Loan
Credit score: Some personal loan lenders, such as Upstart, allow you to apply with a very low credit score. However, most set a minimum. Discover, for example, requires a minimum credit score of 660, while some others require a minimum of 700.
How hard is it to get a loan for $3,000? ›
$3000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
What is the minimum credit score for a personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
How much can I borrow with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
What is the easiest loan to get right now? ›
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
| Upstart | 5.2% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 8.98% to 35.99% | 600 |
6 more rows7 days ago
The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301.
Who is the easiest to get a personal loan from? ›
Easiest personal loans to get in May 2024
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
How easy is it to get a $2,000 dollar loan? ›
Most lenders require borrowers to have a minimum score of around 670, which is considered a "fair" score. Nowadays, it's easier than ever to check your credit score for free. Borrowers with bad credit scores, such as those with scores of 580 or under, will have the most trouble getting approved for a $2,000 loan.
Does a personal loan hurt your credit score? Your credit score can dip a few points when you formally apply for a personal loan, but missed payments can cause a more significant drop. Getting a personal loan will also increase the amount of debt you owe, which is one of the factors that make up your credit score.
What is the minimum credit score for unsecured personal loan? ›
The typical minimum credit score needed to qualify for a personal loan is from 560 to 660, according to lenders surveyed by NerdWallet, but credit score requirements for personal loans vary across lenders and some may require a higher score.
What's the best place to get a personal loan? ›
Best Places to Get a Personal Loan in 2024
| Lender | Pros |
|---|
| Bank | Big loans, in-person applications, and likely to have no origination fee |
| Credit union | Low maximum APRs, in-person applications, and many work with bad credit |
| Online lender | Fastest approval and funding timelines with plenty of options for bad credit |
Apr 16, 2024
The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
How rare is a 720 credit score? ›
Who Has a 720 Credit Score?
| Credit Score | Tier | Percentage of Americans |
|---|
| 720 – 850 | Excellent | 38.12% |
| 660 – 719 | Good | 17.33% |
| 620 – 659 | Fair/Limited | 13.47% |
| 300 – 619 | Bad | 31.08% |
Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.
How big of a loan can I get with a 600 credit score? ›
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
How to get 3000 dollars fast with bad credit? ›
Multiple online lending marketplaces like GreenDayOnline and PaydayChampion work with networks of lenders willing to provide $3,000 loans to borrowers with bad credit. Payday loans offer fast approval and funding but very high APRs, around 400-650%, and short repayment periods.
How much of a loan can I get with a 560 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 560 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
