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. But if you take out a $3,000 loan for seven years with an APR of 4%, your monthly payment will be $41.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it's built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $3,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments on a $3,000 Personal Loan
Payoff period | APR | Monthly payment | Total interest over life of loan |
12 months | 15% | $271 | $249 |
24 months | 15% | $145 | $491 |
36 months | 15% | $104 | $744 |
48 months | 15% | $83 | $1,008 |
60 months | 15% | $71 | $1,282 |
72 months | 15% | $63 | $1,567 |
84 months | 15% | $58 | $1,863 |
If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/27/21 and it was last updated on 09/10/21. 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
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.
What would monthly payments on a $3,000 loan be? ›
Monthly payments for a $3,000 personal loan
Loan duration | Average monthly payments ($3,000 loan) | |
---|
| Poor credit | Excellent credit |
---|
13–24 months | $243.39 | $144.08 |
25–36 months | $129.93 | $97.65 |
37–48 months | $114.40 | $87.80 |
1 more rowMar 7, 2024
What credit score is needed 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.
How much would a $5000 personal loan cost a month? ›
Advertising Disclosures
Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|
$5,000 | 3 | $153.54 |
$5,000 | 5 | $104.98 |
$10,000 | 3 | $313.32 |
$10,000 | 5 | $207.54 |
13 more rows
How much would a $4000 loan cost per month? ›
Example Monthly Payments on a $4,000 Personal Loan
Payoff period | APR | Monthly payment |
---|
12 months | 15% | $361 |
24 months | 15% | $194 |
36 months | 15% | $139 |
48 months | 15% | $111 |
3 more rowsSep 10, 2021
How many months would it take to pay off $3000? ›
It will take 41 months to pay off $3,000 with payments of $100 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
What credit score do you need to get a $30,000 loan? ›
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
How hard is it to get a 3k personal loan? ›
Requirements for a $3,000 Personal Loan
However, most set a minimum. Discover, for example, requires a minimum credit score of 660, while some others require a minimum of 700. Most lenders consider your whole financial situation.
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 rowsMay 7, 2024
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 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.
Nearly 23 million Americans have unsecured personal loans, with an average balance of about $11,500. Today, the average interest rate on a personal loan is 11.48%, up from 9.38% in 2021. The average personal loan balance is highest among baby boomers ($21,644) and lowest among Generation Z ($7,684).
Can I get a $2,000 personal loan? ›
Many banks, credit unions and online lending institutions, including Rocket LoansSM, offer $2,000 personal loans. The type of lender you choose may depend on the conditions surrounding your loan. For instance, your interest rate and how long it takes to get your loan funds usually vary by lender type.
How hard is it to get a personal loan for $1,000? ›
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.
How much would a $3,000 loan cost per month? ›
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.
How much are monthly payments for a $2500 loan? ›
Monthly payments for a $2,500 personal loan
Loan duration | Average monthly payments ($2,500 loan) | |
---|
| Poor credit | Excellent credit |
---|
13–24 months | $185.06 | $124.69 |
25–36 months | $107.27 | $82.33 |
37–48 months | $99.98 | $69.96 |
1 more rowMar 7, 2024
How much is the monthly payment on a $2000 loan? ›
Monthly payments for a $2,000 personal loan
Loan duration | Average monthly payments ($2,000 loan) | |
---|
| Poor credit | Average credit |
---|
1–12 months | $248.09 | $218.86 |
13–24 months | $165.10 | $131.57 |
25–36 months | $92.77 | $81.62 |
1 more rowMar 7, 2024
How much can I afford if I make 3000 a month? ›
Using the 36% Rule
Pre-Tax Monthly Income | 36% Limit for Total Monthly Debt |
---|
$3,000 | $1,080 |
$4,000 | $1,440 |
$5,000 | $1,800 |
$6,000 | $2,160 |
5 more rows
What is the average monthly payment on a $300000 loan? ›
What Are the Monthly Payments for a $300,000 Mortgage?
APR | Payment with 15-year Loan | Payment with 30-Year Loan |
---|
5.5% | $2,451 | $1,703 |
6.5% | $2,613 | $1,896 |
7.5% | $2,781 | $2,097 |
Feb 26, 2024
How can I calculate my monthly payment on a loan? ›
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.