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
Requirements for a $3,000 Personal Loan
How much is the monthly payment on a 3k loan? ›
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 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.
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.
What is the minimum credit score for a personal loan? ›
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
How hard is it to get 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.
Who is the easiest to get a personal loan from? ›
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 9.57% to 35.99% | 600 |
| OneMain | 18% to 35.99% | Undisclosed |
| LendingPoint | 7.99% to 35.99% | 600 |
6 more rowsMar 28, 2024
Average Recovery Time
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
What type of loan is easiest to get with bad credit? ›
Secured loans
With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.
Is 580 a bad FICO score? ›
Your score falls within the range of scores, from 580 to 669, considered Fair. A 580 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How to get a loan when no one will approve you? ›
Use Collateral To Secure The Loan
If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.
How much would a $5000 loan cost per month? ›
What is the monthly payment on a $5,000 personal loan?
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rowsA personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
What is the minimum credit score for LendingTree? ›
You can check your credit score for free with LendingTree Spring — without impacting your credit. While credit scores range from 300 to 850, the minimum credit score for a personal loan is typically 580. However, borrowers with scores of 640 or higher tend to get better loan rates and terms.
Can I get a $5000 personal loan with bad credit? ›
Yes, you can get a $5,000 loan with bad credit if you have enough income to afford the monthly payments, but the loan is likely to have a high interest rate. Several lenders offer $5,000 personal loans for people with credit scores under 640, and a few may not even require a credit check at all.
How much do I have to make to afford a 3k mortgage? ›
How Much House Can You Afford?
| Monthly Pre-Tax Income | Remaining Income After Average Monthly Debt Payment | Maximum Monthly Mortgage Payment (including Property Taxes and Insurance) with the 36% Rule |
|---|
| $7,000 | $6,400 | $1,920 |
| $8,000 | $7,400 | $2,280 |
| $9,000 | $8,400 | $2,640 |
| $10,000 | $9,400 | $3,000 |
4 more rowsHow much does a £3,000 loan cost?
| Initial loan amount | Length of loan | APR |
|---|
| £3,000 | 2 years | 8.9% |
| £3,000 | 3 years | 8.9% |
What is the monthly payment on a $5,000 personal loan?
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rows“Well, $3,000 is not enough for a down payment on most houses,” says Jill Gonzalez, an analyst with WalletHub. “The lowest percentage of down payment required is 3.5% for an FHA loan. So $3,000 would be enough for an approximately $85,000 loan, although that's way below today's median home price.”
