A three-year personal loan is a loan that you repay with regular monthly payments over 36 months, plus interest and fees. Three years is one of the most common term lengths for a personal loan.
Most lenders also offer five-year terms as well. And almost all personal loans come with fixed rates, which mean you’ll have the same payment each month.
You can qualify for a three-year term if you show the lender you have in your budget for the monthly payment. This can range from under $100 to over $3,000 in some cases.
If the monthly payment on a three-year loan is too high for your budget, your lender might suggest a longer term. With personal loans, you can often make extra payments with no penalty — so even if you qualify for a five- or seven-year term, you can still pay it off over three years.
Three-year fixed rate loans can be used for various purposes. There are a few different types available including:
If you’re certain that a three-year loan is right for you, the next step is to compare all of your options to get the best deal possible. Here are features to look out for when comparing:
The cost of a three-year loan depends on the loan amount and APR. Here’s how much your estimated monthly payment could be on a three-year loan with different loan amounts and interest rates:
| Loan amount | 5% APR | 10% APR | 15% APR | 20% APR |
|---|---|---|---|---|
| $3,000 | $89.91 | $96.80 | $104 | $111.49 |
| $4,000 | $119.88 | $129.07 | $138.66 | $148.65 |
| $5,000 | $149.85 | $161.34 | $173.33 | $185.82 |
| $10,000 | $299.71 | $322.67 | $346.65 | $371.64 |
| $15,000 | $449.56 | $484.01 | $519.98 | $557.45 |
| $20,000 | $599.42 | $645.34 | $693.31 | $743.27 |
| $100,000 | $2,997.09 | $3,226.72 | $3,466.53 | $3,716.36 |
Use our calculator to see how much a three-year loan might cost each month and in total interest based on different loan amounts, interest rates and fees.
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