A $3,000 loan could be a few clicks away.
When emergency strikes and you need $3,000 fast, there are several options available to you. Just watch out for high APRs.
OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
- Minimum loan amount: $500
- Maximum loan amount: $5,000
- Turnaround time: 1 business day
- Loan term: 9 to 36 months
- Must have direct deposit and meet minimum income requirements
Top $3,000 loans to apply for today
Rates last updated February 19th, 2019
Am I eligible for a $3,000 loan?
You can generally get a loan if you:
- Have a regular source of income
- Have an active checking account
- Are over 18
You don’t necessarily need to be employed to get a $3,000 loan, though it helps. As long as you have a regular source of income, you can typically find a lender. Don’t have a bank account? Check out our no bank account loans guide.
What types of loans should I consider?
- Installment loans. These loans that you pay back over three to 12 months are available to all credit types and don’t require collateral.
- Auto title loans. Own a car? You might be able to get a slightly better deal if you have bad credit and put your car’s title up for collateral with an auto title loan.
- Secured personal loans. You can also use other items that you own to back a loan from a personal loan provider for more favorable rates and terms.
How to find the right lender
Ask yourself these five questions to pick the best lender to apply with:
- How quickly do I need the money? This can tell you whether to prioritize speed or cost.
- What can I afford? Figure out how much you can afford to repay each month and use that to weed out lenders.
- How is my credit? If you have a credit score below 600, your options are typically limited to installment or auto title loans.
- Am I employed? Some lenders require you to have a job while others accept any regular income like government benefits.
- How much does the loan cost? The easiest way to compare costs is to compare a loan’s APR, which includes both interest and fees.
Can I afford a $3,000 loan?
Use our calculator to see how much your monthly repayments would be at different loan rates and terms.
Benefits and drawbacks to consider
Benefits
- Repayment flexibility. A number of lenders allow you to make repayments according to how frequently you get paid. If you can repay your loan ahead of time without being subject to an early payout penalty, you can save on fees and interest.
- Account access. Most lenders allow you to access your account online, while others also offer phone account access.
- Apply with bad credit. Having bad credit doesn’t mean you can’t get a loan. Most payday lenders will consider you for a loan with less-than-perfect credit.
Drawbacks
- Higher interest rates and fees than standard loans. Interest rates for bad credit loans are noticeably higher than most other loan types, so you may want to explore other options first. Payday loans and installment loans also tend to come with higher interest rates compared to more traditional secured and unsecured personal loans.
- Higher repayments. Since payday loans and installment loans are paid rather quickly, the payments will be high when compared to other types of personal loans that can stretch over years.
- Disreputable lenders. If any offer seems too good to be true, it probably is. Ensure the lender you’re applying with has a solid reputation by reading independent reviews and checking with your local government.
How to get your loan application approved
While there is no definite way to make sure a lender approves your application, it could help your application to keep the following tips in mind. $3,000 of debt is nothing to take lightly. Be sure you also understand the risks and know what to watch out for before you apply.
Tips for a good application
- Establish eligibility criteria. Make sure you have a chance of approval before you start your application.
- Go through your credit report. Understanding of your credit history will put you in a better position to know what loans you can and can’t apply for.
- Limit your applications. Submitting too many applications can negatively affect your credit score. Instead consider prequalifying with multiple lenders.
What to watch out for
- Avoid taking out a loan you’re know you won’t be able to repay on time — this can start a cycle of debt.
- Avoid simply picking the first lender you come across. You could save money on interest and fees by comparing multiple lenders. Remember to consider all costs, including penalty fees for late payments.
Looking for a different type of loan?
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Are payday loans available in your state?
Do I have to put bank information before getting approve rather do this once I am apptove??
Hi Linda,
Thanks for reaching out.
There are lenders that require bank account information as bank statements can confirm your financial situation. Most lenders require applicants to have operational checking or savings accounts because this is where they can transfer funds electronically and payments are usually directly debited from there.
To get additional information you may want to click on “go to site” or “more” for you to check on the eligibility requirements per lender.
Cheers,
Joanne