Get approved for a $3,000 loan, even with bad credit

Even if you have bad credit, you can still get a $3,000 cash loan.


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If you find yourself in need of quick cash, a personal loan is a great option. There are different lenders in Canada who offer $3,000 loans that can help pay for things like car repairs or maybe some upgrades to your home. While many lenders will allow people with bad credit to borrow money, it’s important that you have some source of income and the ability to manage your repayments in order to apply for a loan.

Our guide below will help you determine if a $3,000 loan is the right option for you. We cover the eligibility requirements, the benefits and drawbacks of getting a loan and answer some of the most frequently asked questions.

Compare companies who offer personal loans

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
6 months - 5 years
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Fairstone offers unsecured personal loans up to $20,000
Cash Money Installment Loan
6 months - 5 years
Vary across provinces/territories
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Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
No end dates
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Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
1-5 years
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LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
3-10 years
Varies by province
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Fairstone offers secured personal loans up to $35,000.
Alpine Credits Home Equity Loan
10.00% - 22.99%
Up to 60 months
Between 5% - 8% of your APR will cover closing and admin fees.
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Alpine Credits offer home equity loans in amounts from $10,000 to $500,000. Must be a homeowner to qualify. Check eligibility for this loan through LoanConnect.

Compare up to 4 providers

What are the eligibility requirements for a $3,000 loan?

You can generally get a loan if you meet the following criteria:

  • Employment. Some lenders require you to be employed, but you may find a lender who will consider you if you are unemployed but have another form of income like welfare payments, government benefits or investment income. Part-time and self-employed workers can also be eligible for loans.
  • Income. You need to be earning some sort of income in order to be eligible for a loan. Some lenders may have a minimum of how much you need to earn, while others will just need to see history of your pay over the previous three months. If you receive welfare payments, you can still apply for and receive a loan. Keep in mind there may be restrictions you need to meet, such as your loan repayments not exceeding a certain percentage of your welfare income.
  • Age. You must be at least 18 years of age, or the age of majority in your province or territory.
  • Credit history. You can still get a loan with bad credit, even if you’ve filed for bankruptcy.

What $3,000 loan options are available for me?

No matter your credit score, there are loan options available to you if you need to borrow a large amount of money. The first step is to decide which type of loan best suits your needs.

How to narrow down your options

In order to find the best loan for you, ask yourself these five questions:

    1. How quickly do you need the money? The purpose of the loan may help you narrow down your search. For example, if you need the money to cover an emergency, like a bill that is due the next day, you may consider a short term loan lender or getting an online personal loan if you need to get money as soon as possible.
    2. What repayments can you afford? The interest rate and fees you’re paying will affect your repayments, as will the terms you select for your loan. For instance, a loan with shorter terms will save you from paying extra interest, but your repayments will be much higher each time. After you work out your budget, you can use a personal loan calculator to see what your repayments will be.
    3. Do you have bad credit? Good and bad credit borrowers will have different options available to them. If you have good credit, you can consider a traditional bank or credit union for a low limit credit card, overdraft or small personal loan. If you have bad credit, you’re likely to have limited options, which may include payday loans, installment loans and auto title loans.
    4. Are you employed? Lenders have eligibility criteria in regards to how you need to be employed and how much you have to earn. Keep in mind there are still loan options available if you’re receiving welfare payments as income. If you’re between jobs, you may still be eligible for a loan as well. Check the eligibility criteria of each lender before you apply for a loan.
    5. How much does the loan cost? The actual amount you pay will likely depend on your loan term. For example, you may pay less for a $3,000 loan over 1 year than you would over 2 years because there will be more interest charges applied to the longer loan term. Be sure to consider the total cost when weighing your options.

Representative example: Jim gets a jet ski

Jim has owned a cottage in Northern Ontario for many years and has always dreamed of owning a jet ski. His neighbour is selling a one year old high-end jet ski for just $7,000.00 – which is an absolute bargain in Jim’s eyes. Jim only has $4,000.00 to spend on a jet ski at the moment, but he doesn’t want to pass up on the opportunity, so he decides to take out a loan to cover the remaining $3,000.00. Jim only has a fair credit rating, so he heads online to compare non-traditional lenders. He finds a lender willing to offer the full $3,000.00 with a 16.00% APR and a 1 year loan term.

Cost of jet ski$7,000.00
Loan typePersonal loan
Loan amount$3,000.00
Interest rate (APR)16.00%
Loan term1 year
Additional feesOrigination fee of 3% ($90.00)
Monthly payment$272.19
Total loan cost$3,356.31

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

Get a $3,000 loan

5 factors to consider when comparing $3,000 loans

Below, we’ve listed 5 things you should take into account when applying for a $3,000 personal loan.

      • What is the interest rate? Interest rates for personal loans can vary significantly from one lender to another and usually depend on whether the loan is secured or unsecured. It’s always best to compare different lenders and loans to determine if the interest rate is competitive or not.
      • What is the term of the loan? Personal loan terms can last several years. Keep in mind, the longer your term is, the more you’ll pay in interest over the life-time of your loan.
      • What are the fees and charges? Lenders may charge financing fees or monthly fees in addition to the interest rate. Personal loan lenders can charge you late/missed payment fees and fees if you go into default. If you think you’ll have any problems repaying your loan, you may want to reconsider applying for it altogether.
      • What is the reputation of the lender? Given that the Internet has given rise to a number of online lenders, finding out a little about the lender in question can be a good place to start before you apply.Ensure the lender you’re applying with has a good reputation by reading independent reviews and checking with your local Better Business Bureau (BBB).

Is a personal loan right for you?

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. You’ll need to meet the eligibility criteria of the lender in order to be approved for the loan. Take some time to go through these requirements before applying. If you have questions or doubts about any part, you can always contact the lender.
      • Go through your credit report. It’s a good idea to get a free copy of your credit report online before you apply. Understanding your credit history will put you in a better position to know what loans you can and can’t apply for. Furthermore, you can check your credit report for any errors. If you find any, you can contact one of the two credit bureaux in Canada – Equifax or TransUnion.
      • Limit your applications. Every time you apply for a loan, it counts as an inquiry on your credit report, knocking around 5 points off each time. Submitting too many applications can negatively affect your credit score.
      • Factor repayments into your budget. It’s important that you have a fair idea of what your repayments will look like before you apply for your $3,000 loan. Once you know how much you have to repay, take into account your existing salary and expenses and then determine if you can afford to make the repayments. You can use a loan calculator to find out how much you might have to repay weekly, biweekly or monthly. If you don’t think you can pay the loan back, don’t take one out.

Mistakes to avoid

      • Avoid taking out a loan if you’re certain you won’t be able to repay on time. Consider taking out a smaller loan for only the amount you need right now and are able to repay in time.
      • 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.

Bottom line

A $3,000 personal loan can be an ideal option to help with unforeseen expenses or to finance that little extra something. Whether or not you have a good credit score, there are plenty of loan options out there. When shopping around for a personal loan remember to consider important factors like the interest rate, loan term and monthly repayment amount.

Want to learn more? Head to our complete guide to personal loans.

Frequently asked questions about $3,000 loans

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