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Compare £3,000 loans
A £3,000 loan could open doors or help you get back on track financially. Discover how to get a loan with the best rate and terms.
Compare £3,000 personal loans
Getting a £3,000 loan will depend on your status, whether you have a good, fair or poor credit score but there are different providers that cater to each. This guide compares the best loans on the market, tools to see if you’re likely to get approved for the loan (our LoanFinder tool) and a calculator to check how much you’ll eventually repay.
Table: sorted by representative APR, promoted deals first
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With no guarantor
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With a guarantor
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With a guarantor who is a homeowner
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Overview
Whether you’re planning a holiday abroad or perhaps need to repair your car, a £3,000 loan can let you spread the cost over a time frame that suits you. It’s a figure that can be small enough to pay back without making major lifestyle changes. Many lenders reserve their best rates for larger loans, however, so it is worth taking the time to find the best deals available to you. Here’s how.
What are my options when borrowing £3,000?
Loans of this sum are available from a huge range of lenders, both traditional (high street banks) and non-traditional (online specialist lender offering loans for bad credit). The providers and products you can choose from will be determined by factors such as your circumstances and the purpose of the loan. Perhaps the most common option, however, is an unsecured fixed-rate personal loan.
How does an unsecured fixed-rate personal loan work?
With an unsecured loan, the borrower doesn’t put down any possession as collateral. By contrast, a loan that involves collateral is called a secured loan. The most common examples of secured loans are for larger amounts, such as mortgages (where a property is used as collateral) and car finance (where a vehicle is used as collateral). However, it’s worth noting that even when a loan is unsecured, the lender can take legal action to get its money back.
Unsecured loans involve less risk for the borrower, but more for the lender. As such, they can involve higher rates than secured loans.
A fixed interest rate will not change throughout the course of a loan. It’s the opposite of a variable rate, which can be changed at the lender’s discretion. A fixed interest rate means equal monthly repayments. Each repayment consists partly of the interest accrued so far, and partly of a repayment towards the original sum borrowed.
Each lender will offer a range of loan terms, and normally the term that you opt for will be dictated by the affordability of monthly repayments. Broadly speaking, the shorter the loan term, the higher your monthly repayments will be. If you opt to spread the repayment over a longer loan term, your monthly repayments will be more manageable, but the overall cost of the loan will be higher.
There are occasional exceptions to this rule, however – such as when a lender offers a promotional, lower rate on specific loan terms or loan amounts. Sometimes, by increasing the loan term or loan amount fractionally, borrowers can access a better rate. By focusing on the “total amount payable” (that’s the overall cost of the loan) it’s straightforward to work out your smartest course of action.
Here’s an example of a £3,000 loan over two years at a 9% APR. Each bar represents a single monthly repayment, and you can see how the breakdown of interest vs. capital changes over the course of the loan.
How to get a £3,000 loan
These are some of the key steps on your journey to securing a £3,000 loan:
- Work out how much you need to borrow. Do you really need the loan, or can you get away with borrowing less? The less you borrow, the less you’ll pay in interest, so if you’re buying an item, research how much that item will actually cost – it might be less than you imagined. If you’re making a large purchase, consider how much of it you could cover from savings. If you don’t need to borrow £3,000, you might consider a smaller amount such as a £2,000 loan.
- Work out how long you need to borrow it for. Next, consider how much you can afford to repay each month – that’ll dictate how long you need to borrow over. Never apply for a loan unless you’re certain you can afford to cover the repayments. Lenders will be doing the same calculations, based on your income and outgoings, and there’s a good chance you’ll reach the same conclusion on whether or not a particular loan would be affordable.
- Find out your credit score. Along with affordability, your credit score is a huge factor in whether you’re approved for a personal loan. You can check your credit score for free through services like Experian, Equifax and TransUnion (formerly Callcredit). It’s worth doing, because if you’re turned down for a personal loan, and end up making further applications to other lenders, this could start to harm your credit score further. If you discover you have a poor credit score, it’s sensible to apply for a loan from a provider that specialises in loans for people with bad credit.
- Compare lenders. There are many lenders out there offering different deals on a £3,000 personal loan. You can compare them in finder.com/uk comparison tables and read reviews of each product. Read more about how to compare £3,000 loans.
- Apply. Once you’ve decided which lender you’d like to receive a personal loan from, it’s quick and easy to apply online. Many lenders can give you a very quick pre-application assessment, so that you can find out your chances of approval before going ahead with the full application and credit check. Then, the decision to approve or reject your application is often made within seconds, and many lenders will transfer the funds to your nominated account that same day.
£3,000 loans for specific circumstances
Loans for bad credit
If you have a bad credit rating, there are still lenders out there who will help you. Typically, specialist loans for people with bad credit will have extra-high rates and/or require a guarantor.
Loans for self-employed people
It used to be tougher for self-employed people to get a personal loan, because in many cases, their income was deemed too unreliable. However, the demand for loans among self-employed people has grown so much that there are now lenders who specialise in offering deals to them.
Loans for businesses
It’s often stated in personal loan terms that the money can’t be used to fund a business. However, there are a range of specialist business loans and lenders around, too, many with features specifically tailored to business purposes.
How to compare £3,000 loans
Here are the key factors to consider when comparing personal loans.
- Available terms. The number of months you can choose to repay your loan over.
- Eligibility. Most lenders will list criteria you need to meet in order to be approved. Never apply until you’re sure you meet these criteria.
- Rates. Lenders will reveal their representative APR before you’ve applied, which will indicate the interest rate, but this might not be the rate you’re offered. The representative APR only has to be offered to 51% of customers. The lender may offer you a higher rate if you’re deemed to be less creditworthy than the average customer.
- Total payable. This is the total amount you’ll pay back when the capital and interest rate are added. The most important factor to consider.
- Early repayment conditions. Some lenders will reduce your interest payments if the amount you owe is paid back early. Consider choosing one of these lenders if you’re looking to make bigger repayments.
- Fees. One-off set-up fees are becoming increasingly rare in this market, but it’s still worth checking your lender isn’t charging these. The total cost of the loan will include any applicable fees.
Should I just take out a credit card?
It is possible to apply for a credit card with a £3,000 limit. There are even some cards that’ll offer you an introductory period where you pay 0% interest on purchases, although, once again, approval will depend on your credit rating. Nevertheless, if you feel confident about being approved for these cards, you could potentially receive a £3,000 “loan” without paying any interest. Ensure you pay off your debt before the introductory 0% period comes to an end, though, because the rate will skyrocket at this point. If you can’t get hold of a 0%-on-purchases credit card, compare the available rates with those offered by personal loan companies. In many cases, you’ll pay more on plastic.What would the payments be on a £3,000 loan?
| Interest rate of 5.0% fixed p.a. | Interest rate of 10.0% fixed p.a. | Interest rate of 25.0% fixed p.a. | |
|---|---|---|---|
| 1 year term | £256.82 monthly £3,081.87 overall | £263.75 monthly £3,164.97 overall | £285.13 monthly, £3,421.59 overall |
| 2 year term | £131.61 monthly £3,158.74 overall | £138.43 monthly £3,322.43 overall | £160.11 monthly, £3,842.75 overall |
| 3 year term | £89.91 monthly £3,236.86 overall | £96.80 monthly £3,484.86 overall | £119.28 monthly, £4,294.06 overall |
What do lenders consider when assessing your creditworthiness?
As well as your credit record, lenders will consider:
- Your reason for borrowing. Those borrowing money for responsible reasons, like paying for a car or a wedding, are typically considered stronger applicants.
- Your income and expenditure. Lenders need to see proof that you’ll be able to afford your monthly repayments.
- Your employment status. Lenders will consider how stable your job security and how reliable your income is.
Will you be approved?
Check your personalised rates and likelihood of acceptance.
Bottom line
If you need to borrow £3,000, it’s wise to compare your options first. You’ll want to look at the interest rates, term lengths, the total amount payable, any fees or penalties, and the restrictions, if any, around making early repayments.
Before applying, make sure you meet the lender’s criteria to give you the best chances of getting approved.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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