Compare lenders and get approved for a £3,000 loan

A £3,000 loan could open doors or help you get back on track financially. Discover how to get one in your bank account with the best rate and terms.

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Whether you’re planning a holiday abroad or perhaps need to repair or replace your car, a £3,000 loan can let you spread the cost over a timeframe that suits you. It’s a figure that can be small enough to pay back without making major lifestyle changes, but it’s still worth taking the time to find the best available deal.

Comparison £3,000 personal loans

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
Hitachi Personal Finance Hitachi Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.2% p.a. (fixed). Representative APR 3.2% and total payable £10,493.64 in monthly repayments of £291.49.
NatWest Existing Customer Personal Loan (specific eligibility criteria apply)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Post Office Money® Personal Loan
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Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Royal Bank of Scotland Existing Customer Personal Loan (specific eligibility criteria apply)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
AA Member Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.0% p.a. (fixed). Representative APR 3.0% and total payable £10,462.68 in monthly repayments of £290.63.
Zopa Personal Loan
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Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.
Lloyds Bank Existing Customer Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Lending Works Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed) with an application fee of £0.00. Representative APR 10.0% and total payable £11,543.40 in monthly repayments of £320.65.
M&S Bank Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

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Name Product Total Payable Monthly Repayment Representative APR Link
1st Stop Personal Loans Ltd Homeowners Unsecured Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 31.3% p.a. (fixed). Representative APR 31.3% and total payable £14,801.76 in monthly repayments of £411.16.
118 118 Money Personal Loan (fair credit)
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Representative example: Borrow £2,000.00 over 2 years at a rate of 35.9% p.a. (fixed). Representative APR 35.9% and total payable £2,710.32 in monthly repayments of £112.93.
besavvi Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 18.9% p.a. (fixed). Representative APR 18.9% and total payable £12,913.20 in monthly repayments of £358.70.
Everyday Loans Personal Loan (fair credit)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 34.4% p.a. (fixed). Representative APR 34.4% and total payable £15,269.04 in monthly repayments of £424.14.
Bamboo Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.

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With no guarantor

Name Product Total Payable Monthly Repayment Representative APR Link
Likely Loans Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 59.9% p.a. (fixed). Representative APR 59.9% and total payable £19,010.16 in monthly repayments of £528.06.
118 118 Money Personal Loan (poor credit)
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Representative example: Borrow £2,000.00 over 2 years at a rate of 99.9% p.a. (fixed). Representative APR 99.9% and total payable £3,804.00 in monthly repayments of £158.50.
Everyday Loans Personal Loan (poor credit)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 58.4% p.a. (fixed). Representative APR 58.4% and total payable £18,795.60 in monthly repayments of £522.10.

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With a guarantor

Name Product Total Payable Monthly Repayment Representative APR Link
TFS Loans Guarantor Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 39.9% p.a. (fixed). Representative APR 39.9% and total payable £16,091.64 in monthly repayments of £446.99.
Bamboo Guarantor Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.
UK Credit Limited Tenant Guarantor Loan
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Representative example: Borrow £6,000.00 over 3 years at a rate of 47.9% p.a. (fixed). Representative APR 47.9% and total payable £10,364.04 in monthly repayments of £287.89.
Amigo Guarantor Personal Loan
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Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.
Trusttwo Trusttwo (Tenant Guarantor) Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.
1plus1 Loans Guarantor Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 47.8% p.a. (fixed). Representative APR 47.8% and total payable £17,259.12 in monthly repayments of £479.42.

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With a guarantor who is a homeowner

Name Product Total Payable Monthly Repayment Representative APR Link
UK Credit Limited Homeowner Guarantor Loan
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Representative example: Borrow £14,000.00 over 3 years at a rate of 29.9% p.a. (fixed). Representative APR 29.9% and total payable £20,426.40 in monthly repayments of £567.40.
Trusttwo Trusttwo (Homeowner Guarantor) Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.5% p.a. (fixed). Representative APR 49.5% and total payable £17,507.88 in monthly repayments of £486.33.

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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.

What are my options when borrowing £3,000?

Loans of this sum are available from a huge range of lenders, both traditional (like a high street bank) and non-traditional (like an 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.
Infographic showing loan application process

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 £3,000, 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.
  • 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 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

£3,000 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 bad credit

£3,000 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 self-employed people

£3,000 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.

Loans for small businesses

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.

£3,000 loan illustrations

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.

Amigo Guarantor Personal Loan

Amigo Guarantor Personal Loan

  • Amigo loans will not judge you based on your credit score
  • Loans of £500-£10,000 over 1-5 years
  • Loans normally paid out within 24hrs of the guarantor being accepted

Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.

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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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