The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301. But if you take out a $3,000 loan for seven years with an APR of 4%, your monthly payment will be $41.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it's built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $3,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments on a $3,000 Personal Loan
Payoff period | APR | Monthly payment | Total interest over life of loan |
12 months | 15% | $271 | $249 |
24 months | 15% | $145 | $491 |
36 months | 15% | $104 | $744 |
48 months | 15% | $83 | $1,008 |
60 months | 15% | $71 | $1,282 |
72 months | 15% | $63 | $1,567 |
84 months | 15% | $58 | $1,863 |
If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/27/21 and it was last updated on 09/10/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301.
How hard is it to get a $3,000 personal loan? ›
Some lenders will consider people with bad credit for a $3,000 personal loan, but it may be difficult to get approved for an amount above the lender's minimum unless you have a lot of income. Your chances of approval do get better the higher your credit score is above the minimum requirement, though.
How much would a $5000 personal loan cost a month? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 3 | $153.54 |
| $5,000 | 5 | $104.98 |
| $10,000 | 3 | $313.32 |
| $10,000 | 5 | $207.54 |
13 more rowsHowever, it is safe to say that if you want to have a decent chance to qualify for a $3,000 unsecured personal loan, you may want to have a minimum score between 610 and 640. Since $3,000 is not considered a large loan amount, you may be able to qualify with a lower credit score, but it all depends on the lender.
How much would a $4000 loan cost per month? ›
Example Monthly Payments on a $4,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $361 |
| 24 months | 15% | $194 |
| 36 months | 15% | $139 |
| 48 months | 15% | $111 |
3 more rowsSep 10, 2021
Monthly payments for a $3,000 personal loan
| Loan duration | Average monthly payments ($3,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 13–24 months | $243.39 | $144.08 |
| 25–36 months | $129.93 | $97.65 |
| 37–48 months | $114.40 | $87.80 |
1 more rowMar 7, 2024
Easiest personal loans to get in May 2024
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
In general, personal loan amounts range from $1,000 up to $50,000, though some lenders may offer loans up to $200,000. The average personal loan amount was about $11,500 as of Q2 2023, according to data from TransUnion. Below, we look at how average personal loan balances vary by generation and state.
How much can I borrow for $400 per month? ›
£400 per month
| Term | 2.5% | 4% |
|---|
| 15 years | £55,000 | £50,000 |
| 20 years | £65,000 | £57,000 |
| 30 years | £79,000 | £67,000 |
May 12, 2022
Most lenders offer up to $50,000 or less. Regardless of the maximum amount offered by the lender, the amount you qualify for will depend on your credit and finances.
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 9.57% to 35.99% | 600 |
| OneMain | 18% to 35.99% | Undisclosed |
| LendingPoint | 7.99% to 35.99% | 600 |
6 more rowsMar 28, 2024
The best personal loans for a 750 credit score are from LightStream because they offer $5,000 - $100,000 with APRs of 7.49% - 25.99% and repayment periods of 24 - 84 months. You will need a credit score of 750+ to qualify for a personal loan from LightStream.
How much can I borrow with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How much is a $2500 loan monthly? ›
Term impact on payments
| Credit Score | APR | Estimated Monthly Payment with 36-Month Term |
|---|
| 800 | 10.99% | $82 |
| 750 | 13.99% | $85 |
| 700 | 19.99% | $93 |
| 660 | 22.99% | $97 |
1 more rowNov 8, 2023
Monthly payments for a $2,500 personal loan
| Loan duration | Average monthly payments ($2,500 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 13–24 months | $185.06 | $124.69 |
| 25–36 months | $107.27 | $82.33 |
| 37–48 months | $99.98 | $69.96 |
1 more rowMar 7, 2024
Monthly payments for a $2,000 personal loan
| Loan duration | Average monthly payments ($2,000 loan) | |
|---|
| Poor credit | Good credit |
|---|
| 1–12 months | $248.09 | $194.43 |
| 13–24 months | $165.10 | $112.06 |
| 25–36 months | $92.77 | $74.67 |
1 more rowMar 7, 2024
If you're looking for a $3,000 personal loan, consider a bank, online lender, or credit union. The main factors that lenders look at are credit score, income, and debt-to-income ratio. If your credit score is too low, consider asking a close friend or family member to cosign on a loan.
How much credit score do I need to get a personal loan? ›
Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.
