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 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.
What are the repayments on a $3,000 loan? ›
How much does a £3,000 loan cost?
| Initial loan amount | Length of loan | Monthly repayments |
|---|
| £3,000 | 2 years | £136.44 |
| £3,000 | 3 years | £94.78 |
Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen, permanent resident or visa holder, and having a valid bank account.
How much would a $5000 personal loan cost a month? ›
Costs of a $5,000 personal loan in the long term
| Interest rate | Monthly payment | Total interest |
|---|
| 8 percent | $157 | $640.55 |
| 12 percent | $166 | $978.58 |
| 16 percent | $176 | $1,328.27 |
May 28, 2024
Monthly payments for a $2,000 personal loan
| Loan duration | Average monthly payments ($2,000 loan) | |
|---|
| Poor credit | Average credit |
|---|
| 1–12 months | $248.09 | $218.86 |
| 13–24 months | $165.10 | $131.57 |
| 25–36 months | $92.77 | $81.62 |
1 more rowMar 7, 2024
The monthly payment on a $3,000 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.
Is a 70% chance of getting a loan good? ›
See loan deals and your chances of approval. Eligibility is scored as a percentage – over 70% shows a strong chance of approval. We'll also show deals where you're pre-approved.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
What is a hardship loan? ›
Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
How much personal loan can I get with 750 credit score? ›
You can borrow $50,000 - $100,000+ with a 750 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.
Lowest interest rates charges by banks on their personal loans:
- Karur Vsya Bank:Interest rate on secured loan is 11 percent per annum and 13 percent per annum on unsecured personal loans. ...
- Yes Bank: Yes Bank charges an interest rate that starts with 10.49 percent per annum. ...
- Milestone Alert!
Key Takeaways
Personal loan amounts vary by lender but generally range from $250 to $100,000 or higher.
Is it hard to get a $4000 personal loan? ›
$4,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
Is it hard to get a $2,000 personal loan? ›
Often, it can be easier to get approved for a $2,000 personal loan than a larger loan. Lenders see smaller loans as less risky, but the application process often looks the same: Consider qualification requirements. Prequalify with multiple lenders.
Is it hard to get a personal loan? ›
Although getting a personal loan is relatively simple, there are some steps you can take to choose the right personal loan and increase your approval chances. The steps may vary depending on whether you're looking for debt consolidation loans, home improvement loans, medical loans or wedding loans.
What would monthly payments be on a 2000 loan? ›
How long will it take to repay a £2,000 loan?
| Initial loan | Time | Monthly repayments |
|---|
| £2,000 | 24 months | £100.94 |
| £2,000 | 36 months | £84.39 |
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
How to Calculate Monthly Loan Payments
- If your rate is 5.5%, divide 0.055 by 12 to calculate your monthly interest rate. ...
- Calculate the repayment term in months. ...
- Calculate the interest over the life of the loan. ...
- Divide the loan amount by the interest over the life of the loan to calculate your monthly payment.
The monthly payment on a $1,000 loan ranges from $14 to $100, depending on the APR and how long the loan lasts. For example, if you take out a $1,000 loan for one year with an APR of 36%, your monthly payment will be $100.
How to calculate the monthly payment on a loan? ›
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.
