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 |
Generally, the required credit score for a personal loan is at least 580. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800 and a high income.
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.
How easy is it to get a $3,000 loan? ›
However, 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.
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.
Do personal loans look bad on credit? ›
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
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.
How much would a $6,000 loan be a month? ›
Monthly payments for a $6,000 personal loan
| Loan duration | Average monthly payments ($6,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 13–24 months | $326.41 | $273.65 |
| 25–36 months | $240.17 | $192.13 |
| 37–48 months | $210.41 | $156.27 |
1 more rowMar 7, 2024
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.
Can you pay off personal loans early? ›
It is possible to pay off your personal loan early, but you may not want to. Making an extra payment each month or putting some, or all, of a cash windfall, toward your loans, could help you shave a few months off your repayment period.
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 |
The monthly payment on a $2,500 loan will vary depending on your interest rate and repayment terms. On average, you can expect to pay around $20 to $300 per month.
How do I calculate my loan repayments? ›
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.
