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Sometimes all you need to achieve your financial goals is a small loan of $3000. Whether you need a $3000 loan quickly and plan to pay it back by next payday, or if you’d prefer to pay back the three grand over a longer loan term, there may be personal loan options available for you to consider.
Which lenders offer $3000 personal loans?
Some of Australia’s major banks offer $3000 personal loans, along with credit unions, building societies, mutual banks and non-bank lenders. Other lenders offering $3000 personal loans include payday lenders and similar small finance organisations.
Be sure to compare your options and loan costs before making any personal loan applications, as some personal loan and payday loan options have high interest rates and/or fees to consider.
Can you get a $3000 personal loan if you have bad credit?
Bad credit can limit your ability to borrow money. Lenders will perform a credit check when assessing your personal loan application, and may be hesitant to lend to a borrower with a bad credit score, even for $3000 loans.
However, some lenders specialise in providing bad credit personal loans for borrowers with poor credit histories. While these loans may have higher interest rates and fees than some other personal loan options, they could allow you to reach your financial goals.
Can I get a $3000 payday loan?
According to MoneySmart, payday loans have a maximum cap of $2000. However, many payday loan providers also offer medium amount loans, covering loans of $2001 to $5000.
Much like payday loans, some medium amount loans for $3000 require no credit checks, which may appeal to borrowers with bad credit. However, medium amount loans often also have very high interest rates and/or fees, so much like payday loans, you should carefully consider the available options and make sure you understand the risks involved before applying.
How do you compare $3000 personal loans?
Personal loans for $3000 can be compared using the same criteria as most other personal loans, including:
- Advertised interest rate – The rate at which you’ll be charged interest on the amount owing on your personal loan. Personal loan interest rates may be fixed (staying the same for the loan term) or variable (may rise or fall over the loan term).
- Comparison rate – An approximation of the personal loan’s total cost, including its interest rate and standard fees and charges.
- Loan term – The length of time over which you agree to repay your personal loan. The longer your loan term, the more affordable the individual repayments may be, but the more you may pay in total interest.
- Monthly repayment – How much the loan will cost you each month. Some personal loans can be paid fortnightly or even weekly.
- Total repayments – How much your personal loan will cost you overall, combining the value of your loan, as well as interest, fees and charges.
- Fees – Personal loan fees can include upfront fees at the start of a loan, an ongoing fee while you’re paying the loan back, and/or an early exit fee if you pay off your personal loan ahead of schedule. Different lenders have different personal loan fees.
- Secured/unsecured – Some personal loans can be secured by the value of an asset, such as a car or equity in a home. Guaranteeing a personal loan like this can let you enjoy a lower interest rate, though you risk losing your asset if you default on your repayments. Unsecured personal loans don’t require a security asset, but may have higher interest rates and fees.
- Redraw facility – This feature, offered with some personal loans, allows borrowers to draw on the surplus balance in their personal loan if they get ahead on their repayments. Making extra repayments onto your personal loan can reduce the interest you’re charged, and a redraw facility will allow you to withdraw this money again if you need cash in a hurry.
How do you take out a $3000 personal loan?
Whether you’re applying for a $3000 personal loan with a bank or larger lender, or a medium amount loan with a smaller payday lender, you’ll likely have to provide similar information when making your loan application, including:
- Proof of identity
- Proof of residency
- Employment status
- Income details
- Current assets and liabilities
Many banks and other lenders will perform a credit check when you apply for a $3000 personal loan. If you have bad credit, it’s less likely your application may be approved. Consider getting a free copy of your credit history beforehand, and look into lenders who specialise in bad credit personal loans for $3000 if necessary.
Some lenders offer personal loans with no credit checks, though these lenders will still need to assess your loan application based on your ability to repay the money. Remember that like payday loans, many medium amount loans have high interest rates and fees, which should be carefully considered before you consider applying.
Can I get a $3000 personal loan if I’m on Centrelink?
Whether you’re applying for a $3000 personal loan or a medium amount loan for $3000, the lender will want to be confident you can afford the repayments without ending up in financial hardship. Some of these lenders will be less likely to approve personal loan applications if a significant amount of your income (often 50% or more) comes from centrelink payments.
Compare personal loan options first to see which options may suit your financial circumstances, then contact the lenders on you shortlist before making your application to find out whether they accept borrowers on Centrelink.
Alternatives to $3000 personal loans
If you need $3000, there may be other options to consider besides a personal loan or medium amount loan:
- A credit card may allow you to borrow $3000 when you need it. Check the number of interest-free days on purchases (often 45 to 55 days each month) to see how long you’ll have to pay back your purchase before you start being charged interest. If you doubt you’d be able to pay this back in time, it may be worth comparing other options, as credit card interest charges can build up over time.
- If you have a home loan with a redraw facility, and you’re already ahead on your mortgage repayments, you may be able to draw on some of this money to reach your financial goals. Check with your lender to find out how to access your redraw facility, including checking what redraw fees you may need to pay.
How long does it take to get a $3000 personal loan?
Different lenders will take different lengths of time to assess personal loan applications, perform credit checks, and approve or decline personal loans. Some of Australia’s major banks will take one or two business days to assess your personal loan application, and you’ll receive your money the business day following approval.
If you need to borrow $3000 urgently, some of the smaller lenders and medium-amount loans let you get the money within 24 hours, sometimes even the same day. However, not only do these loans often have higher interest rates and fees, they often need to be repaid over short loan terms, with significant penalty fees if you miss a payment. Make some calculations so you can be confident you can afford the repayments before you consider applying.
Mark Bristow is a senior financial writer for RateCity and an experienced analyst, researcher, and producer. Working for over ten years, Mark previously wrote and researched commercial real estate at CoreLogic, and has seen articles published at Lifehacker and Business Insider, among others. Most recently, Mark has joined RateCity working across finance as a whole. Whatever the topic, Mark’s goal is always to provide simple solutions to complex problems.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.