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.
What credit score is needed for a $3,000 personal loan? ›
You will need a credit score of 580 or higher for a $3,000 personal loan. 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.
How much are payments on a $5000 personal loan? ›
What is the monthly payment on a $5,000 personal loan?
Payoff period | APR | Monthly payment |
---|
1 year | 15% | $451 |
2 years | 15% | $242 |
3 years | 15% | $173 |
4 years | 15% | $139 |
3 more rows
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
How many months would it take to pay off $3000? ›
It will take 41 months to pay off $3,000 with payments of $100 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How much can I afford for 3000 a month? ›
Using the 36% Rule
Pre-Tax Monthly Income | 36% Limit for Total Monthly Debt |
---|
$3,000 | $1,080 |
$4,000 | $1,440 |
$5,000 | $1,800 |
$6,000 | $2,160 |
5 more rows
How hard is it to get a loan for $3,000? ›
$3000 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.
What is the easiest loan to get approved for? ›
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
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.
What is the most common personal loan amount? ›
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.
The specific credit score you need to qualify for a $1,000 loan can vary quite a bit among lenders. Most lenders look for good to excellent credit scores (670 or higher), but there are some that are willing to work with people who have less-than-perfect credit.
How much is considered a small personal loan? ›
When we say small personal loans, we're generally referring to loans in amounts of $3,000 or less. Some lenders have minimum loan requirements that exceed this threshold, but for this list we'll consider lenders that offer loans in amounts that start at a few hundred to a few thousand dollars.
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
How much is the monthly payment on a $2000 loan? ›
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
What credit score do you need for a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
How much are monthly payments for a $2500 loan? ›
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
What is the average monthly payment on a $300000 loan? ›
On a $300,000 mortgage with a 6% APR, you'd pay $2,531.57 per month on a 15-year loan and $1,798.65 on a 30-year loan, not including escrow. Escrow costs vary depending on your home's location, insurer, and other details.
How can I calculate my 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. To calculate monthly mortgage payments, you must know the loan amount, loan term, loan type and your credit score.