applying for a 3000 loan

Get approved for a $3,000 bad credit loan

$3,000 could be just a few clicks away...

There is no telling when you might need money in a hurry, and luckily, getting a small loan fast can be rather easy. You can find a lender for a $3,000 loan to help pay for car repairs, forgotten bills or even medical expenses. What’s important is that you have some source of regular income and the ability to manage your repayments.

Types of $3,000 loans that you can consider

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Centrelink borrowers considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000

  • Loan amount: $2,000
  • Loan term: 9 weeks
  • Turnaround time: 30 Minutes - conditions apply
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed
Go to site

Rates last updated June 25th, 2017
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Product Description
Swoosh Finance
$4,600
12-24 months
Next Business Day
$400 + 48% APR of borrowed amount
A secured loan you can apply for in 10 minutes that gives you up to 12 months to repay. Note: Max loan amount $4,600. Fees and charges included in repayment.
Credit24 Medium Term Loan (Good Credit)
$6,500
12-24 months
Same day
$400 establishment fee + 4% monthly interest
Quick turnaround time for borrowers with good credit and who are not on benefits. Must be employed.
Nimble Medium Size Loan
$5,000
Up to 2 years
1 hour - conditions apply*
$400 (application fee) + 47.62% p.a. interest
Apply for up to $5,000 and get approved in 1 hour - conditions apply.

Compare up to 4 providers

Rates last updated June 25th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$250
A secured loan from IMB with flexible repayment features
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
MyState Secured Personal Loan
From 7.99% (variable)
8.96%
$10,000
1 to 10 years
$200
Apply for a loan up to $75,000 and use the funds for any purpose.
NRMA New Car Loan
From 7.49% (fixed)
8.03%
$15,000
1 to 7 years
$378
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees. NRMA Members could save 1% on loan rates.
Bank of Melbourne Secured Personal Loan
From 6.99% (fixed)
8.11%
$3,000
1 to 5 years
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.

Compare up to 4 providers

Rates last updated June 25th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
15.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
CUA Discount Fixed Personal Loan (Loans over $30,000)
From 10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
St.George Get Set Loan Personal Loan
From 17% (variable)
$5,000
$150
A revolving line of credit that lets you access your funds as and when you need to.
Bank of Melbourne Unsecured Personal Loan
From 12.99% (variable)
14.06%
$3,000
1 to 7 years
$195
An unsecured personal loan that gives you a choice between a fixed or variable rate.
BankSA Unsecured Personal Loan
From 12.99% (variable)
14.06%
$3,000
1 to 7 years
$195
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.

Compare up to 4 providers

Rates last updated June 25th, 2017
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
Prospa Business Loan
Apply for a business loan from $5,000 and enjoy a shorter loan term up to 12 months.
From (variable) $5,000 0.25 to 1 years $0 Go to site More
GetCapital Business Line of Credit Loan
A business line of credit that allows you to earn Qantas Aquire Points
From (fixed) 13.18% $5,000 0.25 to 1 years Upfront fee of 1% Go to site More
Bigstone Small Business Loan
Take advantage of a tailored rate and competitive financing from Bigstone’s business loans marketplace
From 8% (variable) $10,000 2 years $0 until funding Go to site More
Moula Business Loan
Small business loans of up $250,000 approved and funded within 24 hours. Transparent fees and rates.
From (variable) $5,000 0.5 to 1 years $0 Go to site More
businessloans.com.au  Flexible Business Loan
A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees.
From (fixed) $5,000 0.5 to 1 years 1.5% Go to site More
payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Am I eligible for a $3,000 loan?

The eligibility criteria differ between lenders, but you can be eligible if you:

  • Have bad credit. Short-term lenders offer loans of up to $3,000 and most will accept applicants that have bad credit. This can include if you are bankrupt.
  • Are on a low income. As long as you have the means to repay the loan, you can be eligible for a loan. When you apply, lenders will ask your income and your employment situation and will check the last 90 days of your bank statements.
  • Receive Centrelink payments. Many lenders accept those receiving Centrelink as income, even if that is the only income you receive. There may be criteria you need to meet, such as 50% or more of your Centrelink payments not going towards your repayments.
  • Work casually or part-time. Irregular income from casual employment doesn't disqualify you for a loan, the same as a lower income from part-time employment wouldn't disqualify you. You still may be eligible to borrow up to $3,000 depending on how much you borrow.

What loan options do you have to borrow $3,000?

Before you click the "Go to Site" button, find out more about the loan option that's right for you.

  • Bad credit loans

If you have bad credit you can consider applying for a $3,000 bad credit loan. Lenders who offer these loans may still look at your credit history, but focus instead on your current financial standing and your ability to repay the loan. These loans tend to attract higher than usual interest rates and fees.

  • Secured personal loans

A secured personal loan requires that you provide some form of collateral, which could come in the form of equity in your home, a term deposit, or a vehicle and offers a competitive interest rate. Repayment terms can vary between one to seven years, and the interest rate can be variable or fixed.

  • Unsecured personal loans

If you can’t or don't want to provide any kind of security, consider applying for a variable rate or fixed rate unsecured personal loan. This type of loan may come with a slightly higher rate but may also require less paperwork than its secured counterpart. You may also find fewer restrictions in the way you can use your loan amount.

  • Short term loans

While these loans are generally for $2,000 and less, you can find lenders offering larger loans for up to $3,000. Also known as payday loans, these are unsecured personal loans that come with fixed fees and rates. They have relatively short repayment periods, generally ranging from 16 days to one or two years. Repayments of these loans depend on when you get paid, and in most instances, you have to set up direct deposits so the amount is deducted when you get paid.

How to compare your loan options

  • How much will the loan cost?

Check to see whether the rate is fixed or variable, and look at the upfront and ongoing fees for the loan. If you are applying with a non-Authorised Deposit-taking Institution (ADI) such as a bank or credit union, the lender will be restricted as to how much they can charge. For a loan up to $2,000, fees are capped at a 20% establishment fee and a 4% monthly fee. For loans between $2,001 and $5,000, charges are capped at a $400 establishment fee and a 48% p.a. interest charge which includes all other fees and rates.

  • Do you have flexibility with your repayments?

Can you make extra payments or repay the entire amount ahead of time without attracting any penalties? Do you get to choose between making weekly, fortnightly, and monthly repayments? Do you have to set up direct debits or do you have other options when it comes to repayment methods? These are all good questions to ask to see how flexible your repayment options are with the loan.

  • How long do you have to repay?

Repayment terms differ between lenders but you will usually have between 60 days and one year to repay your loan. Choose repayment terms that meet your needs and budget.

  • What kind of account access do you get?

Once you get the loan and wish to keep track of its progress, can you turn to online, mobile, and phone banking? See how easy it will be to manage your account.

Tips for being approved

There are no set parameters that can guarantee the approval of any given $3,000 loan application, but you can take certain measures to increase the likelihood of your application being approved.

  • Go through the eligibility criteria. You can check the eligibility criteria for $3,000 loans on finder.com.au review pages. Check you meet the minimum age requirement (usually 18 and over), minimum income, employment and credit history requirements.
  • Examine your credit file. While you might think you know what’s on your credit file, what’s on it might not be exactly the same as what you imagine. Errors can creep into your file and it’s only when you examine it can you spot them. If and when you spot any errors, you can take measures to fix them. Getting a free copy of your credit file is easy, and you can get it online.
  • Don’t apply indiscriminately. Do you know that every time you apply for credit, it shows on your credit file? When you apply for multiple loans in quick succession, a prospective lender can view this as irresponsible borrowing behavior and it can also negatively impact your credit score. To keep the possibility of approval on the higher side, limiting your number of loan applications and the frequency at which you apply for loans is important.
  • Making on-time repayments. Lenders try to establish if you can manage your repayments through the entire course of the loan, but they don’t have any foolproof way of doing this. So, it is up to you as well to ensure that you can meet your repayments. Using a loan repayment calculator can tell you what to expect in the form of repayments. Such a calculator requires that you enter the loan amount, loan term, and interest rate. You can also choose between weekly, fortnightly, and monthly repayments

Weigh up the benefits and drawbacks of $3,000 loans

  • Repayment flexibility
    A number of lenders allow you to make repayments according to how frequently you get paud, which can be once a month, twice a month, or even four times in a month. If you can repay your loan ahead of time without attracting any early payout penalty you can save on fees and interest.
  • Account access
    Most lenders give you the ability to access your account online, and almost all offer access to phone banking as well.
  • Apply with bad credit
    Suffering from poor credit doesn't mean you can’t get a loan. Most payday lenders will consider you for a loan with less-than-perfect credit, and if needed, there are lenders who do not perform credit checks.
  • Higher interest rates and fees than standard loans
    Interest rates for bad credit loans are noticeably higher than most other loan types, so applying for such a loan should ideally be your last option. Payday loans or cash advance loans also tend to attract higher interest rates than more traditional secured and unsecured personal loans.
  • Higher repayments on your principal
    If you have a higher than average rate and your lender has offered you a shorter term, you can expect your repayments to be high as well. Make sure they will be manageable on your budget.
  • Less than reputable lenders
    If any offering seems too good to be true, it probably is. Ensure the lender you're applying with has a solid reputation by reading independent reviews and even customer experiences.

What should you avoid?

Applying for a $3,000 can involve certain risks, so it's crucial that you avoid the following:

  • Don’t apply for more credit if you have trouble dealing with your existing loans or everyday expenses, because doing so can change your situation for the worse.
  • A typical bad credit loan comes with shorter repayment terms, which can require you to make considerably high repayments. Avoid getting into a situation where you cannot make timely repayments. Take your own financial situation into account before applying.
  • Avoid paying unnecessarily high rates by applying for the first loan offering that comes your way. Compare your options to get the right and most affordable loan for you.

Frequently asked questions

If you still have questions about $3,000 loans, see if you can find the answer below. You can also use the form at the end of the page to submit a question to our team.

How do I begin the application process?

The first step is to compare your options, and after you find a loan you wish to learn more about or apply for, click on the "Go to Site" button. Once on the lender’s website you can begin the application process.

What happens after I apply?

Some lenders inform you of their decision in minutes, while other can take up to two business days. Expect to hear from the lender about its decision irrespective of whether it grants the loan to you or not.

Can I be approved for a loan if I receive Centrelink payments?

There are lenders who will consider you for a loan if you receive Centrelink payments. Read our guide on Centrelink loans and see who may consider you for a loan.

Do you need to borrow more? Loans up to $5,000

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12 Responses to Get approved for a $3,000 bad credit loan

  1. Default Gravatar
    Henry | July 26, 2016

    Need $3,000 for real estate transaction which will close on August 3, 2016. Will be repaid on August 4, 2016. Can you do it?

    • Staff
      Anndy | July 26, 2016

      Hi Henry,

      Thanks for your comment.

      Please note that finder.com.au is a financial comparison and information service, not a lender.

      If you want to apply for a particular loan product listed above, you can do so by clicking the “go to site” button. Before submitting an application, it would be good to check the eligibility criteria first.

      Cheers,
      Anndy

  2. Default Gravatar
    Raymond | April 30, 2016

    Can I get $5000 with bad credit?

  3. Default Gravatar
    sandi | November 27, 2015

    I need a 1k loan now.family emergency.where can I go to get it.fico 580.

    • Staff
      Elizabeth | November 30, 2015

      Hi Sandi,

      You’ve come through to the Australian section of our website – to compare your options for US small loans you can head to this page.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Serafi | October 24, 2015

    Please I need to apply for a loan $3000 and I need it today how can I get it plz

    • Staff
      Elizabeth | October 26, 2015

      Hi Serafi,

      To apply for any of the lenders on this page please click ‘Go to Site’. Many of them can transfer funds to you, if you are approved, on the same day.

      Thanks,

      Elizabeth

  5. Default Gravatar
    rajesh | August 14, 2015

    My credit score is 270 got full time job i earn over 1k weekly. I have3 small loans paying about 400 weekly to pay till late october. Im looking for 6k loan to pay off all these small loans n keep whatever is left on my account. Can any1 help me here so i can start fresh im too stressed at the moment.

    • Staff
      Elizabeth | August 17, 2015

      Hi Rajesh,

      Thanks for your question.

      You might want to take a look at this page that shows you your loan options for up to $10,000 if you have bad credit.

      I hope this will help.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Mark | July 19, 2015

    I am a bankrupt and really in a bad way broke no assetts really depressed but have a job can I get a loan to get some things and fix a hearing aid and new glasses pay some nasty little bills I just can’t afford all this at the moment.

    • Staff
      Sally | July 20, 2015

      Hi Mark,

      Thanks for your comment and we’re sorry to hear about your present situation.

      You may want to consider some of the loan options on this page. Here you can view some of the loan options available for individuals who are either unemployed or bankrupt.

      You may also want to view our guide to repairing your credit history after bankruptcy here

      I hope this has helped.

      Thanks,

      Sally

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