$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
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
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Warning about Borrowing
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.