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$3,000 loans

You can still take out a $3,000 loan if you're on Centrelink or have a bad credit score.

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By

Bria Horne

Updated

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OurMoneyMarket Personal Loan - Excellent Credit

OurMoneyMarket Personal Loan - Excellent Credit

From

6.57 % p.a.

fixed rate

From

6.57 % p.a.

comparison rate

  • Personalised fixed rate
  • Flexible payment options
  • Fast online application
Security Logo

100% confidential application

OurMoneyMarket Personal Loan - Excellent Credit

A loan for any worthwhile purchase of up to $75,000, such as for a car, equipment, and even debt consolidation. Your interest rate will be based on your credit history. Pre-approval available.

  • Interest rate from: 6.57% p.a.
  • Comparison rate: 6.57% p.a.
  • Interest rate type: Fixed
  • Application fee: Waived
  • Minimum loan amount: $2,001
  • Maximum loan amount: $75,000
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Promoted
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1 - 4 of 4
Updated regularly
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan - Excellent Credit
ExclusiveFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
6.57%
to 21.78%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$92.04
Go to siteMore Info
Finder Exclusive: For a limited time only - Apply by December 15th 2023 and if approved, OurMoneyMarket will waive the establishment fee for Excellent Credit Customers.
OurMoneyMarket Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$97.57
Go to siteMore Info
Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.93%
to 31.83%
Application Fee
$395
Monthly Fee
$13
Monthly Repayment
$121.74
Go to siteMore Info
Harmoney Unsecured Personal Loan
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$108.37
Go to siteMore Info
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There are lenders on the market who offer loans specifically for borrowers with bad credit history. As long as you can show proof of a regular income and an ability to manage repayments, you can still get your loan application approved.

Having a bad credit history usually means you will have to pay more interest than people with a good credit history. You may also be offered shorter loan terms, which can mean higher repayments. This is because they pose more of a risk to lenders.

$3,000 loan eligibility

Eligibility criteria differs between lenders. As a general rule, to qualify for any sort of finance in Australia loan applicants must be:

  • Over the age of 18
  • An Australian citizen or permanent resident
  • Employed

While lenders generally prefer applicants with good credit and in full-time employment, applicants can still be eligible if they:

  • Have bad credit history. Short-term lenders offer loans of up to $3,000 and most will accept applicants that have bad credit history providing that they can also show proof of income. This can include customers who are bankrupt in some cases.
  • Are on a low income. As long as someone has the means to repay the loan, they could be eligible for a loan. When someone applies, lenders will ask for their income and employment situation and will check the last 90 days of their bank statements.
  • Receive Centrelink payments. Many lenders accept those receiving Centrelink as income, even sometimes if that is the only income that they receive. There may be further criteria that these applicants need to meet, however, such as 50% or more of their Centrelink payments not going towards their repayments.
  • Work casually or part-time. Irregular income from casual employment doesn't disqualify people from applying for a loan, the same as a lower income from part-time employment wouldn't disqualify them. People may still be eligible to borrow up to $3,000 depending on how much they wish to borrow.

What are the risks of bad credit history loans?

  • Unreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
  • Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
  • Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
  • Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
  • Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.

$3,000 loan options

Before clicking "Go to Site", find out more about various loan options.

Bad credit history loans

For potential loan customers who have bad credit, they can consider applying for a $3,000 bad credit loan. Lenders who offer these loans may still look at an applicant's credit history, but focus instead on their current financial standing and their ability to repay the loan. These loans tend to attract higher than usual interest rates and fees. These fees are capped at a $400 establishment fee and an APR of 48%, but if offered these rates customers can expect high repayments and high loan costs.

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

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.

Nimble Medium Loan

Nimble Medium Loan

From

47.62 % p.a.

fixed rate

From

65.66 % p.a.

comparison rate

  • Borrow up to $5,000
  • Bad credit OK
  • SMS payment reminders
Security Logo

100% confidential application

Nimble Medium Loan

The Nimble Medium Loan offers fast, reliable, and hassle-free unsecured loans up to $5,000 for when you are in need of money.

  • Loan amount: $5,000
  • Loan term: 62 days to 48 months
  • Turnaround time: 1 hour - conditions apply*
  • Fees: Application fee of $400 + 47.62% p.a. for $2,050 to $5,000
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Promoted
1 - 4 of 4
Updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $5000 Loan)
Nimble Medium Loan
Nimble Medium Loan
$5,000
62 days to 48 months
1 hour - conditions apply*
$15
Application fee of $400 + 47.62% p.a. for $2,050 to $5,000
$262.75
Apply for up to $5,000 and have up to 48 months to repay.
Go to site
More Info
Credit24 Medium Term Loan (Good Credit)
Credit24 Medium Term Loan (Good Credit)
$5,000
12 to 24 months
Same day
$10
$400 establishment fee + 48% p.a. interest
$263.18
A small loan with long terms: Apply for up to $5,000 and have up to 2 years to repay.
Go to site
More Info
Fair Go Finance Medium Personal Loan
Fair Go Finance Medium Personal Loan
$5,000
7 to 19 months
Within 24 hours
$35
Establishment fee of $437 to $771
$238.07
A larger loan up to $5,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.
Go to site
More Info
Fair Go Finance Large Personal Loan
Fair Go Finance Large Personal Loan
$10,000
14 – 24 months
Within 24 hours
$35
Establishment fee of $546 – $795
$238.07
Apply for a loan up to $10,000 and have up to 2 years to repay. Bad credit and casually employed borrowers considered. Note: You must earn more than $500 per week.
Go to site
More Info
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Secured personal loans

A secured personal loan requires that the borrower provide some form of collateral, which could come in the form of equity in their home, a term deposit, or a vehicle. Secured loans often have more competitive interest rates than unsecured loans, and for bad credit applicants, these types of loan may work out cheaper than an unsecured loan. Repayment terms can vary between one to seven years, and the interest rate can be variable or fixed.

Unsecured personal loans

If a prospective borrower can't or doesn't want to provide any kind of security, they can consider applying for a variable rate or fixed rate unsecured personal loan. This type of loan will usually come with a higher rate, but may also require less paperwork than its secured counterpart. Applicants may also find fewer restrictions in the way they can use their loan funds.

Short term loans

While these loans are generally for $2,000 and less, there are 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. Repayment times of these loans depend on when the approved applicant gets paid, and in most instances, they have to set up direct deposits so the amount is deducted on the day of payment. Be aware that while fees and interest rates are capped for these loans, repayments are still usually very high.

How to compare loan options

  • How much will the loan cost?

Prospective applicants should check to see whether a loan's rate is fixed or variable, and look at the upfront and ongoing fees associated with the loan. If they are applying with a non-Authorised Deposit-taking Institution (ADI), such as a payday lender or an online loan provider, 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.

  • Does the loan include flexible repayment options?

Can customers make extra payments or repay the entire amount ahead of time without attracting any penalties? Do approved applicants get to choose between making weekly, fortnightly, and monthly repayments? Do they 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 repayment options are with a loan.

  • How long do you have to repay?

Repayment terms differ between lenders but customers will usually have between 60 days and one year to repay their loan. Applicants should choose repayment terms that meet their needs and budget. Be aware that longer repayment terms will end up costing more over the life of the loan, but shorter terms will mean higher repayments.

  • What kind of account access is available?

Some lenders offer mobile, online and phone banking options with their loans, so that customers can keep track of their repayments and manage their accounts more easily.

Tips for being approved

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

  • Go through the eligibility criteria. Customers can check the eligibility criteria for $3,000 loans on finder.com.au review pages. Applicants should check that they meet the minimum income, employment and credit history requirements before applying.
  • Examine your credit file. While potential loan applicants might think they know what's on their credit file, there's always room for mistakes. Errors can creep into a person's file and it's only when they examine it can they 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. Loan applications show on your credit file and too many applications are usually a red flag to lenders. When people apply for multiple loans in quick succession, a prospective lender can view this as irresponsible borrowing behaviour and it can also negatively impact their credit score. To keep the possibility of approval more likely, limiting the number of loan applications and the frequency at which you apply for loans is important.
  • Making on-time repayments. Lenders try to establish if their customers can manage their repayments through the entire course of the loan, but they don't have any foolproof way of doing this. So, it is up to the customer as well to ensure that they can meet their repayments comfortably. Using a loan repayment calculator can tell you what to expect in the form of repayments. A calculator will require you to enter the loan amount, loan term, and interest rate. Customers can also choose between weekly, fortnightly, and monthly repayments.

Weigh up the pros and cons of $3,000 loans

  • Repayment flexibility
    A number of lenders allow their customers to make repayments according to how frequently they get paid, which can be once a month, twice a month, or even four times a month. Loans that offer penalty free extra or early repayments can also save potential borrowers money on interest over the life of the loan.
  • Account access
    Most lenders give customers the ability to access their account online, and almost all offer access to phone banking as well.
  • Apply with bad credit
    Suffering from poor credit doesn't mean someone can't get a loan. Most payday lenders will consider borrowers with bad credit history for a loan. Some lenders also do not perform credit checks, but as it is a requirement that all bad credit lenders lend responsibly, it shouldn't be of consequence whether or not a bad credit lender performs a check.
  • 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 a last resort. If prospective applicants have time to wait and improve their credit score prior to applying, this will usually qualify them for a better loan deal. Payday loans or cash advance loans also tend to attract higher interest rates than more traditional secured and unsecured personal loans.
  • Higher repayments on the loan principal
    If someone is offered a higher than average loan rate and their lender has offered them a shorter term, they can expect their repayments to be high as well. Applicants should make sure these repayments will be manageable on their budget.
  • Less than reputable lenders
    If any offering seems too good to be true, it probably is. Applicants should ensure the lender they're applying with has a solid reputation by reading independent reviews and even customer experiences.

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.

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    If you've declared bankruptcy and need a loan, there are options available.

  • Wagepay

    With a Wagepay pay advance, you can access up to 25% of your salary ahead of payday.
  • Low income loans

    Find out what options are available and how much you need to earn to be eligible for a small personal loan.
  • $1,200 loans

    If you're in need of a small loan up to $1,200 there's a range of lenders available. You can submit your application online and find out if you've been approved in seconds, and your loan amount can be in your account within a day. $1,200 loans are available if you have bad credit.

  • Quick loans

    Apply for a quick loan and see your money soon after you've been approved – sometimes within the hour.

  • Spot Loans Personal Loan Review

    Applying for a personal loan doesn't have to be a lengthy complicated process, and this simplified way is just what Spot Loans offers. You can apply for a loan of between $500 and $3000 with Spot Loans.
  • Getting a loan while on Centrelink

    Receiving Centrelink payments doesn’t cut off access to credit. People receiving DSP, Newstart, parenting payments or other government payments may be eligible for a range of loan options.
  • Loans for pensioners

    Many pensioners think it's not possible for them to take out loans to access much-needed funds. However, there are finance options available to those receiving the pension. Read our guide to find out what financing is available.

Ask an Expert

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16 Responses

    Default Gravatar
    HenryJuly 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?

    Reply
      AvatarFinder
      DeeJuly 26, 2016Finder

      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

      Reply
    Default Gravatar
    RaymondApril 30, 2016

    Can I get $5000 with bad credit?

    Reply
      AvatarFinder
      ElizabethMay 2, 2016Finder

      Hi Raymond,

      As long as you meet the minimum criteria set by the lender, you may be able to be approved for a loan even if you have bad credit. You can compare your bad credit $5,000 loan options through our website.

      Hope this helps,

      Elizabeth

      Reply
    Default Gravatar
    sandiNovember 27, 2015

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

    Reply
      AvatarFinder
      ElizabethNovember 30, 2015Finder

      Hi Sandi,

      You’ve come through to the Australian section of our website – you compare your options for US small loans and see if any will be right for you. Please make sure to read through the terms and conditions prior to any application.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    SerafiOctober 24, 2015

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

    Reply
      Default Gravatar
      NadineSeptember 4, 2017

      I need a loan of 3000 over 24 months

      Reply
      Default Gravatar
      NadineSeptember 5, 2017

      I don’t have bad credit I jus want a 3000 loan over 24 months so repayments are no pressure

      Reply
      AvatarFinder
      JoanneSeptember 5, 2017Finder

      Hi Nadine,

      Thanks for reaching out. To discuss your eligibility or options for a loan, please compare your loan options via our page about personal loans. Review the requirements and then get in touch with a lender featured on this page.

      Best Regards,
      Joanne

      Reply
      AvatarFinder
      HaroldSeptember 4, 2017Finder

      Hi Nadine,

      Thank you for your inquiry.

      As per checking you are already on the correct page. If you have a bad credit and looking for a loan $3,000 over 24 months. Please review the offers listed above.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
      AvatarFinder
      ElizabethOctober 26, 2015Finder

      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

      Reply
    Default Gravatar
    rajeshAugust 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.

    Reply
      AvatarFinder
      ElizabethAugust 17, 2015Finder

      Hi Rajesh,

      Thanks for your question.

      You might want to check your eligibility and see your loan options for up to $10,000 if you have bad credit. You can read through our review page and apply through the lender’s website. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

      I hope this will help.

      Thanks,
      Elizabeth

      Reply
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