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.
How much is the monthly payment on a $3,000 loan? ›
Monthly payments for a $3,000 personal loan
| Loan duration | Average monthly payments ($3,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 13–24 months | $243.39 | $144.08 |
| 25–36 months | $129.93 | $97.65 |
| 37–48 months | $114.40 | $87.80 |
1 more rowMar 7, 2024
How much does a £3,000 loan cost?
| Initial loan amount | Length of loan | Total repayments |
|---|
| £3,000 | 2 years | £3,274.66 |
| £3,000 | 3 years | £3,412.11 |
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. Other common loan requirements include being at least 18 years old, being a U.S. citizen, permanent resident or visa holder, and having a valid bank account.
How much would a $5000 personal loan cost a month? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 3 | $153.54 |
| $5,000 | 5 | $104.98 |
| $10,000 | 3 | $313.32 |
| $10,000 | 5 | $207.54 |
13 more rowsIt 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 hard is it to get a loan for $3,000? ›
Since $3,000 is not considered a large loan amount, you may be able to qualify with a lower credit score, but it all depends on the lender. Some lenders will not even qualify a borrower with a credit score in the range of 610 to 640.
How much is a $4000 loan a month? ›
Monthly payments for a $4,000 personal loan
| Loan duration | Average monthly payments ($4,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $390.37 | $360.59 |
| 13–24 months | $302.59 | $189.35 |
| 25–36 months | $168.83 | $129.05 |
1 more rowMar 7, 2024
How much you can borrow with a personal loan depends on the lender you're working with, your credit history and other factors. As you determine how much to borrow, you'll also want to consider how much you can afford in monthly payments and what the interest rate will cost you over the life of the loan.
How to calculate monthly loan payment? ›
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.
Easiest-to-get personal loans compared 2024
| Title | APR | Min. credit score |
|---|
| BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
| Upstart | 5.2% to 35.99% | 300 |
| Avant | 9.95% to 35.99% | 580 |
| LendingClub | 8.98% to 35.99% | 600 |
6 more rowsMay 7, 2024
Does a personal loan hurt your credit score? Your credit score can dip a few points when you formally apply for a personal loan, but missed payments can cause a more significant drop. Getting a personal loan will also increase the amount of debt you owe, which is one of the factors that make up your credit score.
How much can I get approved for a personal loan? ›
Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.
How much would a $3,000 loan cost per month? ›
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.
Which bank has the lowest interest rate for a personal loan? ›
Lowest interest rates charges by banks on their personal loans:
- Karur Vsya Bank:Interest rate on secured loan is 11 percent per annum and 13 percent per annum on unsecured personal loans. ...
- Yes Bank: Yes Bank charges an interest rate that starts with 10.49 percent per annum. ...
- Milestone Alert!
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.
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 | Average credit |
|---|
| 1–12 months | $277.25 | $248.19 |
| 13–24 months | $185.06 | $159.27 |
| 25–36 months | $107.27 | $97.91 |
1 more rowMar 7, 2024
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.
How much is monthly payment on $1,000 loan? ›
The monthly payment on a $1,000 loan ranges from $14 to $100, depending on the APR and how long the loan lasts. For example, if you take out a $1,000 loan for one year with an APR of 36%, your monthly payment will be $100.
