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Sometimes all you need to achieve your financial goals is a small loan of $3000. Whether you need a $3000 loan quickly and plan to pay it back by next payday, or if you’d prefer to pay back the three grand over a longer loan term, there may be personal loan options available for you to consider.
Which lenders offer $3000 personal loans?
Some of Australia’s major banks offer $3000 personal loans, along with credit unions, building societies, mutual banks and non-bank lenders. Other lenders offering $3000 personal loans include payday lenders and similar small finance organisations.
Be sure to compare your options and loan costs before making any personal loan applications, as some personal loan and payday loan options have high interest rates and/or fees to consider.
Can you get a $3000 personal loan if you have bad credit?
Bad credit can limit your ability to borrow money. Lenders will perform a credit check when assessing your personal loan application, and may be hesitant to lend to a borrower with a bad credit score, even for $3000 loans.
However, some lenders specialise in providing bad credit personal loans for borrowers with poor credit histories. While these loans may have higher interest rates and fees than some other personal loan options, they could allow you to reach your financial goals.
Can I get a $3000 payday loan?
According to MoneySmart, payday loans have a maximum cap of $2000. However, many payday loan providers also offer medium amount loans, covering loans of $2001 to $5000.
Much like payday loans, some medium amount loans for $3000 require no credit checks, which may appeal to borrowers with bad credit. However, medium amount loans often also have very high interest rates and/or fees, so much like payday loans, you should carefully consider the available options and make sure you understand the risks involved before applying.
How do you compare $3000 personal loans?
Personal loans for $3000 can be compared using the same criteria as most other personal loans, including:
- Advertised interest rate – The rate at which you’ll be charged interest on the amount owing on your personal loan. Personal loan interest rates may be fixed (staying the same for the loan term) or variable (may rise or fall over the loan term).
- Comparison rate – An approximation of the personal loan’s total cost, including its interest rate and standard fees and charges.
- Loan term – The length of time over which you agree to repay your personal loan. The longer your loan term, the more affordable the individual repayments may be, but the more you may pay in total interest.
- Monthly repayment – How much the loan will cost you each month. Some personal loans can be paid fortnightly or even weekly.
- Total repayments – How much your personal loan will cost you overall, combining the value of your loan, as well as interest, fees and charges.
- Fees – Personal loan fees can include upfront fees at the start of a loan, an ongoing fee while you’re paying the loan back, and/or an early exit fee if you pay off your personal loan ahead of schedule. Different lenders have different personal loan fees.
- Secured/unsecured – Some personal loans can be secured by the value of an asset, such as a car or equity in a home. Guaranteeing a personal loan like this can let you enjoy a lower interest rate, though you risk losing your asset if you default on your repayments. Unsecured personal loans don’t require a security asset, but may have higher interest rates and fees.
- Redraw facility – This feature, offered with some personal loans, allows borrowers to draw on the surplus balance in their personal loan if they get ahead on their repayments. Making extra repayments onto your personal loan can reduce the interest you’re charged, and a redraw facility will allow you to withdraw this money again if you need cash in a hurry.
How do you take out a $3000 personal loan?
Whether you’re applying for a $3000 personal loan with a bank or larger lender, or a medium amount loan with a smaller payday lender, you’ll likely have to provide similar information when making your loan application, including:
- Proof of identity
- Proof of residency
- Employment status
- Income details
- Current assets and liabilities
Many banks and other lenders will perform a credit check when you apply for a $3000 personal loan. If you have bad credit, it’s less likely your application may be approved. Consider getting a free copy of your credit history beforehand, and look into lenders who specialise in bad credit personal loans for $3000 if necessary.
Some lenders offer personal loans with no credit checks, though these lenders will still need to assess your loan application based on your ability to repay the money. Remember that like payday loans, many medium amount loans have high interest rates and fees, which should be carefully considered before you consider applying.
Can I get a $3000 personal loan if I’m on Centrelink?
Whether you’re applying for a $3000 personal loan or a medium amount loan for $3000, the lender will want to be confident you can afford the repayments without ending up in financial hardship. Some of these lenders will be less likely to approve personal loan applications if a significant amount of your income (often 50% or more) comes from centrelink payments.
Compare personal loan options first to see which options may suit your financial circumstances, then contact the lenders on you shortlist before making your application to find out whether they accept borrowers on Centrelink.
Alternatives to $3000 personal loans
If you need $3000, there may be other options to consider besides a personal loan or medium amount loan:
- A credit card may allow you to borrow $3000 when you need it. Check the number of interest-free days on purchases (often 45 to 55 days each month) to see how long you’ll have to pay back your purchase before you start being charged interest. If you doubt you’d be able to pay this back in time, it may be worth comparing other options, as credit card interest charges can build up over time.
- If you have a home loan with a redraw facility, and you’re already ahead on your mortgage repayments, you may be able to draw on some of this money to reach your financial goals. Check with your lender to find out how to access your redraw facility, including checking what redraw fees you may need to pay.
How long does it take to get a $3000 personal loan?
Different lenders will take different lengths of time to assess personal loan applications, perform credit checks, and approve or decline personal loans. Some of Australia’s major banks will take one or two business days to assess your personal loan application, and you’ll receive your money the business day following approval.
If you need to borrow $3000 urgently, some of the smaller lenders and medium-amount loans let you get the money within 24 hours, sometimes even the same day. However, not only do these loans often have higher interest rates and fees, they often need to be repaid over short loan terms, with significant penalty fees if you miss a payment. Make some calculations so you can be confident you can afford the repayments before you consider applying.
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Frequently asked questions
Can you refinance a $5000 personal loan?
Many personal loans, much like home loans, can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
How can I get a $3000 loan approved?
Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income (Centrelink payments may not count – so you should check with the lender prior to making an application).
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to pay extra onto your personal loan or medium amount loan could bring you benefits, such as reducing the total interest you’re charged on your loan, or clearing your debt ahead of schedule.
Check your loan’s terms and conditions before putting extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan – however, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Can I get a bad credit personal loan with a guarantor?
Selected lenders will consider personal loan application from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the costs.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some bad credit borrowers.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, with higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans than secured loans.
Are there low doc personal loans?
Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.
It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments. If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan offers – consider contacting the lender before applying. >
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or even the same day, in some cases.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.
What is a bad credit rating/score?
Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.
Equifax gives scores between 0 and 1,200:
- 833 to 1,200 = Excellent
- 726 to 823 = Very good
- 622 to 725 = Good
- 510 to 621 = Average
- 509 or less = Below average
Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:
- 800 to 1,000 = High end
- 700 to 799 = Great
- 500 to 699 = Average
- 300 to 499 = Room to improve
- 299 or less = Low
Experian gives scores between 0 and 999:
- 961 to 999 = Excellent
- 881 to 960 = Good
- 721 to 880 = Fair
- 561 to 720 = Poor
- 0 to 560 = Very poor
The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.