How to Get a $3000 Loan

Did you know that the rule of thumb for emergency savings is to cover three to six months’ worth of living expenses? While it’s a wonderful idea, most of us fall short of that lofty goal. In the U.S., only 41% of adults could use their savings for a $1000 emergency, and 27% have no savings fund.

If your need for cash totals $3000, borrowing through a personal loan may be the most accessible way to get it. Unlike the lengthy process of, for instance, a mortgage loan, unsecured personal loans can be handled speedily to help you meet an urgent financial need.

How to Borrow $3000 Quickly

There are all types of loans and credit lines, but some require you to already own assets like retirement accounts, life insurance, or real estate—and those can take days or weeks to apply for, especially if you’re turned down and need to start over.

An unsecured personal loan with the right lender is the fastest route to getting $3000 in your pocket. You can apply online, hear back in minutes, and have the money transferred to your account in a matter of hours.

Steps to a $3000 Unsecured Personal Loan

Before you enter into an online loan contract, follow these steps to help you make the best decisions for your financial situation.

#1: Decide How Soon You Need $3000

Timeline is a major factor when it comes to landing a $3000 loan. Do you need the money to repair a car transmission so you can get to work this week, replace your furnace during an ice storm, or come up with moving costs after a sudden break-up?

If you’re in a tight situation, then you may only be able to take a few hours to figure out your options. On the other hand, if you predict the need for a $3000 loan a few weeks or months down the road, you’ve got time to:

Shop around to compare loan types and lenders
Bring up your credit score before you apply for a loan to secure a lower interest rate
Get creative and consider all of your options, including boosting your earnings

#2: Choose a Repayment Plan

Personal loans are typically repaid in monthly installments rather than a lump-sum balloon repayment due on a certain date. Take a look at your budget and figure out what you can afford to pay each month. Knowing what you can afford will help you when it comes to shopping for a loan.

How much you'll need to pay toward an installment loan each month depends on:

The amount you borrow
The interest rate of your loan
The loan term, or length of time it takes to repay a loan

Use this formula to quickly calculate interest charges:

Total interest = Principal amount x Interest rate x Loan term in years

For easier calculations, use an online loan repayment calculator and tweak the different numbers to see how even a small change in each changes your monthly payment.

#3: Check Your Credit Score

You may be able to see your current credit score directly from a bank or credit card account dashboard when you’re logged in. You can also order free copies of your credit report.

Lenders each set their own credit score minimums and ranges, but a general breakdown of how your score rates is as follows:

Excellent credit 740 - 850
Good credit 680 - 739
Fair credit 620 - 679
Poor credit 550 - 619
Bad credit 300 - 549

#4: Shop Around

Needing funds and seeking a loan can make people feel overwhelmed or anxious but remember—you’re the consumer. Lenders are for-profit businesses (except for credit unions) that are essentially looking to you to purchase a product—the loan—that they’ll make money from through interest and other charges.

The most powerful step you can take as a consumer is to arm yourself with knowledge and shop around. Compare loan types, loan terms, and offers from individual lenders. For an unsecured personal loan, you can pick and choose from:

Online lenders, which often offer the fastest and simplest process
Traditional banks, whether you have accounts or a banking relationship or not
Credit unions you can join based on employment, military service, or other affiliations

When it comes to comparing one cash loan offer to another, consider both the monthly payment amount and the total cost of the loan. Look at:

Upfront origination and/or application fees
Interest rate and total interest cost
Punitive fee amounts (i.e. late payment, returned check, or prepayment penalties)

#5: Submit Your Application

Many lenders allow you to pre-qualify, which involves answering a brief series of questions and getting a preliminary loan offer after the lender does a soft credit check (which doesn’t affect your credit score). You’ll typically need to provide your:

Identity, including name and date of birth
Income details such as your employer's name and your pay rate
Your checking account and bank routing numbers

Pre-qualifying with multiple lenders is a useful part of shopping around, so you can see exactly what rate and terms a particular lender will extend to you.

For online lenders, the pre-qualification process may be the same as the application—a simple streamlined web form plus a credit check that returns a formal loan offer you can decide whether to accept.

However, for traditional lenders such as banks, you may need to provide information in more detail and gather documents such as:

A driver’s license or other government ID
Proof of residence, such as a mortgage statement or utility bill
Bank account statements
Pay stubs
Tax returns
Agreements, contracts, or other proof of income from other sources, such as retirement, alimony, child support, or disability

Other Ways to Borrow $3000

There’s more than one way to shine a penny. While they’re a popular option, unsecured personal loans aren’t always the best way to borrow. If you’re short of cash but have other assets, resources, or even relationships, it makes sense to explore all of your options.

Compare the total loan costs, repayment structures, monthly payment amounts, and potential risks of each solution such as:

Certificate of deposit (CD) early cash-out
HELOC, or home equity line of credit, which allows draws as low as $3000¹
Credit card cash advance(s)²
Borrowing against a qualified retirement plan such as 401k, 403b, or pension³
Borrowing against a permanent (whole or universal) life insurance policy⁴

Or check out these options that don't leverage owned assets

Employee hardship loan (check with your employer to see if they offer these)
Friend-or-family loan (set up a formal contract or use an app like Zirtue)
Private loan from a peer-to-peer investor platform⁵

RISE Offers Loan from $500 to $5000

While it’s a snap for those with deep pockets and high credit scores to access more money, it can take more time, more hoops, and higher costs for those with troubled credit histories. At RISE, we welcome borrowers of diverse credit histories to apply for a loan with us.

RISE puts you in the driver’s seat, controlling how much you borrow and how long you take to repay the loan. Our goal is to empower you to meet your current financial shortfalls and help get you set up for a brighter future.

Get started with a simple online form to apply today for your $3000 loan.

How to Get a $3000 Loan