Borrowing $3,000: payments and total cost
A $3,000 loan repaid over 12 months at 35.99% APR, the highest rate Northlight works with, costs $301.37 a month and $3,616.44 in total. A shorter term or a lower rate brings the cost down.
A $3,000 loan, priced
- Monthly payment
- $301.37
- Total repaid
- $3,616.44
- Cost of credit
- $616.44
12 monthly payments at 35.99% APR, the highest rate Northlight works with. Your lender sets the rate you are offered.
Open the full calculatorKey points
- At 35.99% APR over 12 months: $301.37 a month and $616.44 in cost of credit.
- Over 6 months the cost falls to $322.68, with a payment of $553.78.
- For this amount a credit union or bank loan is usually the cheapest option.
On this page
What a $3,000 loan costs
The table shows a $3,000 loan at 35.99% APR, the highest rate a loan may carry to meet the Northlight standard. Payments are equal every month.
| Term | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|
| 6 months | $553.78 | $3,322.68 | $322.68 |
| 12 months | $301.37 | $3,616.44 | $616.44 |
| 24 months | $177.13 | $4,251.12 | $1,251.12 |
| 36 months | $137.39 | $4,946.04 | $1,946.04 |
A shorter term means a higher payment and a lower total: $322.68 in cost over 6 months against $1,946.04 over 36.
The same $3,000 at a lower rate
Your rate depends on the lender, your state and your credit. Over 12 months:
| APR | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|
| 9.99% | $263.73 | $3,164.76 | $164.76 |
| 19.99% | $277.89 | $3,334.68 | $334.68 |
| 28.00% | $289.52 | $3,474.24 | $474.24 |
| 35.99% | $301.37 | $3,616.44 | $616.44 |
Ways to borrow $3,000
- Credit union or bank personal loan: usually the lowest rate available if you are a member or a customer.
- Installment loan from a licensed lender: equal monthly payments; within our standard the APR is 35.99% or less.
- A secured loan or a co-signer: either can lower the rate on a larger amount.
Compare the total you would repay, not only the speed. Our guide to borrowing money fast ranks the options from cheapest to most expensive.
Before you borrow $3,000
- Ask for the APR and the total of payments in writing.
- Check that the lender is licensed in your state.
- Make sure the payment fits after rent and bills: at 35.99% that is $301.37 a month for 12 months.
- If it does not fit, look at payday loan alternatives before you borrow.
Common questions
How much does it cost to borrow $3,000?
At 35.99% APR, the highest rate we work with, $3,000 over 12 months costs $616.44: 12 payments of $301.37. A lower rate or a shorter term costs less.
What is the monthly payment on a $3,000 loan?
It depends on the term and the rate. At 35.99% APR it is $553.78 over 6 months and $137.39 over 36 months.
Can I borrow $3,000 with bad credit?
Possibly. Lenders look at your income, your existing debts and your bank account as well as your score. A lower score usually means a higher rate, and no lender can tell you the outcome before reviewing an application.
How fast can I get $3,000?
Many lenders fund the next business day. Faster funding depends on the lender and on your bank’s cut-off times, so do not count on a specific hour.
Is Northlight a lender?
No. Northlight shows what a loan costs and what the law allows. We do not make loans or credit decisions.
See the payment before you apply
Pick an amount and a term. The calculator shows the monthly payment, the total and the cost of credit at the highest APR we allow.
Sources
Keep reading
- $400 loanWhat a $400 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $400.
- $300 loanWhat a $300 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $300.
- $500 loanWhat a $500 loan costs at up to 35.99% APR: monthly payments for 3 to 24 months, the total you repay and cheaper ways to borrow $500.
- $255 loanWhat a $255 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $255.
- $5,000 loanWhat a $5,000 loan costs at up to 35.99% APR: monthly payments for 6 to 36 months, the total you repay and cheaper ways to borrow $5,000.
- $2,000 loanWhat a $2,000 loan costs at up to 35.99% APR: monthly payments for 6 to 36 months, the total you repay and cheaper ways to borrow $2,000.