Do you need a $3000 dollar loan in a hurry? Lately at CLF we have been discussing the small loan category in some depth. These small loans for 3000 dollars (or less) are often called micro-loans by different financing companies in the USA and around the world.

In the first article on micro-loans we discussed what to do if you need a $5000 loan quickly. There’s been thousands of borrowers on that particular lending product informational – all looking for some quick funding for various different reasons. Usually these borrowers are needing between $3000 and $4000 dollars to pay off some debts or get a vehicle of some sort – whatever it is they need the loan fast and they don’t want any hassles regarding their credit score [rating] or their employment history. This is where is gets dicey.

$3000 Dollar Loans with Bad or Poor Credit

Most often then not borrowers who need a $3000 loan need it quickly (like today or yesterday) but the normal short-term lenders are scary propositions. These would be the payday loan and cash advance lenders we hear so much about, charging upwards of 300% to 500% interest, not withstanding the possible late payment fees and roll over fees. Luckily for most borrowers, these high interest rate, short-term lenders don’t provide loans as high a $3000 – they max out at $1500 usually.

Having a poor credit rating (or a seriously bad credit rating) is what usually drives borrowers to the payday loan and cash advance lenders in the first place, so “here in lies the rub – the question” ;

Where do I go when I need a loan for $3000 dollars when I have a bad credit rating

And furthermore, “who lends these kinds of micro-loans out for a reasonable interest rate and they do it in the same day of applying.” All of us who write for CLF have owned financial product web sites in the past and we have seen for years the first hand how hard it is to find a fast loan online that doesn’t involve ridiculous predatory lending rates. Usually these lending companies will never lend out $3000 cash money into your bank account the same day you apply, and they certainly won’t do it when you have a bad credit rating. So what are your options you ask? You still need the loan – right? Read on.

Depending on how much interest you are willing to pay on this micro-loan, you will be restricted by time, so before I go any further, we have to discuss the time factor.

Need a $3000 Loan Today?

Then there is the other factor – time. Most borrowers requiring (needing or wanting) a $3000 dollar loan need it fast. This means ASAP, pronto, right now, today, yesterday, quickly! These borrowers are highly motivated with a sense of urgency that borders on desperation. If this describes your current state of mind, and/or your current personal financial situation, then take a deep breath and calm down. There are is only two ways to get a loan for $3000 quickly.

The first place to go if you need a $3000 loan quickly is to borrow it from a family member or friend. This is an option that most borrowers are not interested in for two primary reasons – 1. they won’t ask family and friends for the money because of pride and; 2. they have already asked family and friends for a 3000 dollar loan and they have been turned down. This option is the most undesirable to discuss because it’s a pride issue, but it is the least expensive form of borrowing. Parents and/or siblings often don’t ask for interest on their loan as long as they get the money repaid within a reasonable time period. However, these kinds of loans between family members often have “strings attached”. I avoid family loans like the plague. Some of your reading this come from family backgrounds that have very little money in the first place so a family loan is simply out of the question. Keep in mind that this is usually the fastest possible way to borrow $3000.

The second place to go if you need a $3000 loan quickly is to borrow it as part of a larger loan. So instead of borrowing a measly $3000, you borrow $10,000 against some sort of asset. The asset can be real estate (property of some sort that you own), or a vehicle, etc. These loans are usually high-yield loans for the lenders in that they charge high interest rates and they are guaranteed to get repaid using your asset collateral. This the option I have usually chosen. Sometimes just getting a HELOC is a good way to go because of the lower interest you pay, but alas – some borrowers just don’t have any kind of realistic asset to use as collateral. When you don’t have any assets the bank considers valuable enough to secure a loan, you are in a tight spot.

The third place to go if you need a $3000 loan quickly is to borrow two payday loans for $1500 each. Most ALL payday loan and cash advance lenders use a tracking system called Teletracker to track whether or not you have borrowed and money from other payday loan companies, and whether or not your name is attached to a bad loan or a charge-off. The snag here again is the interest rates you are going to be paying. Whatever you do don’t be delinquent on these types of short-term micro-loans because you will be paying a huge penalty for it. NEVER roll these loans over. You have to be very careful with these kinds of loans, but at the same time, it is possible to get the loan in your bank account the same day – sometimes within an hour.

The fourth place to go if you need a $3000 loan quickly is to pawn some valuables. I know that this option is ugly and we’re scrapping the barrel here – so to speak, the but the fact is that these kinds of loans can happen very quickly as long as you have some valuables that a pawn shop dealer considers to be worth $3000. You will likely have to visit a few pawn shops to get a full $3000 out of these tight-wads. The deal here is simple. The pawn broker(s) will give you $3000 on a “pawn-note” and you will have to pay back the money in full within a agreed upon period of time, or your items will be sold by the pawn broker for whatever they choose to sell them for. You can be sure that the pawn shop owner will make more than $3000 by the time all of your items are sold.

Calculate The Interest on a Quick $3000 Loan Today

So let us do a quick calculation of a $3000 personal cash loan using 3 different sets of terms and interest rates – shall we? Fo these cost of borrowing (COB) calculations we’ll use our free loan calculator below. You can use this personal financing calculator as much as you want.

Ok, here are three different scenarios;

1. 8 percent over one year for $3000 Loan

1. Loan amount = 3000
2. Interest Rate = 8 percent
3. Length of loan term = 1 year
4. Period between payments = 30 days (monthly)

Loan Calculation Results
Total Amount to be payed: $3129.98
Total amount of interest $129.98
Payments: $257.26

2. 15 percent over two years for $3000 Loan

1. Loan amount = 3000
2. Interest Rate = 15 percent
3. Length of loan term = 2 year
4. Period between payments = 14 days (monthly)

Total Amount to be payed: $3458.65
Total amount of interest $458.65
Payments: $66.33

3. Payday Loan for $3000 Rolled Over Late For a Year

Here you can see why you must be careful who you borrow money from. Furthermore it shows you NEVER roll over your loan payment on a $3000 micro-loan (short term high interest personal financing)

1. Loan amount = 3000
2. Interest Rate = 400 percent
3. Length of loan term = 1 year
4. Period between payments = n/a

Loan Calculation Results
Total Amount to be payed: $9498.78
Total amount of interest $6498.78
Payments: n/a

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A LOAN CALCULATOR FOR CRUNCHING YOUR NUMBERS IS BELOW; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

Loan Amount:

Interest:

Years:

Days between payments:
30 for a Month, 7 for Week
and 14 for Bi-Weekly. Easy!