Try a Traditional Option – A Secured or Unsecured Personal Loan Offered By a Traditional Bank
Getting a secured loan or unsecured loan for 3000 from a regular bank or credit union is possible, contrary to popular belief. In fact, this is the minimum limit for many banks (Wells Fargo is one example) on their personal loans. These loans have several benefits that you won’t get with a payday or title loan:
- You get a fixed interest rate that is much lower and competitive
- You have a fixed term payment plan. In other words you don’t have to pay back the loan in 30 days or less – some loans can even be long-term, which is good for long-term liabilities
- You can get the money relatively quickly (usually withing a few days)
Really the bottom line is this: if you need 3000 dollar loans, then these are your best options. However, they require good credit (I’ve heard rumors that you need above a 640 right now, but I could be wrong and that number could vary), and that just makes it impossible for some people. Unless…
Find A Co-signer
If you need 3000 loans with bad credit, and want to get a personal secured or unsecured loan from a bank, then your best bet is to find a co-signer who has good credit. This is a great way to get financing for things like a small cash auto loan, but again will take longer than a payday loan (well worth the savings though). While this is often used for larger loans (such as 10000 personal loans), it can be used for loans for $3000 as well.
Take out A Loan From a Peer-to-Peer Lending Network
P2P loans are relatively new, at least the online versions such as Prosper.com. These sites essentially act as a way for average Joes to connect and lend to each other, taking the bank out of the equation. You can get a loan for almost any amount at one of these networks, but you do need to have a credit score of 640 or better, and you will need to tell people what the purpose of the loan is and give as much personal background as possible – remember you need to sell yourself as a good credit risk. However, this is definately not a solution if you need the money same day or even next day (usually), and again you do have to have good credit.
Summary
Since we already went over payday loans and title loans in our previous post about 3000 personal loans we won’t go over that again. However, the bottom line is that you need to decide 1) how fast you need the money, and 2) what options you can qualify for, and go from there. Obviously, try to get the least expensive loans first, using payday loans for 3000 as your last resort option.