£3,000 Loans
A £3,000 loan could help with home improvements, cover wedding costs, or go towards buying a new car. Discover the loans you could be eligible for with Asda Money without impacting your credit score.
How does a £3,000 loan work with Asda Money?
At Asda Money, we can help you find a £3,000 loan that meets your lending requirements. We work with a range of carefully selected trusted UK lenders that make up our lender panel. All it takes is one quick eligibility check, and you can compare £3,000 loans to find one that is right for you and your circumstances.
When can a £3,000 loan help?
A £3,000 loan can help in a variety of ways. You may want to improve your home and need some cash upfront to do it. With £3,000 you could:
- Buy new furniture or carpets
- Get your home redecorated
- Buy a new bathroom suite
- Get new kitchen appliances
You could use £3,000 to consolidate debt into one easy-to-manage monthly payment, put a deposit down on a new car, or boost your wedding fund.
Please remember that by consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay.
Types of loans
- Unsecured personal loans (we offer access to these at Asda Money)
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- Usually a small, fixed rate loan for personal use
- For amounts between £1,000 and £25,000
- The amount you can borrow and the rate you see is based on things like your personal circumstances and credit score
- Secured personal loans also known as homeowner loans (we don’t offer access to this type of loan)
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- Typically sums over £15,000 and repaid over longer periods of 5-25 years
- What you can borrow and the interest rate depends on your credit history, your assets and personal circumstances
If you borrow with a secured loan, lenders will need security in the form of an asset, which is usually your home. If you put up your home as security and can’t afford to pay back the loan, your home may be repossessed.
- Guarantor loans (we don’t offer access to this type of loan)
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This is often offered if you have bad credit. The lender asks for a chosen friend or family member to guarantee the loan repayment if you can’t pay it back. Remember that while you will get the money you need, this can place considerable financial pressure on your friend or family member.
How much will a £3,000 loan cost?
When you borrow £3,000 through a personal loan, you pay interest. This is calculated at the start of the loan based on the interest rate set by the lender and the length of the loan. This is then added to the loan amount, so you know exactly how much your loan will cost you.
Smaller loans often have slightly higher interest rates to cover the costs the lender pays. So the interest rate on a £3,000 loan may be lower than a £1,000 loan but higher than a £5,000 loan.
The higher the interest rate, the greater the amount you’ll pay over the term of the loan. A longer loan term may mean smaller monthly payments, but you may pay more in interest.
Will a £3,000 loan affect my credit score?
When you check your eligibility for a £3,000 loan with Asda Money, this doesn’t affect your credit score. You’ll get access to our panel of trusted lenders with one eligibility check. This only leaves a soft credit footprint on your file and doesn’t affect your credit rating.
If you choose to take up one of the offers, you can then continue directly to the lender, they may complete a hard search before your funds are released which will show up on your credit file.
Frequently asked questions
- What is the monthly payment on a £3,000 loan?
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The monthly repayment on a £3,000 loan depends on the loans available from our panel of UK lenders, the interest rate offered to you, and the length of the loan. You can check your eligibility for loans with our lender panel. There is no obligation to proceed, you can simply see what loan options are available to you.
- Can I get a £3,000 loan without a guarantor?
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At Asda Money, our panel of lenders only offer unsecured personal loans – and not guarantor or secured loans. You can check your eligibility for a £3,000 loan with Asda Money without a guarantor.
- Can I get a £3,000 loan without a credit check?
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When you initially check your eligibility for a loan with our lender panel, this won’t show up on your credit file. If you then proceed with an offer provided by one of our lenders, they may run a hard credit check on your file before releasing your funds.
- Can I pay back my £3,000 loan early?
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Depending on the agreement with your chosen lender, you may be able to pay back your £3,000 early. It’s likely you will have to pay an early repayment charge to do so. Check the terms and conditions of your loan agreement.
More on loans
About our trusted provider, Aro
Asda is in partnership with Aro which is a trading name of Aro Finance Limited. Both Asda Money and Aro are credit brokers, not lenders. We offer our customers a different solution to borrowing money and finding a loan.
We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With one simple eligibility check, our panel of lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.
Check your eligibility
ASDA Money is a trading name of Asda Financial Services Ltd who are an Introducer Appointed Representative of Aro which is a trading name of Aro Finance Limited (company number 06297533) of Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Aro acts as a credit broker and not as a lender and is authorised and regulated by the Financial Conduct Authority (FRN 662079).
Terms and conditions apply. UK residents aged 18 and over. If you take out a loan, Asda Money and Aro receive a commission payment from the lender. Different amounts of commission are received from different lenders and the amount will be either a fixed amount or a percentage of the amount you borrow and dependent on the lender you select. We will not charge you a fee for our services.