£3000 Loans

£3,000 Loan with bad credit

In the grand scheme of things, £3,000 isn’t a huge amount of money, but a cash injection of this size would be life-changing for most of us. £3,000 is sitting at the top end of loan amounts offered through The Money Shop and is one of the most popular amounts customers apply for.

Like banks and building societies, traditional loan providers have historically set stipulations on what the money they lend is used for. They often require copies of receipts to show that the loan was spent in the agreed way. However, at The Money Shop, our broker partner’s lenders consider applications without any conditions on how you spend it or why. They won’t ask what you’re going to spend it on so, how you choose to use your cash injection is completely up to you. But remember, taking out a loan is a big commitment and should not be entered into lightly.

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What are the benefits of taking out a £3,000 loan?

You may want to take out a £3,000 loan to pay for a trip abroad, towards a deposit for a house or to pay off old debts. For instance, imagine you have built up a balance on your credit cards. It can be difficult to remember to take lots of different payments each month, all with different companies, for varying amounts of money, interest and fees, and due on different days. Applying for a £3,000 loan at The Money Shop will enable you to pay your debts fully, so you only have to make one credit payment per month. Not only will this be more convenient, but you’ll also likely be repaying less with a loan.

You can commit to a schedule of repayments that fits with your monthly salary date, so you can easily pay the amount back in full. This could leave you credit-card-free and loan-free in a short time frame. In addition, your credit score could also increase due to making payments on time and in full.

What is the application criteria for a £3,000 loan?

Loans via The Money Shop are subject to the applicant meeting basic eligibility criteria. If the individual meets the criteria, they are free to continue with their online application. The Money Shop’s eligibility criteria are:

The applicant must be a UK resident.
The applicant must be aged 18 or over (a legal adult).
The applicant must be a bank account holder with a bank account based in the UK.
The applicant must be employed: either through an employer or by self-employed.
The applicant must be able to provide evidence of a regular income.

If the applicant meets these criteria, they can continue to apply for a loan through The Money Shop’s website. In most cases, the application form will receive an acceptance within minutes, but sometimes, our partner’s panel of lenders will need more information. If so, they will contact you to clarify and learn more.

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Your questions, answered

How quickly will I receive the money?

Dependent on the loan amount as well as the time of day the application has been filled out and accepted, the money could be in your bank account within hours (a little longer if it’s a weekend, bank holiday or overnight application).

The repayment schedule for loans are flexible and need not be set in stone. Instead, repayments can be designed around your income to best ensure you’re able to pay back the loan in a time frame and amounts that work for you, with a structure that fits your circumstances.

If I apply for a £3,000 loan, will you do a credit check?

£3,000 is one of the highest loan amounts that The Money Shop offers acess to. Therefore, our partner’s lender panel will need to carry out a credit check to offer you the finance you need. The market-leading panel of lenders offer loans to those with lower credit scores than more traditional finance lenders so, you need not worry about failing a loan application if you’ve been turned down by other lenders before.

All of the lenders our partner works with use soft-search technology, meaning you can apply without damaging your credit score.

Is a credit score the same as a credit report?

Your credit score and credit reports are different things. The credit score is simply a number ranking, and the credit report lists out every financial responsibility you’ve had. The former is what lenders usually consider when a credit check needs to be carried out. Negative items from your credit report are removed after seven years so, one mistake won’t haunt you forever, and its impact on your score will lessen over time (even before it’s removed).

Can I find out my credit score?

You can check your credit report and credit score at any time; some websites and companies will allow you to do this for free. However, a ‘hard’ check should not be done too often as a check with no credit provided straight afterwards suggests you’ve applied for finance and not received it. If you spot a mistake on your credit file, it can be rectified. Mistakes aren’t unheard of, so don’t be alarmed or worried if you see something on your record that doesn’t quite add up. Use your credit check software as directed to report any errors and apply to have them removed.

Are credit providers the same as credit reference agencies?

Credit reference agencies (those who run credit checks) and credit providers (those who lend money and provide loans) are often mistaken, but they are different entities. Credit reference agencies simply provide the credit information held on an individual to the credit providers, who take this information into account when deciding who to lend to.

Could having a £3,000 loan hurt my credit score?

Credit scores vary hugely, and one way they increase is to pay back credit responsibly, on time and in full. This means taking out a loan and paying it back can actually improve your credit score long-term because it demonstrates your capacity to manage credit responsibly. It’s estimated that your payment history defines up to 35% of your credit score for credit facilities.

What is a credit blacklist?

There is no such thing as a credit blacklist. It’s something that’s often talked about but doesn’t exist. Credit providers, such as The Money Shop’s partner’s lender panel or more mainstream banks and building societies, judge their ability or willingness to lend to an individual based on that individual’s circumstances and their own procedures or protocols internally as a company.

If you’re worried about your credit score, contact The Money Shop team to talk through your options before applying. Many people are anxious about their credit rating without ever needing to be, but, understandably, it can be a niggling worry until you properly understand it.

What do I need to consider before getting a loan?

At The Money Shop, we agree the best personal financial decision is an informed one. We encourage anyone considering taking out a loan or any credit facility to thoroughly read about such products as much as possible to ensure they understand the details on applying for a loan. If you have any questions or concerns that we don’t cover here, contact The Money Shop team to chat them through. There’s no obligation to borrow via The Money Shop by contacting us, and we strive to explain things as simple as possible – we know finance isn’t everyone’s bag!

Want more information about alternative lending options?

‘Alternative’ lending options refer to loans and other credit facilities offered by companies other than mainstream high street banks. Many people choose to opt for alternative lending options as they’re not comfortable, for whatever reason, in approaching their existing bank or building society to ask for credit. Alternative lenders allow people to diversify their credit without waiting for application acceptances, money to be deposited only on working days, or limiting how much they’re able to borrow. If you’d like more information on how our loan products differ from those available from banks, speak to The Money Shop team. We are always happy to chat through all options with no obligation in applying – just drop us a line.

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