What credit score do I need for a $3,000 loan?

What credit score do I need for a $3,000 loan?


This depends on the lender you’re dealing with. A typical bank will require a higher credit score. There isn’t a specific number required to get approved for a $3,000 loan, but a higher credit score is something banks will look at.

If you’re in a situation where your credit score is not that high or you’ve had some credit issues in the past and can’t get approved for a $3,000 loan from the bank then there are lots of other options.

There are over 20 different lenders available on Smarter Loans where you can check out their eligibility requirements before applying, and in a lot of cases they work with people that have low credit scores or no credit history in the past.

So, what is a good credit score in Canada? Let’s dive into numbers. Here are 5 Credit Score Ranges in Canada!

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.