Find a loan for $2,000

Not all lenders offer personal loans as small as $2,000, but most do. Lenders tend to be more lenient with requirements with loans of this size, so you may be able to qualify with a credit score of 600 or even lower in some cases. However, your income, state residency and age remain important factors as well.

Compare 9 lenders that offer $2,000 loans

These online lenders and personal loan marketplaces can fund you $2,000 in as little as one business day. Compare rates and terms for providers that work with your credit score and hit Go to site to start an application.

How much will a $2,000 loan cost?

The overall cost of taking on a $2,000 loan depends on the rate you qualify for and how long the loan term is — and your rate largely depends on your credit score with most lenders. The higher your credit score, the better your chance of nailing down a low interest rate on the loan.

Even with perfect credit, you won’t get the lowest rate a lender offers. Lenders reserve the lowest interest rates for the largest loan amounts available. However, you may be able to lower your rate by opting for a short repayment term.

Check out this example of how different rates and loan terms affect your monthly payment and total interest charge.

As this example shows, the monthly payment on a 5-year term is more than half the payment on a 2-year term, but it costs more than twice as much in total interest.

Ideally, you’d want to stick with a short loan term and try for the lowest interest rate possible. Or, opt for a longer term and try to pay off the loan faster to reduce accumulated interest — if your lender doesn’t charge a fee for prepayment.

Calculate your loan repayments

Compare rates and loan terms quickly with our loan estimate calculator to determine how much a $2,000 loan may cost you.

How to pay off $2,000 in debt

These tips can help you get out of debt faster or save on interest.

1. Sign up for autopay. Most lenders deduct 0.25% off your interest when you sign up for autopay. But make sure that your bank account has the funds when the due date rolls around to avoid a nonsufficient funds fee.
2. Pay faster or earlier. If your loan doesn’t have prepayment penalties, making extra payments toward your balance can get you out of debt faster and save on interest.
3. Split payments. Payment splitting involves paying half of your payment every 15 days — rather than every 30 days. This allows you to sync payments up with a bimonthly pay schedule and save on interest by lowering your balance during the second half of the month.
4. Consolidate. If you have other debt alongside your $2,000 loan, consider debt consolidation, which combines debt into one loan or credit card for a more manageable monthly budget, or try for a lower rate overall on your multiple loans and save money.

Reach out to your lender if you think you might miss a payment. Most offer hardship forbearance for up to three months to pause payments in temporary financial setbacks. Or, you may be able to extend your term for lower monthly payments permanently.

How to qualify

Lender requirements for a $2,000 vary, but here are some general requirements you can expect:

• Fair or good credit score above 600
• Enough regular income to pay for loan
• Low DTI below 45% to 50%
• At least 18 years old, depending on your state
• Have an active bank account
• No major marks on your credit report, such as an active bankruptcy

How to increase your chances of approval

Your credit score is one of the most important factors in loan approval. So naturally, increasing your credit score can increase your chances of loan approval.

Building a good credit score can take time. Keeping your credit card balances below 20%, correcting errors on your credit reports and only taking on new credit when needed can help build up your score. For more tips, check out our guide on ways to increase your credit score.

Aside from your credit score, your work history and income are key players in loan approval. If you’re lacking in either department, some tactics to consider include:

• Find a cosigner if your credit score is poor
• Have your spouse apply with you if your income doesn’t meet the lender’s requirements
• Pay down your credit cards for more disposable income

How long does it take to get a $2,000 loan?

Online lenders can fund a $2,000 loan within a business day or two because they usually don’t need to do extra income verifications for loans of this size. Applying with a new bank or credit union may take as long as two weeks.

However, your current bank or credit union may be able to fund a loan as soon as the same day you apply since they’re already familiar with your credit history and finances — and you won’t have to wait for a wire transfer to clear.

Alternatives to $2,000 loans

Ideally, a short-term loan is one that’s paid off in less than two years. With many short-term personal loans, the shorter the loan, the less you need to pay in interest — and rates can get high with personal loans. However, if you’re struggling to qualify for short-term personal loan, here are some other alternatives to consider:

• Consider cash advance apps if you need a small amount of cash quickly.
• When you have irregular income, consider signing up for a new credit card for more flexible payments.

For other options, check out our full list of 11 alternatives for small-dollar financing.

Looking for a different loan amount?

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings and reviewed by Anna Serio, a member of Finder's Editorial Review Board.

Written by

Bethany Hickey

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise

Bethany has written 448 Finder guides across topics including:

• Personal finance
• Banking
• Auto loans
• Insurance
• Cryptocurrency and NFTs