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$2,000 loans for good and bad credit: Get a fast decision
Compare $2,000 personal loans in Canada with quick approval and funding.
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Many lenders offer $2,000 loans to borrowers with good or bad credit. You can use these loans for almost anything, including emergency repairs, large expenses and bill payments. If you find yourself in need of some cash quickly, keep reading to explore your $2,000 personal loan options.
Compare $2,000 loans
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Online lenders are your fastest option if you need $2,000 by tomorrow. Many of them have quick online applications and can process $2,000 loans on the same day you apply.
Some examples of lenders that can typically offer $2,000 loans by tomorrow include Spring Financial (processing time: Within 24 hours), SkyCap Financial (processing time: 24 hours) and Fat Cat Loans (processing time: Within 24 hours).
If you’re thinking of taking out a $2,000 loan, you have a handful of loan types available to you. Here’s a closer look at what’s on offer:
Secured loans often come with low interest rates. This is because they require you to provide collateral, therefore reducing the risk for the lender. Assets such as your house or car could be used as insurance in case you default on your loan. If this happens, your lender has the right to repossess your asset.
With a small loan of $2,000, you may not need to opt for a secured loan at all, especially if you have good credit.
Unsecured loans are the more common path to getting a $2,000 personal loan. They don’t require any collateral and lenders will instead rely on your credit score and income to determine your eligibility. Unsecured personal loans come with higher interest rates than secured loans, especially if you have fair or bad credit.
Online lenders provide quick approval and funding for $2,000 unsecured installment loans. In some cases, you could get your loan on the same day you apply.
Personal loan interest rates in Canada can either be fixed or variable. With a fixed rate, your interest rate will stay the same throughout the loan term. With a variable rate, your rate will go up or down depending on what Canada’s central bank does. A $2,000 loan is a small amount to borrow and is more likely to come as a fixed rate.
If you’re having trouble securing a $2,000 loan on your own, you can apply for a cosigned loan with the help of a family member or friend. If you default on payments, your guarantor will have to pay them on your behalf, and both of your credit scores will take a hit.
Can I get a $2,000 loan with bad credit in Canada?
One of the easiest methods to get a $2,000 loan with bad credit is to apply with online lenders that specialize in bad credit loans – like Spring Financial or Fig. Instead of focusing on your credit score, these lenders ask about your current income and debts.
Plus, you have a realistic chance of getting approved for a $2,000 loan with bad credit because it’s a relatively low amount. However, to maximize your chances of approval, it’s best not to have any active payday loans or several NSF transactions in your bank account in the last 60 to 90 days.
While some lenders in Canada might advertise $2,000 loans with guaranteed approval, it’s best to steer clear of those offers. Any legitimate lender will want to look into your finances before approving a loan. If a lender is offering guaranteed approval, it may be a scam, predatory or have fine print that actually doesn’t make it guaranteed.
If you’re looking for a guaranteed approval $2,000 loan because you’re worried that factors like your credit score or income will disqualify you from traditional loans, consider applying to a loan search platform like Loans Canada or LoanConnect. These companies work with large lender networks to match you with lenders that are open to financing you.
It’s possible to get a $2,000 loan with no credit check. However, be prepared for steep interest rates because lenders will assume you have a bad credit history. Also make sure you’re applying to a legitimate lender who will still evaluate your ability to repay the loan by looking at your bank statements and pay stubs. Avoid lenders that ask for an upfront payment.
Yes, you can get a $2,000 loan without a guarantor via bad credit loans. Your lender won’t ask for a cosigner, but it’ll need to know that you can manage the repayments on your $2,000 loan without a guarantor. It will ask for pay stubs and bank statements and do a credit check to make sure you can manage the payments.
With bad credit and no cosigner, you may face steep rates to help lenders offset the risk they’re taking with loaning you money. If you have good credit, you can bypass the need for a guarantor to secure a $2,000 loan.
How to increase your chances of approval for a no-guarantor $2,000 loan with bad credit
If you’ve got bad credit and you don’t have a guarantor to cosign on your loan, consider doing the following to improve your chances of getting approved for a $2,000 loan:
Check the eligibility criteria before applying. Before you hit submit, make sure you’re eligible for the loan you’re applying for. Lenders will list the specific requirements you must meet in order to qualify, from minimum income to a minimum credit score. If you’re not sure if you’re eligible, call the lender’s customer service team to discuss your situation.
Compare options before applying. While you may think your options are limited, you should still comparison shop before deciding on the best loan for you. You may find varying interest rates or disparities in charges and fees between bad credit lenders.
If you can, improve your credit first. This may not be a realistic option if your need is immediate, but if you have at least six months, improve your credit first by making on-time payments and paying down debt.
Where can I get a $2,000 loan if I have good credit?
Canadians with a credit score of about 660 and higher can get approved for a $2,000 loan more easily, whether they’re applying to banks, credit unions or online lenders. Securing your loan could lower your rate, but it’s more common to get an unsecured personal loan of that size.
Banks and credit unions generally have better rates than online lenders, but before applying, check their minimum loan amounts. Some financial institutions have minimum loan offerings starting at $3,000 or $5,000, so be careful you don’t take on more debt than necessary.
You can get quick approval and funding on a $2,000 loan, but lenders will still need some time to evaluate your application. If it’s urgent and you need to borrow $2,000 as soon as possible, you can apply to an online lender, which is generally faster than applying to a bank or credit union. It’s possible to get a loan on the same day you apply.
When searching for a $2,000 loan, here are some questions to ask yourself.
When you’re searching for a $2,000 installment loan, zero in on the APR, or annual percentage rate. This is the interest rate plus fees you’ll pay to take out the loan. APRs can vary significantly depending on the lender and your personal financial situation – usually starting as low as 9.75% to as high as 46.96% – so it’s worth comparing different lenders to know if you’re securing a loan with a competitive interest rate. A lower interest rate could save you hundreds of dollars over the course of your $2,000 personal loan.
This is how long it’ll take you to repay your $2,000 loan. Loan terms for personal loans are between 3 - 60 months. For a $2,000 loan, it would be on the shorter end since it’s a smaller amount.
Take stock of any extra fees and charges that come with your $2,000 loan, because they can really drive up your overall cost. In your research, you may find out that one lender charges steep administration fees, non-sufficient funds fees, and late or missed payment fees.
Most lenders in Canada will allow you to pay off a $2,000 loan early or make extra payments without penalty if it’s unsecured. If the lender is charging you prepayment penalties, you may want to apply elsewhere.
The Internet has given rise to a number of online lenders, so finding out some information about the lender in question can be a good place to start before you apply for your loan. Read our guide to finding legit personal loans in Canada to see our compiled list of legit lenders. Make sure you go through the terms and conditions of any loan offering very carefully before applying for and accepting the loan.
Online lenders are fast at approving and transferring funds. You can get a $2,000 loan within 24 to 48 hours if you apply to an online lender.
What is the average interest rate of a personal loan?
The average interest rate in Canada for a personal loan is 9.32%. However, if you’re looking to borrow $2,000, you may encounter higher interest rates than the average whether you apply to a bank, credit union or online lender because the amount you’re asking for is on the low end.
What is the monthly payment on a $2,000 loan?
Your monthly payments on a $2,000 loan will depend on a few factors:
Interest rate: Typically 6.99% – 46.96%
Loan term: Typically 3 – 60 months
Repayment schedule: Usually bi-weekly or monthly
For example, if you’re repaying a $2,000 loan over two years with an interest rate of 19.99%, you can expect to pay $185.26 per month. At the end of your two-year term, you’ll have spent $223.11 in interest.
Now stretch the repayment plan over the course of three years. In this case, you’ll pay $74.32 per month, but at the end of your three-year term, you’ll have spent $675.41 in interest.
Your aim is to get the shortest loan term possible so you pay less interest overall. At the same time, you don’t want your term to be so short that you can no longer afford the monthly payments.
Calculate the monthly payment on a $2,000 loan
Calculate how much you could expect to pay each month
According to data collected in the Finder: Consumer Sentiment Survey August 2023, 25% of respondents who stated they are planning to take out a loan in the next three months are looking to borrow between $1,000 and $4,999.
What eligibility requirements do I have to meet for a $2,000 installment loan?
Lenders each have their own set of eligibility requirements, but you can count on the following factors to be included when you apply for a $2,000 loan:
Age. You must be at least 18 years of age, or the age of majority in your province or territory.
Employment. Some lenders require you to be employed, but you may find a lender that will consider you if you are unemployed. Part-time and seasonal workers may also be eligible for $2,000 loans, as well as those on welfare or government benefits.
Residency status. You will need to be a Canadian citizen or a permanent resident with a valid Canadian address.
Income. You need to be earning some sort of recurring income to be eligible for a $2,000 loan.
A Canadian bank account. You will need an active bank account so your lender can deposit your funds and to set up a repayment plan.
Steps to taking out a $2,000 installment loan
Follow these steps to apply for a $2,000 loan:
Research and compare lenders. Review loan amounts, APRs, charges and fees, terms and eligibility requirements to find a loan you can afford and qualify for.
Fill out the application. Once you find a lender, go to the lender’s website and complete the application, or click the Go to site button in the table above to get started.
Review and submit. Examine your application before submitting, because errors can result in an automatic denial.
Provide your documents. Typically, lenders require pay stubs, bank statements and a valid photo ID when you apply for a $2,000 loan. Many lenders also offer instant bank verification, which means you won’t need to submit any documents.
Sign and submit your contract. Carefully review your loan’s terms and conditions before signing.
Get your funds. Lenders offering this amount can send it to your bank account on the same day via e-Transfer or within one to two business days via direct deposit.
Make room for your loan repayments in your budget. Set up an auto pay system to make sure you don’t miss any payments. If you have bad credit, staying on top of this loan could help you rebuild your credit.
Tips to getting a $2,000 loan
To help you find the best $2,000 installment loan, keep the following tips in mind:
Know your credit score. Get a copy of your credit report from Equifax or TransUnion before applying for a $2,000 loan. Knowing your credit history will help you decide which lender to go for.
Get personal loan pre-approval. Some lenders can give you a quote without impacting your credit score. Applying to these lenders will help you compare multiple offers.
Steer clear of disreputable lenders. If an offer seems too good to be true, it probably is. Ensure the lender you’re applying with is legitimate by checking for a licence, reading independent reviews and checking for an office address, email and phone number.
Bottom line
Sometimes you need a little injection of cash to help you with an emergency expense or to pay for that extra something in your life. Thankfully, you have a library of options to help you secure a $2,000 loan whether you’re in good standing with your credit or you have less-than-perfect credit.
As always, when you’re shopping around for a personal loan, remember to consider important factors like the interest rate, loan term and monthly repayment amount. You can also head to our complete guide to personal loans.
Frequently asked questions
The best place to get a $2,000 loan depends on your financial situation. If you have good credit, you can apply to financial institutions and select online lenders to score a competitive rate. If you have bad credit, you can apply to alternative lenders of bad credit loans. Learn more about the best personal loans.
The process may vary between different lenders, but most lenders will call you if they want to proceed with your application.
No, you can't get a $2,000 payday loan in Canada. That's because payday loans are regulated at the provincial or federal level across Canada to ensure that they max out at $1,500. While a payday loan is usually easy to qualify for, you will need to repay it by your next paycheque up to a maximum of 62 days.
Yes, you may still be eligible for a $2,000 loan if you're unemployed, as long as you have some sort of income – like government unemployment benefits, welfare payments, self-employment income or investment income – that proves you can repay the loan. Some online lenders are less interested in your credit history and employment status as long as have some sort of income source to pay for your loan.
Funds are usually deposited into your bank account by the next business day. If the lender offers e-Transfer, you can get your money on the same day.
It's at the discretion of the lender as to whether or not it will report late or missing payments to Canada's two credit bureaus – Equifax and TransUnion. If you know your payment is going to be late, the best solution is to inform your loan provider as soon as possible. The lender may be willing to extend the payment deadline and find ways to help you through difficult financial times. Always try to keep an open line of communication between yourself and the lender.
Online lenders are your best bet if you need $2,000 now, even if you have bad credit. With online lenders, you can fill out a quick application form from the comfort of your home and get approval within a business day. Compare $2,000 loans from online lenders in our curated list above.
Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
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