Personal loans between $1,000 and $2,000

Personal loans between $1,000 and $2,000 are typically easier to get and have shorter repayment terms. That’s why they can be a good option for quick, unexpected expenses like medical bills or car repairs. Whatever your needs are for a small loan, there are plenty of options to consider.

Personal loans between $1,000 and $2,000 for all credit types

Even if your credit is less than perfect or you have no credit history at all, some lenders specialize in offering small personal loans. We reviewed over 120 personal loan providers and connection services to help you find the right loan. Here are a few personal loan lenders that offer smaller loans to consider.

Loan provider	Requirements	Loan type	Finder rating
Upstart	Minimum credit score 300	Fixed personal loan	★★★★★	Go to site
Bankrate	Minimum credit score 450	Fixed personal loan	★★★★★	Go to site
Credible	Minimum credit score 580	Fixed personal loan	★★★★★	Go to site
LendingClub	Minimum credit score 600	Fixed personal loan	★★★★★	Go to site
Best Egg	Minimum credit score 640	Fixed personal loan	★★★★★	Go to site

How much do loans between $1,000 and $2,000 cost?

Personal loans in this range typically have interest rates between 6% and 36%. Here is a breakdown of potential costs based on an average APR of 21%:

Loan Amount (Principal)	Term	Average APR	Monthly Interest	Total Interest	Total Cost
$1,000	2 years	21%	$51.39	$233.26	$1,233.26
$1,100	2 years	21%	$56.52	$256.58	$1,356.58
$1,200	2 years	21%	$61.66	$279.91	$1,479.91
$1,300	2 years	21%	$66.80	$303.23	$1,603.23
$1,400	2 years	21%	$71.94	$326.56	$1,726.56
$1,500	2 years	21%	$77.08	$349.88	$1,849.88
$1,600	2 years	21%	$82.22	$373.21	$1,973.21
$1,700	2 years	21%	$87.36	$396.53	$2,096.53
$1,800	2 years	21%	$92.45	$419.79	$2,219.79
$1,900	2 years	21%	$97.58	$443.11	$2,343.11
$2,000	2 years	21%	$102.71	$466.42	$2,466.42

Calculate your monthly loan repayments

Use the calculator to estimate your monthly repayments for a loan between $1,000 and $2,000.

How long does it take to get loans between $1,000 and $2,000 funded?

If approved, it generally takes two to five business days to get a personal loan between $1,000 and $2,000, though most online lenders promise same-day or next-day funding. The exact timeline depends on the lender, the time of application, its underwriting process and the loan amount. Lenders can typically fund smaller loans faster as they don’t often require as much documentation as larger loans.

While online lenders are usually the fastest option, smaller banks and credit unions can take weeks to fund a loan if you are a new client. The funding process may also be slowed if you are not employed full-time, as it can take longer to verify your ability to repay the loan. That said, smaller loans still offer quick funding because they don’t generally require as extensive verification as loans over $10,000 may require.

How to pay off loans between $1,000 and $2,000

Personal loans require monthly payments to cover both the principal and interest. Following your payment schedule is perfectly fine, but there are some strategies to reduce interest costs and pay off your debt even faster.

Here are some tips to help you pay off loans of this size.

• Refinance for better rates and terms. Look into refinancing options to see if you can get lower interest rates or better terms, which can reduce your monthly payments and total loan cost.
• Make extra or early repayments if you can. If your loan doesn’t have prepayment penalties, making extra payments can reduce the principal faster, saving you money on interest over time.
• Budget. Create a detailed budget to manage your expenses effectively, ensuring you allocate enough funds to consistently pay off your loan without compromising other financial obligations.
• Sign up for autopay. Autopay not only helps ensure you never miss a due date, but most lenders will deduct 0.25% off your interest rate. Just make sure your bank account has sufficient funds to avoid non-sufficient fund fees.
• Consolidate debt. Combining multiple debts into one credit card or loan can make it easier to manage a monthly budget and potentially get a lower interest rate overall.
• Split payments. Consider splitting your payments and paying half every 15 days rather than every 30 days. This schedule saves on interest by lowering your balance during the second half of the month.

Eligibility requirements for a loan between $1,000 and $2,000

To qualify for these loans, borrowers typically need to meet the following criteria:

• Credit history. Although some lenders fund a small loan even if you have poor credit, most want you to have an established credit history or a fair or good credit of at least 600.
• Adequate income. Most personal loans have a minimum income requirement to qualify. That number can differ among lenders, though. For example, one lender might require an annual income of at least $24,000, while another might set the minimum higher.
• Minimal other debts. You must have enough room in your monthly budget to accommodate your loan payments after accounting for bills and other expenses.
• Have an active bank account. You’ll need a checking or savings account to repay the loan.
• Age requirement. You must be at least 18 years old to take out a loan, as it is illegal for minors to enter into a contract.

How to increase your chances of approval

While there’s no guaranteed way to ensure a lender approves your application, following these tips can improve your chances.

• Know your credit score. Knowing your credit score from FICO and VantageScore 3.0 can help you find lenders willing to work within your credit score range. You can review your credit report online for free.
• Check requirements before you apply. Applying for a new loan can temporarily lower your credit score, typically by around five points for up to 12 months. Review the eligibility requirements of a loan before applying to avoid unnecessary hits to your credit score.
• Prequalify. Many lenders offer pre-qualification with a soft credit check, which won’t affect your credit score like a hard credit check would. This helps you gauge your chances of approval and understand how much you might be able to borrow.
• Reduce your credit card debt. High balances on credit cards, especially those over 30% of their limits, can harm your credit score and increase your debt-to-income (DTI) ratio. Reducing your outstanding debt can boost your credit score, free up monthly income and demonstrate to lenders that you can manage revolving credit alongside other debt. It’s important to lower your DTI as some lenders require a DTI below 45% to 50%.

What to watch out for

When choosing a lender, be aware of potential red flags that could indicate a less-than-reputable provider. Here are some things to watch for.

• No-credit-check loans. Loans that don’t require a credit check can be risky, often coming with high interest rates and hidden fees. These are typically offered by predatory lenders.
• Guaranteed approval offers. Be wary of offers that promise guaranteed approval. They may be misleading or not disclose the full truth.
• Unclear APRs. If a lender is not transparent about the APR, it can lead to unexpected costs. Always ensure you understand the loan’s total cost and get written proof of the APR.
• Dodging questions. If a lender avoids answering your questions about APR, payment terms or prepayment penalties, they may be hiding something. A reputable lender will answer your questions clearly.
• Pressure to sign quickly. Be wary of lenders that rush you through signing paperwork. This tactic is often used to conceal unfavorable terms in the fine print that benefit the lender more than you.

Alternatives for short-term loans

Consider these alternatives before you apply, especially if your credit score is below 670:

• Payday alternative loans (PALs). PALs are low-cost alternatives offered by credit unions. They have minimal fees, rates capped at 28% and don’t require a credit check.
• Cash advance apps. Cash advance apps are a convenient way to borrow a small amount of cash. While apps like Brigit may not offer loans as high as $1,000, they can advance part of your paycheck without interest. Some apps might require a subscription to qualify for an advance.
• New credit card. If you have irregular income, consider applying for a new credit card, which can provide more flexible payments and potentially lower interest rates than a personal loan.

For more options, explore our comprehensive list of 11 alternatives for small-dollar financing, which includes other flexible and potentially less costly solutions.

Looking for a different loan amount?

• $1,000
• $1,500
• $2,000
• $3,000
• $5,000
• $10,000

Frequently asked questions

Can I get loans between $1,000 and $2,000 with bad credit?

Yes, it is possible to get loans between $1,000 and $2,000 with bad credit, though they may come with higher interest rates and fees.

Can I get loans between $1,000 and $2,000 with no credit check?

Yes, some lenders offer loans without a credit check, but these can be risky due to potentially high interest rates and fees.

What are the typical repayment terms for loans between $1K and $2K?

Typical repayment terms for these loans range from a few months to a couple of years, depending on the lender and loan type.

How quickly can I receive the funds?

You can typically receive the funds within one to five business days, with some online lenders offering same-day or next-day funding.

Are there any upfront fees?

Some lenders may charge upfront fees, such as origination fees, so it’s important to review the loan terms carefully.