$2,000 Loan: Where and How To Get One (2024)

Are you in need of a $2,000 loan? Whether it’s for a medical bill, car repair, or something else, there are a variety of places you can turn. From personal loans and credit cards to credit unions and online lenders, here’s how you can borrow two thousand dollars. Plus, find tips on getting $2,000 loans despite bad or no credit.

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Types of $2,000 loans

You can find $2,000 loans in the form of unsecured loans, secured loans, and credit card advances. But which is best? Here’s a closer look at each.

Personal loans

Personal loans are typically unsecured lump-sum loans that you repay through a series of monthly payments over a set term, often from one to seven years. You can find them through many banks, credit unions, and online lenders.

Many personal loan lenders, including most Credible partner lenders, make available $2,000 loans. To qualify, you’ll need to meet the lender’s minimum income and credit score requirements, plus other criteria. You can prequalify with multiple lenders to get an estimate of your rate and terms. When you prequalify, it won't impact your credit, but once you formally apply for a loan, your credit score could drop by a few points temporarily.

Generally speaking, the higher your credit score, the lower your APR is likely to be. It's also less likely you'll be charged a high (or any) origination fee. (An origination fee is an upfront cost that increases the APR, and is generally deducted from the loan proceeds.)

What makes personal loans a great option to borrow $2,000, is that they tend to have lower annual percentage rates (APRs) than credit cards. For instance, the average APR on a two-year personal loan was 12.49% in February of 2024, while the average APR for a credit card was 21.59%, according to The Federal Reserve.

Pros

• Easy to apply for online
• Fast funding
• APRs competitive for good credit
• No collateral required

Cons

• Qualifying can be difficult with bad credit
• Loan origination fees, if charged, can reduce the loan amount and increase the APR

Learn More: Interest Rate vs. Annual Percentage Rate (APR)

Secured loans

Secured loans are similar to unsecured loans with one important difference. Secured loans require you to pledge collateral in exchange for the loan. The collateral must be an asset you own, such as a vehicle, your home, or a bank account.

If you don’t repay the loan as agreed, the lender can seize and sell your collateral to help pay off the outstanding loan amount. Secured loans are often easier to get because the collateral reduces the lender’s risk, but in doing so, it increases the risk for you. They can also come with lower interest rates and higher loan amounts than unsecured loans, making them easier to qualify for if you have bad credit.

Pros

• Lower interest rates
• Easier to qualify for with bad credit
• Higher loan amounts are possible

Cons

• Your collateral is at risk
• Appraisals can lengthen the application process
• Loan amount may be based on the value of the collateral

Credit card cash advances

Credit card cash advances involve going to an ATM and pulling cash out using your credit card. But you can’t pull out your entire credit limit. Credit card providers typically limit cash advances to a percentage of your credit limit.

As for the costs, credit card companies tend to charge higher APRs on cash advances and a fee per advance. For example, the Chase Freedom Unlimited card has a purchase APR of 20.49% to 29.24%, depending on your credit, and a cash advance APR of 29.99%. The card also has a cash advance fee equal to the greater of $10 or 5% of the advance amount.

When it comes to repayment, the cash advance amount is lumped into your overall credit card balance and you’re only required to make the minimum payment each month. However, you’ll be charged the elevated cash advance APR on the outstanding advance amount until it’s paid off. Plus, interest on credit card cash advances is charged immediately, unlike interest on regular purchases, which isn't charged until after a 30-day grace period.

Pros

• Fast access to cash
• No loan application if you have a card
• Flexible repayment schedule

Cons

• High APRs
• Fees apply per advance
• Interest is charged immediately
• High credit utilization hurts your credit

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Where to get a $2,000 loan

You can find a $2,000 loan from a variety of financial institutions including traditional banks, credit unions, and online lenders. The right choice will depend on the type of loan you want, your financial situation, and which lender offers you the best deal.

• Online lenders: Many online lenders offer $2,000 loans and can get you money as soon as the same or next business day after you apply. The application process is fairly straightforward and is 100% digital, in most cases.
• Banks: $2,000 loans may also be available from banks. Some may even offer an interest rate discount if you're already a customer.
• Credit unions: You typically must be a member of a credit union to get a loan with one, but qualification criteria may be more lenient relative to a loan from a bank. In addition to regular loans, many credit unions offer payday alternative loans (PALs) for amounts up to $2,000. These are an especially good option if you have fair or bad credit as rates are capped at 28%, and they're designed for borrowers who struggle to be approved for credit.

Learn More: Where Can I Get a Personal Loan?

How to get a $2,000 loan

1. Check your credit: Start by checking your credit scores with the three consumer credit bureaus. Reporting any errors on your credit report can boost your score. Visit AnnualCreditReport.com for a free credit report.
2. Compare lenders: Shop around to see which lenders approve borrowers with your credit score. If you have an excellent credit score, focus on lenders with the lowest overall APRs. If you have poor credit, you'll need to check each lender's minimum credit score requirement, then compare top-end APRs.
3. Prequalify: Prequalifying is a way to quickly get a sense of which lenders might approve your application and at what rate. You can prequalify with multiple lenders at once using a personal loan marketplace, like Credible's. It won't impact your credit, but prequalification is not a guaranteed offer of a loan, and the final rate you receive may be different from the estimate.
4. Submit the full application: Once you've chosen a lender, fill out the application and apply. The lender will perform a hard credit pull, which will impact your credit score temporarily. The lender may also ask you for additional documentation, such as W-2s, pay stubs or other personal identification.
5. Get your funds: After you've been approved and agree to the loan documents, expect to get your funds as soon as the same or next business day. Some lenders can take up to a week.
   

Learn More: How To Get a Small Loan

How to get a $2,000 loan with bad credit

If you need a loan with bad credit, it can be more difficult to qualify. But there are a few ways to improve your odds.

Consider secured loans

First, try exploring secured loan options. A secured loan uses an asset you own to reduce the lender's risk in offering you a loan. Doing so can help to compensate for your lack of credit. As long as you pay off the loan as agreed, you won’t have to worry about losing the collateral.

Check with credit unions and community banks

Credit unions and community banks tend to be much smaller than online lenders and big-name banks, and more relationship-focused. If you're already a member of one, you may find more flexible eligibility requirements than larger institutions.

Enlist a cosigner

If you know someone with good credit who is willing to cosign a loan for you, they may help you get approved or even lower your rate. However, if you're unable to pay back the loan, your cosigner will become responsible for making payments. Note that even making late payments could hurt your cosigner's credit as well as your own.

Build your credit

If possible, focus on improving your credit score before seeking a loan. The most important factor in credit scores is your payment history, so ensure you’re making all payments on time. Credit utilization is the second most important factor, which means you should keep your credit card balances paid down. Aside from that, it helps to limit new credit applications and to maintain a mix of credit products that are open over many years.

Personal Loans Calculator

If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.

$2,000 loan FAQ

How can you get a $2,000 loan with no credit?

If you have no credit, it’ll likely be difficult to get a $2,000 loan. However, it may be possible with the help of a cosigner or by pledging some collateral for a secured loan. To better your odds, you can also start building credit with a secured credit card or a credit-builder loan.

How hard is it to get a $2,000 loan?

Getting a $2,000 loan can be as easy as applying online and having the funds deposited into your bank account the next day. But it all depends on your credit and income situation. If you have fair or poor credit, it can be more difficult to find a lender that will offer you a $2,000 loan.

Where can I get a personal loan with no credit?

Some borrowers with no credit turn to payday loan lenders or cash advance apps for quick cash, but these generally aren't options for a $2,000 loan (plus, they can have very high fees and are generally not advised). But there are some other lenders that offer no-credit-check loans that are more like personal loans, with years- or months-long repayment periods. Costs on these loans tend to be high, but not as high as payday loans. If you're a member of a credit union, you might also try getting a payday alternative loan for $2,000.

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