Get a quick loan for up to $2,000 to help you with any cash shortfall.
Lenders offer loans of up to $2,000 for a range of purposes including car repairs, hospital bills or even to get through a few difficult weeks. If any of these situations apply to you, a short-term loan might be an option for you to consider.
Read our guide below to find out more about your loan options.
What are your options to apply for a $2,000 loan today?
An ideal starting point when looking for a short-term loan would be to search through the options you have available to you. Below are details about some of the ways you can get a $2,000 loan.
- Payday loans. These are the most common type of $2,000 loans. With a payday loan, also called a short-term loan, you’ll have up to one year to repay what you borrow.
- Loans with no credit check. If you’re concerned about your credit history holding you back, you can apply with a lender that doesn’t check your traditional credit report from the main credit bureaus. Keep in mind that a lender must still assess your ability to repay by looking at your income and other important factors. There’s no such thing as a guaranteed loan.
- Cash advance loans. A typical cash advance loan allows you to borrow as little as $100 and up to $2,000. This loan type doesn’t require any collateral, but you usually have to repay the entire amount quickly.
- Secured personal loans. Some small lenders allow you to secure your loan in order to get a lower interest rate. This includes pawn shops.
Compare lenders offering $2,000 short-term loans
You can generally get a loan if you meet the following criteria:
- Age. You must be at least 18 years old in most states.
- 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 loans.
- Income. You need to be earning some sort of income to be eligible for a loan. Some lenders may have a minimum of how much you need to earn, but others just need to see history of your pay over the previous three months.
- Government benefits. If you receive welfare payments or are on Social Security income, you could still get a loan. Keep in mind there may be restrictions you need to meet, such as your loan repayments not exceeding more than 50% of your welfare income.
- Credit history. You can still get a loan with bad credit, even if you’ve filed for bankruptcy. But having good credit history could qualify you for more competitive, low-cost loans.
What you need to know when comparing $2,000 loans
How you compare your options largely depends on whether you’re applying for a payday loan or a standard $2,000 personal loan. Below, we’ve broken down what you need to know.
- What is the interest rate? Interest rates for payday and personal loans can vary significantly from one lender to another and usually depends on whether the loan is secured or unsecured. It’s always best to compare to know the rate is competitive.
- What is the term of the loan? For payday loans, terms can extend up to one year. Other personal loans have terms that can last several years.
- What are the fees and charges? Lenders may charge financing fees or monthly fees in addition to the interest rate. Both payday loan lenders and personal loan lenders can charge you late/missed payment fees and fees if you go into default. If you think you’ll have any problems repaying your loan, you may want to reconsider applying.
- Is there repayment flexibility? Lenders that offer small loans up to $2,000 normally require you to set up direct debits either from your salary or through a bank account in order to make repayments.You can generally repay the loan early without penalty, but fixed rate loans, on the other hand, may come with an early repayment penalty.
- What is the reputation of the lender? Given that the Internet has given rise to a number of online lenders, finding out a little about the lender in question can be a good place to start before you apply. Make sure you go through the terms and conditions of any loan offering very carefully.
How to increase your chances of being of approved
While there is no definite way to make sure a lender approves your application, it could help your application to keep the following in mind:
- Establish eligibility criteria. On each finder.com loan review page, you’ll find a list of eligibility criteria you need to meet in order to be approved for the loan. Take some time to go through these before applying. If you have doubts about any part, you can always call the lender.
- Go through your credit report. It’s a good idea to get a free copy of your credit report online before you apply. Understanding of your credit history will put you in a better position to know what loans you can and can’t apply for.
- Limit your applications. Every time you apply for a loan, it counts as an inquiry on your credit report. Submitting too many applications can negatively affect your credit score. If you want to compare your options without going through the hassle of applying to multiple lenders, try a lender-matching service instead.
The pros and cons of $2,000 payday loans
- The opportunity of flexible repayments. Flexible repayment options let you line up your repayments in accordance to when you get paid. By making extra repayments, you can repay the loan ahead of time.
- Online presence simplifies the process. If a lender is online, the entire process can be streamlined. You will usually be given multiple options during the application process to submit documents, information and track your application’s progress.
- Bad credit is OK. People who have bad credit can find it difficult to be approved for loans, but there are a multitude of $2,000 loan options available for those with bad credit.
- Higher fees. Payday loans attract higher fees due to the risk the lenders are taking on. It’s important to consider whether you can afford the loan before you apply.
- Short loan terms and repayment schedules. Most cash advance and payday loans require that you repay the entire amount in a few weeks or months, resulting in high repayments.
- Predatory lenders. Some lenders can be disreputable and set unfair terms, so it’s important to do your research and apply for a loan with a reputable lender.
What to avoid
When you look for a $2,000 loan, bear in mind that it can come with associated risks:
- Avoid taking on more debt than you can handle and exercise caution throughout the loan process.
- A short repayment period and high fees translate into high repayments.
- You can avoid high interest rates by comparing multiple lenders. Remember to consider all costs, including financing fees if applicable.
What type of loan are you looking for?