Promoted for
Good Credit
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Get a $2,000 loan in Canada
Compare lenders to get a $2,000 personal loan with quick approval and funding.
Many lenders can offer a $2,000 loan in Canada to borrowers with good or bad credit, which you can use for a range of purposes, including emergency repairs, large expenses and bill payments. If you find yourself in need of some cash quickly, a $2,000 personal loan is an option for you to consider.
Online lenders offering a $2,000 loan
What is the difference between a personal loan and installment loan?
An installment loan is a type of personal loan that tends to have smaller loan amounts, shorter loan terms and higher interest rates than the average personal loan. It may also have a higher rate of approval due to more flexible eligibility requirements than a standard personal loan.
Types of $2,000 personal loans in Canada
If you’re thinking of taking out a $2,000 personal loan, you have a handful of options available to you. Personal loans come in different shapes and sizes, including secured loans, unsecured loans and cosigned loans as prime examples. Here’s a closer look at what’s on offer and how each loan type differs from the rest:
How to choose a $2,000 loan
When searching for a $2,000 loan, here are some questions to ask yourself.
Can I get a $2,000 loan with bad credit in Canada?
Yes, if you’re looking for a $2,000 loan with bad credit, your most viable option is to apply with online lenders in Canada who specialize in offering bad credit personal and installment loans.
These types of lenders can provide loans to people with bad credit or no credit history at all. Instead of focusing on your credit score, lenders in Canada who offer $2,000 loans to bad credit borrowers will want to endure you meet certain other requirements, such as minimum income and a maximum level of existing debts.
If possible, get your credit score in better shape before applying. Stay on top of all of your debt repayments and pay down debts as much as you can. It will be worth your effort – along with a smoother approval process, you may end up securing a lower interest rate and better terms.
Can I get $2,000 bad credit loans with guaranteed approval?
While some lenders in Canada might advertise $2,000 loans for bad credit with guaranteed approval, it’s best to avoid “guaranteed approval” loans. Any responsible lender will want to look into your finances before approving you for a loan. If a lender is offering this type of loan, they may be predatory.
If you’re looking for a $2,000 bad credit loan with guaranteed approval because you’re worried that factors like your credit score or income will disqualify you from more typical loans, don’t worry, you have options. Many lenders who offer bad credit loans also have lenient income eligibility requirements or accept other forms of income, like government benefits.
Look into installment loans – like the options in our curated list above – for lenders who offer $2,000 loans with less strict requirements and easier approval.
Can I get a $2,000 loan with no credit check?
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 evaluate your ability to repay your loan by looking at your bank statements and pay stubs. Steer clear of lenders that ask for upfront payment or guarantee approval.
Lenders that provide loans with no credit check are also more likely to ask for collateral in case you default on your loan. They may even insist on a guarantor to cosign on your loan for added protection.
Can I get a $2,000 loan with no guarantor?
Yes, you can get a $2,000 loan without a guarantor via bad credit loans. Your lender won’t ask for a cosigner, but they’ll need to know that you can manage the repayments on your $2,000 loan without a guarantor. They may ask for a letter of employment, pay stubs or income statements that prove you have steady income.
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 getting approved 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 an option if your need is immediate, but if you have at least 6 months, improve your credit first by making on-time payments and paying down debt.
Promoted for
Fast Financing
Promoted for
Flexible Terms
Where can I get a $2,000 loan if I have good credit?
Canadians with a solid credit score of about 660 and higher can get approved for a $2,000 loan more easily, whether you’re applying to banks, credit unions or online lenders. You can even secure your loan with much more competitive interest rates. If you needed it, you may even be able to borrow up to $10,000 without providing collateral.
Banks and credit unions generally have more competitive rates than online lenders, but before applying, check the minimum loan amounts. Some financial institutions’ minimum loan amounts start at around $3,000 to $5,000, so even if you qualify you may not be able to get the small $2,000 loan you’re looking for.
Low interest loans for good credit
What is the average interest rate on a $2,000 loan?
If you opt for a $2,000 personal loan, the average interest rate in Canada is 9.35%. For good to excellent credit, the interest rate on a personal loan can range from around 5.45% to 20%. Bad credit borrowers looking for a $2,000 loan can expect interest rates ranging anywhere from 15% to 47%. Alternatively, the interest rate on a $2,000 installment laon ranges from 18% to 46.96%.
What is the monthly payment on a $2,000 loan?
Your monthly payments on a $2,000 loan will depend on a few factors:
- Your interest rate
- Your loan term
- Repayment schedule
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 $101.78 per month. At the end of your two-year term, you’ll have spent $442.76 in interest charges.
Now stretch the repayment plan over the course of four years. In this case, you’ll pay $60.85 per month, but at the end of your four-year term, you’ll have spent $920.80 in interest charges.
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 your personal loan monthly payment
Calculate how much you could expect to pay each month|
Your loan
|
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
%
|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
or
Compare personal loans
You can expect to pay back
$
per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
What eligibility requirements do I have to meet for a $2,000 personal 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 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 income to be eligible for a loan. Some lenders may have a minimum of how much you need to earn, while others will just need to see history of your pay over the previous three months.
- Credit history. You can still get a loan with bad credit, even if you’ve filed for bankruptcy. Lenders are more concerned about your ability to repay the loan, instead of your credit score. Having a good credit history could qualify you for more competitive, low-cost loans and will open up your options more.
- Consenting to a credit check. During the loans process, your lender may need to pull your credit report or they may ask you to provide your credit score too.
- 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 take out a $2,000 loan
Follow these steps to apply for a $2,000 loan:
- Research and compare lenders. Review loan amounts, interest rates, 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 for mistakes before submitting it.
- Provide your documents. Typically, lenders require proof of income, bank statements and a valid photo ID when you apply for a $2,000 loan.
- Sign and submit your contract. Carefully review your loan’s terms and conditions before signing.
- Get your funds. Many online lenders offering this amount can send it to your bank account within 24 to 48 hours.
- 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 be a great way to rebuild your credit history.
Tips to getting a $2,000 loan
While there is no sure-fire way to make sure a lender approves you for a loan, it could help your application to keep the following tips in mind:
- Get a free copy of your credit report. Get a copy of your credit report from Equifax or TransUnion before applying for a $2,000 loan. Knowing your credit history will put you in a better position when shopping around for a loan. This will also give you a chance to make sure there are no mistakes on your credit report. If you see any mistakes, reach out to one of the credit bureaus and have them fix it.
- Limit your applications. Try to limit loan applications that involve hard credit pulls, which can cause your credit score to take a temporary dip. The majority of online lenders are able to pre-qualify your loan applications via a “soft pull” instead. If you decide to apply to multiple lenders, try to do so within a short window of time. Credit bureaus can spot “rate shopping” and can group together similar loan applications, so your credit score may not decrease significantly.
What to avoid with a personal loan
When you look for a $2,000 loan, keep in mind that it can come with some risks:
- Taking on more debt than you can manage. If you’re already juggling multiple debts, it may be risky to add another $2,000 plus interest and fees to your debt load. Think carefully about whether you have the income to shoulder more debt.
- Committing to a short repayment period and high fees. If you’ve committed to repaying your loan in the span of a year or two, you will have high monthly repayments. Opt for a repayment plan that fits your budget so you aren’t struggling to keep up with this debt.
- Picking the first lender you come across. Always compare loans before deciding on one. You could save money on interest and fees and secure better terms for repaying your loan by shopping around.
- Steer clear of disreputable lenders. If any offer seems too good to be true, it probably is. Ensure the lender you’re applying with has a solid reputation by reading independent reviews and checking with your local government.
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.
Compare $2,000 loan options
Jump between the tabs to see your options for $2,000 personal loans and installment loans.
1 - 8 of 8
1 - 5 of 5
Frequently asked questions about $2,000 loans
More guides on Finder
-
Best bad credit loans in Newfoundland
Compare some of the best options for bad credit loans in Newfoundland.
-
5 ways to get MacBook financing in Canada
Get the MacBook you want at a price you can afford.
-
Compare personal loans in Winnipeg
Learn about different personal loan types in Winnipeg and find out where to apply online or in person.
-
Debt consolidation loans in Ottawa
Follow this guide to discover your options to consolidate debt in Ottawa.
-
Instant Funding review
Before you apply with instantfunding.ca, read this review to help you make an informed decision.
-
Compare personal loans in PEI
Learn where to find personal loans in PEI, how to apply and what you need to qualify.
-
Average salary vs average debt in Canada
What is considered high debt in Canada and what age group has the most debt? Dive into statistics on what Canadians owe, on average, and earn each year.
-
e-Transfer installment loans in Canada 24/7
Apply online for up to $15,000 and get paid by e-Transfer when approved – usually within 24 hours.
-
Tekaloan review
Apply for up to $500 with no credit check and get approved in under 24 hours.
-
Where to get a $60,000 loan
Compare lenders and learn what you need to qualify for a $60,000 loan in Canada.