Get a $2,000 loan in Canada

Many lenders can offer a $2,000 loan to borrowers with good or bad credit. You can use this loan 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 to consider.

Types of $2,000 personal loans in Canada

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

  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

  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.

• Fixed-rate loans

  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.

• Cosigned loans

  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.

I need $2,000 by tomorrow. What are my options?

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).

Explore more fast $2,000 loan options in our curated list above.

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, you can apply to online lenders that specialize in bad credit loans. Instead of focusing on your credit score, these lenders will check your current income and debts. You have a realistic chance of getting approved for a $2,000 loan with bad credit because it’s not a high loan 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.

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, steer clear of “guaranteed approval” loans. Any legitimate lender will want to look into your finances before approving you for a $2,000 loan. If a lender is offering guaranteed approval, it may be a scam, predatory or has fine print that actually doesn’t make it guaranteed.

If you’re looking for a $2,000 bad credit loan with guaranteed approval because you’re worried that factors like your credit score and income will disqualify you from traditional loans, consider applying to a loan search platform like Loans Canada or LoanConnect. These providers both work with a large network of lenders and will match you with those who would be open to financing you.

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. Avoid lenders that ask for upfront payment.

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 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 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 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 solid 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. You can even secure your loan to get a lower rate, but it’s more common to get an unsecured personal loan for a loan of this size.

Banks and credit unions generally have better rates than online lenders, but before applying, check their minimum loan amounts. Some financial institutions have loan amounts that start at around $3,000 to $5,000, and it’s best not to take on more debt than what’s necessary.

Low interest loans for good credit

Can you get a $2,000 instant loan?

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.

How to choose a $2,000 loan

When searching for a $2,000 loan, here are some questions to ask yourself.

• What is the interest rate?

  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.

• What is the loan term?

  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.

• What are the extra fees and charges?

  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.

• Is there repayment flexibility?

  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.

• What is the reputation of the lender?

  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.

• How quickly do I need the money?

  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 9.59%. 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:

• 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 $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.

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:

1. 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.
2. 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.
3. Review and submit. Examine your application before submitting, because errors can result in an automatic denial.
4. 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.
5. Sign and submit your contract. Carefully review your loan’s terms and conditions before signing.
6. 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.
7. 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 about $2,000 loans

• What is the best place to get a $2,000 loan?

  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.

• What happens after I submit my $2,000 loan application?

  The process may vary between different lenders, but most lenders will call you if they want to proceed with your application.

• Can I get a $2,000 payday loan?

  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.

• If I’m unemployed, can I still get a $2,000 loan?

  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.

• How long will it take for me to receive my $2,000 loan funds?

  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.

• Will a late payment on my $2,000 loan affect my credit score?

  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.

• What are my options if I need $2,000 now?

  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.