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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.
|Loan type||Loan amount & term||Min. credit score||Interest rate||Apply online|
|Loans Canada Personal Loan||300||5.4% - 46.96%|
|Spring Financial Personal Loan||500||17.99% - 46.96%|
|Mogo Personal Loan||500||9.90% - 46.96%|
|LoanConnect Personal Loan||300||6.99% - 46.96%|
|SkyCap Financial Personal Loan||575||19.99% - 39.99%|
|Fairstone Secured Personal Loan||560||19.99% - 24.49%|
|goPeer Personal Loan||650||8.00% - 34.00%|
|FlexMoney Personal Loan||500||18.90% - 46.93%|
|easyfinancial Personal Loan||300||9.99% – 46.96%|
|Loans Canada Installment Loan||300||8% – 46.96%|
|LoanConnect Installment Loan||300||32.00%|
|Cash Money Installment Loan||560||46.93%|
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.
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:
When searching for a $2,000 loan, here are some questions to ask yourself.
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.
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.
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.
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.
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:
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.
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%.
Your monthly payments on a $2,000 loan will depend on a few factors:
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.
|Loan terms (in years)|
orCompare personal loans
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:
Follow these steps to apply for 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:
When you look for a $2,000 loan, keep in mind that it can come with some risks:
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.
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