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Get a $2,000 loan in Canada

Compare lenders to get a $2,000 personal loan with quick approval and funding.

1 - 8 of 8
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
Fora Line of Credit
Finder Score:
★★★★★
19.90% - 46.90%
$1,000 - $10,000
Open
Requirements: Steady source of income
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)
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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:

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 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.

Calculate your installment loan monthly payment

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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

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