How to Get a $2000 Loan

A $2000 loan is often used to cover larger educational expenses, significant home improvements, or medical emergencies. No matter how you plan to use the cash, you need to know what options are available to you – especially those that offer repayment terms you can manage comfortably in critical times.

This means understanding how long you’ll have to repay the loan, the monthly repayment amount, and how to get the best deal in your circumstances.

How to Borrow $2000 Quickly

A loan for $2000 is larger than a quick cash advance but smaller than some personal loan minimums. But just like any other industry, lenders vary in what scale of customer and product type they specialize in, and there are many choices for a loan of this size.

The simplest way to quickly borrow what you need is through an unsecured personal loan from a lender with a minimum loan amount of $2000 or lower. You can apply for one from a number of institutions, including:

Online lenders
Credit unions
Banks (traditional or online)

These installment loans come with an interest rate based on your credit score and history. Since they’re not secured by collateral, you’ll either need to have a solid credit score or be prepared to pay higher interest rates.

Steps to a $2000 Unsecured Personal Loan

Before you jump straight to a loan application, here are some steps to help you decide what will work best in your situation.

#1: Decide How Soon You Need $2000

Is it an urgent situation, or do you have some time to plan for the expense? If you have time, then you may want to consider whether you can:

Take the time to improve your credit score to secure a lower-interest loan offer
Save up some or all of the money instead of borrowing it
Consider sources that require more time to plan for, such as a retirement account loan

If you need the $2000 loan quickly, options include:

An online lender with fast funding
Making use of a line of credit already established with your current bank
Using cash advances from current credit card(s) to total $2000

#2: Choose a Repayment Plan

How much can you afford each month? For an unsecured personal loan, your monthly payment will depend on a few different factors.

Loan amount ($2000, or a little more if you roll in origination and application fees)
Interest rate
Term, or number of years/months to repay the loan

The easiest way to figure out your repayment possibilities is with an online calculator that allows you to calculate monthly payment amounts by plugging in different variables.¹ The lower the interest rate and longer the term, the lower your monthly rate will be.

Some lenders allow for repayment periods as long as 36 months for a $2000 loan, which can lower the monthly payment amount. However, a longer term may result in higher total costs due to additional interest over the loan duration. Although the monthly payment is lower, the longer term can cause the overall cost to be higher.

As you go through the process of shopping for a loan, look at what loan terms are available and whether they equal a monthly cost that fits your budget.

#3: Check Your Credit Score

While not every lender will lend to every borrower, you can borrow $2000 with almost any credit score. However, with a lower score, you’ll have fewer lenders and types of loans to choose from and will pay more in interest to borrow.

According to industry sources, here are the general credit score ranges to qualify for a personal loan by tender type: ²^,³^,⁴

Credit unions: 560 - 580
Most online lenders: 580 - 640
Most traditional banks: 620 - 660

Order free copies of your credit reports at AnnualCreditReport.com

Although you can often see your current credit score when you log into a bank or credit card provider account, you’ll want to check your full history in addition to the score itself. Many people find that credit reports contain outdated or wrong information, and submitting corrections to credit bureaus is one way to quickly increase your score.

#4: Shop Around

Consider what types of loans are available to you and which will best serve your needs, and then compare individual lenders to find the best choice for you. Lenders each set their own requirements and use their own processes to come up with offers for different borrowers, so it’s worth checking with more than one lender before you commit.

Be sure to look at:

Lender requirements, such as loan amount, and term
Interest rate ranges, and then specific interest rates via a prequalification process
Upfront costs such as loan application or origination fees
Further costs such as prepayment penalties and late payment fees

#5: Submit Your Application

Application data varies—you may need to provide copies of documents for some traditional lenders, or simply answer a few simple questions for options like online lenders. In general, you’re likely to need proof of:

Income, potentially including up to two years’ job history
Age and legal identification
An active bank checking account

How to Choose a $2000 Loan Provider

Choosing a lender is a two-way street. From the lender’s perspective, they’re evaluating whether to accept a borrower based on factors including:

Credit score
Credit history including payment history
Amount of current debt in relation to stable income (debt-to-income, or DTI, ratio)

As you shop around for lenders, these requirements will impact how many you have to select from—with a good credit score and other factors, you’ll have more options, but with a lower score, you may have fewer to choose from.

While you compare, be sure to read the fine print in order to understand all fees and charges. When it comes down to choice of lender and loan type, seek the best overall deal available to you that meets your timing needs.

Other Ways to Borrow $2000

Unsecured personal loans aren’t the only way to borrow $2000. As you figure out what will work for your financial situation and needs, you may also want to consider:

Personal line of credit – A high credit score may be required by the bank or credit union
Credit card cash advance – Most cards allow for higher-interest cash withdrawals⁶
Employer loan – Ask your company to borrow funds, especially for a hardship need
Peer-to-peer investors – Platforms can match you with a private lender⁷
Family – Write a contract, or use an app to borrow from family or friends
Title loan – Use your fully owned auto title as collateral for a loan (not legal in all states)⁸

Regardless of Credit Score, RISE Can Help

We all need assistance at some point, especially when unexpected events or changes come along. If you have a troubled credit history or have been turned down by traditional lenders, a loan from RISEcredit.com can help. We specialize in personal loans up to $5,000 depending on the state, with a quick-and-easy online application that doesn’t impact your credit score.

Our flexible loan terms allow you to keep your monthly payments within budget so you can manage larger financial expenses responsibly and efficiently.

At RISEcredit.com, we know that everyone needs a foothold to make progress on financial hardships and get back on track building a brighter future.

How to Get a $2000 Loan