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Sometimes life throws unexpected expenses your way, and you may need a small loan to help cover an unplanned purchase or emergency cost. While many lenders only offer larger loans, it’s possible to find lenders who will loan you a small amount, like $2,000.
Here’s what to know about $2,000 loans, where to find one, and how to qualify for a small personal loan:
- Where to find a $2,000 loan
- Time to fund a $2,000 personal loan
- Qualifying for a small loan amount
- How much will a $2,000 personal loan cost?
- Is a $2,000 personal loan right for you?
Where to find a $2,000 loan
While it’s historically been harder to find small loan amounts from non-predatory lenders, like payday lenders, the demand for smaller loan amounts has grown in recent years and more mainstream lenders are offering smaller loans.
It’s possible to find smaller loan amounts from online lenders, banks, and credit unions.
Many online lenders offer smaller loan amounts and provide fast funding. It’s important to compare rates from multiple lenders to find the best interest rates possible and a repayment plan that works for your budget. Prequalifying for a loan can make it easier to compare the rates and terms lenders are likely to offer you, and it won’t affect your credit score.
The application process for smaller online loans is generally fairly quick. If your application is approved, you can receive your loan funds in your bank account in as little as one to three business days, depending on the lender and your bank.
Check out these Credible partner lenders that offer loans as small as $2,000.
|Lender||Loan amounts||Time to fund|
|$2,000 to $35,000||As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)|
|$2,000 to $50,000||As soon as 1 to 3 business days after successful verification|
|$1,000 to $40,000||Usually takes about 2 days†|
|$2,000 to $36,500||As soon as the next business day|
|$1,500 to $20,000||As soon as 1 to 2 business days after approval|
|$600 to $50,000 (depending on the loan term||2 to 4 business days after verification|
|$2,000 to $50,000||As soon as one business day|
|$1,000 to $50,000||Within one day, once approved9|
|$1,000 to $50,000 ($3,005 minimum in GA; $6,005 minimum in MA)||Within a day of clearing necessary verifications|
|$1,000 to $50,000||As soon as 1 - 3 business days6|
Banks and credit unions
Banks and credit unions also offer personal loans. But they tend to offer larger loan amounts, and you usually have to be a member of a credit union in order to get a loan from one. Many banks and credit unions offer interest rate discounts if you’re an existing customer, which can help you save on your total loan costs.
Time to fund a $2,000 personal loan
Depending on the lender, you may receive the loan funds in your bank account in as little as one business day after approval. Some personal loan lenders even offer same-day loans, also known as emergency loans, so focus on applying with these lenders if you need money quickly.
If you don’t need the loan funds right away, shopping around for the best rate instead of applying for a same-day loan can save you a lot of money in interest costs.
Credible makes it easy to see your prequalified personal loan rates from multiple lenders, all in one place. Getting prequalified only takes a couple of minutes.
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Qualifying for a small loan amount
When looking for a new loan, a few factors can affect the loan amount, interest rate, and terms you qualify for.
- Credit score — Most personal loan lenders will review your credit history and score to determine how likely you are to repay the loan. The higher your credit score is, the better terms you’ll qualify for. If you have a FICO Score of 670 or higher, you’ll likely qualify for the best loan terms and interest rates.
- Debt-to-income ratio — Your DTI ratio represents how much debt you currently have compared to your income. The less debt you have and the lower your DTI is, the more likely lenders are to issue you a loan and to give you more favorable terms and interest rates.
When you’re ready to apply for a small personal loan, take the following steps:
- Check your credit. Take some time to review your credit report so you know where you stand. If you find a mistake on your report that’s hurting your credit score, you can dispute it with the credit bureau. You can also see what areas of your credit you need to improve and can make a plan to build a stronger credit score.
- Shop around and compare lenders. It’s always a good idea to shop around for a loan to see which lenders will offer you the best interest rates and lowest fees. Take some time to compare a handful of lenders so you can find a loan that works best for your unique financial situation.
- Check your prequalified rates. Prequalifying with different lenders is a great way to see what rates and terms you’re likely to qualify for if you officially apply. Lenders typically use a soft credit check to prequalify you for a loan, which won’t affect your credit score.
- Select the best offer and apply. Once you review your prequalified rates and find the best offer, choose which lender you want to apply with and submit an official application.
- If you’re approved, sign the loan agreement and receive funds. If the lender approves your application, you can then choose to accept or decline a loan offer. If you accept the offer, you’ll sign a formal agreement that outlines the terms of the loan. You may receive the loan funds within a few business days.
Credit score requirements
The higher your credit score is, the more likely you are to receive lower interest rates.
How much will a $2,000 personal loan cost?
The total cost of a $2,000 personal loan will depend on the interest rate you’re offered and the repayment plan you choose. The longer your repayment period, the more you’ll pay in interest over the life of the loan.
You can use our personal loan calculator to calculate your potential monthly payments and how much interest you’re likely to pay by the end of the loan term.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Is a $2,000 personal loan right for you?
A $2,000 personal loan can help out in a pinch. Even if you’re in a rush to get a loan, it’s helpful to shop around and compare a few lenders. This will help you choose a loan that meets your unique needs. Plus, it ensures you get the best interest rate possible so you don’t overspend to borrow a small amount.