$2,000 Loan: Where and How To Get One

Are you in need of a $2,000 loan? Whether it’s for a medical bill, car repair, or something else, there are a variety of places you can turn. From personal loans and credit cards to credit unions and online lenders, here’s how you can borrow two thousand dollars. Plus, find tips on getting $2,000 loans despite bad or no credit. 

Compare Personal Loans

Types of $2,000 loans

You can find $2,000 loans in the form of unsecured loans, secured loans, and credit card advances. But which is best? Here’s a closer look at each.

Personal loans

Personal loans are typically unsecured lump-sum loans that you repay through a series of monthly payments over a set term, often from one to seven years. You can find them through many banks, credit unions, and online lenders. 

Many personal loan lenders, including most Credible partner lenders, make available $2,000 loans. To qualify, you’ll need to meet the lender’s minimum income and credit score requirements, plus other criteria. You can prequalify with multiple lenders to get an estimate of your rate and terms. When you prequalify, it won't impact your credit, but once you formally apply for a loan, your credit score could drop by a few points temporarily. 

Generally speaking, the higher your credit score, the lower your APR is likely to be. It's also less likely you'll be charged a high (or any) origination fee. (An origination fee is an upfront cost that increases the APR, and is generally deducted from the loan proceeds.)

What makes personal loans a great option to borrow $2,000, is that they tend to have lower annual percentage rates (APRs) than credit cards. For instance, the average APR on a two-year personal loan was 11.92% in May of 2024, while the average APR for a credit card was 21.51%, according to The Federal Reserve.

Pros

• Easy to apply for online
• Fast funding
• APRs competitive for good credit
• No collateral required

Cons

• Qualifying can be difficult with bad credit
• Loan origination fees, if charged, can reduce the loan amount and increase the APR

Learn More: Interest Rate vs. Annual Percentage Rate (APR)

Secured loans

Secured loans are similar to unsecured loans with one important difference. Secured loans require you to pledge collateral in exchange for the loan. The collateral must be an asset you own, such as a vehicle, your home, or a bank account.

If you don’t repay the loan as agreed, the lender can seize and sell your collateral to help pay off the outstanding loan amount. Secured loans are often easier to get because the collateral reduces the lender’s risk, but in doing so, it increases the risk for you. They can also come with lower interest rates and higher loan amounts than unsecured loans, making them easier to qualify for if you have bad credit.

Pros

• Lower interest rates
• Easier to qualify for with bad credit
• Higher loan amounts are possible

Cons

• Your collateral is at risk
• Appraisals can lengthen the application process
• Loan amount may be based on the value of the collateral

Credit card cash advances

Credit card cash advances involve going to an ATM and pulling cash out using your credit card. But you can’t pull out your entire credit limit. Credit card providers typically limit cash advances to a percentage of your credit limit.

As for the costs, credit card companies tend to charge higher APRs on cash advances and a fee per advance. For example, the Chase Freedom Unlimited card has a purchase APR of 20.49% to 29.24%, depending on your credit, and a cash advance APR of 29.99%. The card also has a cash advance fee equal to the greater of $10 or 5% of the advance amount.

When it comes to repayment, the cash advance amount is lumped into your overall credit card balance and you’re only required to make the minimum payment each month. However, you’ll be charged the elevated cash advance APR on the outstanding advance amount until it’s paid off. Plus, interest on credit card cash advances is charged immediately, unlike interest on regular purchases, which isn't charged until after a 30-day grace period. 

Pros

• Fast access to cash
• No loan application if you have a card
• Flexible repayment schedule

Cons

• High APRs
• Fees apply per advance
• Interest is charged immediately
• High credit utilization hurts your credit

Where to get a $2,000 loan

You can find a $2,000 loan from a variety of financial institutions including traditional banks, credit unions, and online lenders. The right choice will depend on the type of loan you want, your financial situation, and which lender offers you the best deal.

• Online lenders: Many online lenders offer $2,000 loans and can get you money as soon as the same or next business day after you apply. The application process is fairly straightforward and is 100% digital, in most cases. 
• Banks: $2,000 loans may also be available from banks. Some may even offer an interest rate discount if you're already a customer.
• Credit unions: You typically must be a member of a credit union to get a loan with one, but qualification criteria may be more lenient relative to a loan from a bank. In addition to regular loans, many credit unions offer payday alternative loans (PALs) for amounts up to $2,000. These are an especially good option if you have fair or bad credit as rates are capped at 28%, and they're designed for borrowers who struggle to be approved for credit.

Learn More: Where Can I Get a Personal Loan?