Check your Approval Odds for a $2,000 loan
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Image: 2000Written by: Eric Freeman
Updated:
2 min read
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If you’re planning to take out a $2,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly payments for a $2,000 personal loan
| Loan duration | Average monthly payments ($2,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $248.09 | $218.86 | $194.43 | $180.65 |
| 13–24 months | $165.10 | $131.57 | $112.06 | $99.46 |
| 25–36 months | $92.77 | $81.62 | $74.67 | $67.43 |
| 37–48 months | $78.38 | $68.50 | $61.83 | $55.95 |
- The best $2,000 personal loans
- How to get a $2,000 loan
- FAQs about $2,000 loans
The best $2,000 personal loans
Citibank
This lender offers competitive rates — if you’re an existing customer and have strong credit. Citibank doesn’t offer prequalification, so you’ll need to submit a formal application to get an idea of your loan terms.
Avant
Avant offers personal loans specially designed for borrowers with fair credit. But the highest rates with the lender can be costly. Adding to the cost, Avant may charge you an administration fee when you take out your loan, and the lender also charges late and “dishonored” payment fees.
Regions Bank
Regions Bank offers unsecured and deposit-secured personal loans with fixed rates and no origination fees (watch out for a potential “processing” fee though). The lender offers prequalification and promises competitive rates for those with strong credit. New bank customers must apply over the phone or in person.
Mariner Finance
Mariner Finance is worth considering if you don’t have the best credit or have a bankruptcy on your record and want a small personal loan. But you might have to complete the application process in person at a local branch.
LendingPoint
LendingPoint considers personal loan applicants with fair credit, but you might have to pay high interest rates and fees that could eat into your initial loan amount. There’s also an income requirement to qualify, and cosigners aren’t allowed.
Check your Approval Odds for a loanGet Started
How to get a $2,000 loan
Applying for a $2,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.
Start by collecting basic information about your finances, such as …
- W2s
- Recent paystubs
- Identification/Social Security number/driver’s license
- Desired loan amount
- Monthly expenses, such as housing costs and debt
- Information about any collateral you want to use
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
FAQs about $2,000 loans
How fast can you get an emergency loan?
With emergency loans you can potentially get funds transferred to your bank account on the same day you’re approved, but the exact timing depends on the lender and your bank. If you need fast funding, it’s best to contact lenders directly to get a clear idea of how (and how quickly) they might send your funds. Keep in mind that speed can come at the cost of high interest rates and fees.
Is a $2,000 loan hard to get?
Your ability to get a $2,000 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.
Can you get a $2,000 loan with bad credit?
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
Check your Approval Odds for a loanGet Started
As a financial expert with a deep understanding of personal loans and credit, I can provide valuable insights into the concepts mentioned in the article about obtaining a $2,000 loan. My expertise is rooted in extensive research and practical experience in the field of personal finance.
The article discusses the importance of considering various factors before taking out a $2,000 loan, such as personal finances, credit options, and monthly budgeting. It emphasizes the comparison between traditional personal loans and credit cards, highlighting that personal loans generally have lower rates.
The breakdown of monthly payments for a $2,000 personal loan over different durations and credit scores is crucial information. It demonstrates how the loan term and creditworthiness can impact the monthly repayment amounts, helping readers make informed decisions based on their financial situations.
The article further provides a list of lenders, including Citibank, Avant, Regions Bank, Mariner Finance, and LendingPoint, with details about their offerings, rates, and potential fees. This information is valuable for individuals seeking the best $2,000 personal loans, considering factors like existing customer benefits, credit requirements, and fees associated with each lender.
Additionally, the guide on how to apply for a $2,000 loan is comprehensive. It covers the necessary steps, from collecting financial information to applying for prequalification, allowing readers to navigate the loan application process with confidence. The mention of potential effects on credit scores due to hard inquiries adds transparency to the application process.
The FAQs section addresses common concerns about the speed of obtaining an emergency loan, the difficulty of getting a $2,000 loan, and the possibility of securing a loan with bad credit. This information helps individuals understand the nuances of loan approval, ensuring they are well-informed before making financial decisions.
In summary, the article provides a comprehensive guide for individuals considering a $2,000 loan, covering aspects such as loan options, lender details, application process, and common queries. It serves as a valuable resource for anyone navigating the complex landscape of personal loans.
