How to get a $2,000 personal loan

If you need $2,000, a personal loan could be the best way to get it. Personal loans are more affordable than credit cards on average, according to data from the Federal Reserve.

And unlike credit cards, they typically have fixed monthly payments and fixed interest rates that won't change. You can use personal loans for almost anything, like making a purchase, covering an emergency, taking a vacation, or paying off credit card debt.

We’ll look at some of the best lenders offering $2,000 personal loans, including same-day loans, and how to get the lowest rate.

Good to know

The average APR on a two-year personal loan was 12.35%, according to the Federal Reserve, while the average credit card APR was 21.47%.

Banks, credit unions, and online lenders all offer personal loans. But if you’re looking for a $2,000 loan, you need a personal loan lender with a minimum loan amount that qualifies.

The following personal loan lenders offer $2,000 loans:

Fox Money rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

Overview

Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.

Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.

Loan amount

$1,000 to $50,000

Fees

Origination fee

Eligibility

Available nationwide

Min. income

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as 1 to 3 business days

Loan uses

Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes

Fox Money rating

Fixed (APR)

8.98% - 35.99%

Loan Amounts

$1000 to $40000

Min. Credit Score

Overview

LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)

While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.

Loan amount

$1,000 to $40,000

Fees

Origination fee

Eligibility

Available in all 50 states

Min. income

Customer service

Phone, email

Soft credit check

Time to get funds

Within 3 days

Loan uses

Debt consolidation, paying off credit cards

Fox Money rating

Fixed (APR)

8.99% - 35.99%

Loan Amounts

$2000 to $50000

Min. Credit Score

Overview

Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.

Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).

Loan amount

$2,000 to $50,000

Fees

Origination fee, late fee, unsuccessful payment fee, check processing fee

Eligibility

Available in all states except DC, IA, VT, and WV

Min. income

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as 1 to 3 business days after successful verification

Loan uses

Credit card refinancing, debt consolidation, home improvement, and other purposes

Fox Money rating

Fixed (APR)

9.95% - 35.99%

Loan Amounts

$2000 to $35000

Min. Credit Score

Overview

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Loan amount

$2,000 to $35,000**

Fees

Origination fee, late fee, dishonored payment fee

Eligibility

Available in all states except HI, IA, MA, ME, NY, VT, and WV

Min. income

$1,200 monthly

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Loan uses

Debt consolidation, emergency expense, life event, home improvement, and other purposes

Repayment terms

2 to 5 years

Fox Money rating

Fixed (APR)

9.99% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

Overview

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Loan amount

$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)

Repayment terms

2 to 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Soft credit check

Time to get funds

1 business day

Loan uses

Credit card refinancing, debt consolidation, home improvement, major purchase, other

Fox Money rating

Fixed (APR)

11.69% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

Overview

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Loan amount

$1,000 - $50,000

Repayment terms

3, 5, or 7 years

Fees

Origination fee

Discounts

Autopay and direct pay

Eligibility

A U.S. citizen or permanent resident; not available in DC, IA, SC, WV

Min. income

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as 1 business day after acceptance

Loan uses

Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases

Fox Money rating

Fixed (APR)

12.95% - 30.00%

Loan Amounts

$1000 to $35000

Min. Credit Score

Overview

Zable offers relatively small loan amounts — ranging from $1,000 to $35,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.

Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.

Loan amount

$1,000 to $35,000

Repayment terms

1 to 5 years

Fees

Origination fees (5% to 9%)

Eligibility

Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY

Min. income

$1,000 per month

Customer service

Email, phone

Soft credit check

Time to get funds

As soon as the same day

Loan uses

Debt consolidation, credit card refinancing, home improvement, major purchase, car financing

Fox Money rating

Fixed (APR)

18.00% - 35.99%

Loan Amounts

$1500 to $20000

Min. Credit Score

Overview

OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.

Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.

Loan amount

$1,500 to $20,000

Fees

Origination fee, unsuccessful payment fee, late fee

Eligibility

Must have photo I.D. issued by U.S. federal, state or local government

Min. income

Does not disclose

Customer service

Phone, email

Soft credit check

Time to get funds

As soon as 1 to 2 days after acceptance

Loan use

All except business, and education

Fox Business does not make or arrange loans.

Tip

Many lenders let you prequalify for a loan to check your prospective rate, without hurting your credit. Note that prequalification is not an offer of credit, and your score may drop slightly upon formally applying.

Personal loans provide a lump sum of cash that you can use for almost any purpose, though some lenders only allow loans for specific purposes, such as debt consolidation. The application process is relatively quick, and you could potentially get the money the same day you apply, though within two business days of approval is more common.

When you take out a personal loan, you’ll typically make fixed monthly payments over a set repayment term, such as two to seven years, and pay interest on the principal balance. This is why it’s important to find a $2,000 loan with a rate, repayment term, and monthly payment that works for you.

Since most personal loans are unsecured (meaning collateral is not required), eligibility requirements may be more stringent relative to secured loans, like an auto loan or mortgage. In other words, it’s best to have a good credit score, sufficient income, and low debt-to-income ratio (DTI) to get the best rates.

Check out: Best personal loan rates

How much a $2,000 personal loan costs will depend primarily on two factors — the APR and the repayment term. The APR accounts for the interest rate and any upfront fees. Securing a lower APR can reduce total loan costs, while a higher APR can increase them.

Good to know

A shorter repayment term can save you money on interest and is a good option if you can afford higher monthly payments. If you need lower monthly payments, a longer repayment term will help but the amount you pay in interest will increase.

Based on a $2,000 personal loan, here are various scenarios so you can get an idea of total costs.

APR	Monthly payment	Total interest	Total payment
10%	$65	$323	$2,323
15%	$69	$496	$2,496
20%	$74	$676	$2,676

APR	Monthly payment	Total interest	Total payment
10%	$42	$550	$2,550
15%	$48	$855	$2,855
20%	$53	$1,179	$3,179

You’d pay the least interest with the three-year loan with a rate of 10%. But you’d pay more interest on the five-year loan with an APR of 10% than you would on the three-year loan with a 15% APR.

If you need a $2,000 loan, there are other options to consider. Some of these include:

0% APR credit card: If you have excellent credit, you may be eligible for a 0% APR credit card for purchases. The introductory rate is available for a limited time, generally six months to 21 months or more. Once that time is up, the standard APR kicks in. If you can pay the $2,000 loan off within the intro period, it’s a great way to get an interest-free loan. But if you can’t, you’ll owe interest on the unpaid balance, and may even owe deferred interest, depending on the promotion.
Home equity line of credit (HELOC): If you’re a homeowner with sufficient home equity, you can use a home equity line of credit to get the funds. Be aware that, unlike most personal loans that come with fixed rates, HELOCs often have adjustable rates.
Home equity loan: Homeowners with equity might be able to get $2,000 via a home equity loan. Unlike a HELOC, this type of loan often has a fixed rate. Whether you use a line of credit or loan from your home equity, understand that if you default on payments you may face foreclosure. Home-equity based loans can also take a month or more to close.
Payday alternative loans: Some credit unions offer payday alternative loans (PALs). PALs were created as a more affordable and flexible alternative to payday loans and are designed for borrowers with fair credit and bad credit. PALs II (a type of PAL) offer loan amounts up to $2,000, and have repayment terms of up to 12 months. Even if you’re not currently a credit union member, PALs II are available to new members immediately upon joining.

Compare lenders before applying for a $2,000 personal loan, and consider the following:

Review eligibility requirements: Lenders often have minimum credit score and minimum income requirements — be sure you meet those minimums before applying. Some lenders make this information available on their website or on personal loan platforms they partner with.

Consider your DTI: Your DTI is a percentage calculated by dividing your minimum monthly debt payments (credit cards, mortgage, auto loan, etc.) by your gross monthly income. Lenders typically prefer a DTI less than 36% to help make sure you aren’t overextended financially, and have room in your budget for an additional payment. You may still qualify for a loan with a high DTI, but be prepared to pay a higher rate.

Prequalify: Most lenders offer prequalification, which lets you see rate estimates based on your credit score and other information that allows lenders to perform a soft credit pull. Once you have quotes, you can compare them more closely across the following criteria.

Compare APRs: The APR on a personal loan accounts for the interest rate as well as any upfront fees, like an origination fee. As such, it’s a truer measure of the cost of a loan than the interest rate alone. If you have excellent credit, you may qualify for a relatively low APR. If you have fair or bad credit, your rate could be around or upward of 30%.

Compare repayment terms: Many lenders offer repayment terms between two and seven years. Consider that with a shorter repayment term you can save money on interest and pay off the loan faster. A longer term would mean a lower monthly payment, but more interest over the life of the loan. Note that shorter term loans often carry lower interest rates as well.

Compare monthly payments: When you take out a loan, you’re adding another monthly expense to your budget. Be sure you can comfortably afford the monthly payment for the duration of the loan’s term.

Consider total costs: If you need to take out a $2,000 personal loan, you’re not just paying the lender back $2,000 over time. You’re paying interest and potential fees as well. Fees may include an origination fee, late fees, and insufficient funds fees. You can use a personal loan calculator to see how much the loan will cost with interest and an origination fee. Note that any late fees and insufficient funds fees won’t be figured into the loan’s cost.

Complete an application: Once you’ve found a lender that suits your needs, continue with a formal loan application. You’ll likely need to provide documentation to verify your income and residency, and the lender will conduct a hard pull on your credit, which could impact your score.

Review the loan agreement: If approved, review the loan agreement before signing. If it looks good, sign, and await delivery of your funds.

There are many ways to get $2,000 but not all of them may be right for you. Some other $2,000 loan alternatives include:

Crowdfunding: Depending on the reason, you may be able to crowdfund $2,000 via GoFundMe and other platforms. Popular uses are medical or veterinary expenses.
Local resources: If you need $2,000 to cover basic needs, like food or utilities, look into local resources using FindHelp.org and 211.org and putting in your ZIP code.

It may be possible to get a $2,000 loan even if you have bad credit. Look for lenders that have a low or no minimum credit score requirement, and consider applying with a cosigner or with a co-borrower with good credit to improve your rate. But, in general, expect higher rates and fees.

A $2,000 loan can be relatively easy to get if you have average to excellent credit. If your application is filled out properly, you could be approved as soon as the same day and get your funds the next, depending on the lender’s funding timeline. Those with bad credit may still qualify, but may have a harder time getting approved.

A $2,000 loan can make good sense if you don’t have the cash on hand, or don’t want to borrow from an emergency fund to get it. It can also be an affordable alternative to using credit. Review the APR to understand interest costs and make sure the monthly payments fit into your budget.

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Meet the contributor:

Melanie Lockert

Melanie Lockert is a freelance writer and the founder of the blog and author of the book, “Dear Debt.” Through her blog, she chronicled her journey out of $81,000 in student loan debt. Her work has appeared on Allure, Business Insider, Credit Karma, Fortune, and more.

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How to get a $2,000 personal loan