Is it hard to get a $2,000 personal loan?
While a $2,000 personal loan is relatively easy to get, interest rates and fees vary widely depending on your credit history and personal finances. We at the MarketWatch Guides team did the research to help inform you on how to get a $2,000 personal loan and the best lenders to consider when applying.
You will likely need a credit score of at least 580 for a $2,000 personal loan. Most lenders that offer personal loans of $2,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
Loan duration | Average monthly payments ($2,000 loan) | |
---|---|---|
Poor credit | Good credit | |
1–12 months | $248.09 | $194.43 |
13–24 months | $165.10 | $112.06 |
25–36 months | $92.77 | $74.67 |
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Baroda Personal Loans
offer a quick and easy solution to all your urgent financial needs. Whether you need funds for a medical emergency in your family, your sibling's wedding, to renovate your home, or for any other personal commitments a personal loan can finance all your requirements.
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).
Payoff period | APR | Monthly payment |
---|---|---|
12 months | 15% | $181 |
24 months | 15% | $97 |
36 months | 15% | $69 |
48 months | 15% | $56 |
Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.
This week's rates | Last week's rates | |
---|---|---|
Average overall rate | 20.90% | 20.90% |
Average low rate | 11.18% | 11.19% |
Average high rate | 30.62% | 30.62% |
Highest rate | 99.99% | 99.99% |
Is it better to go through a bank or lender for personal loan?
Higher interest rates and fees: Banks tend to charge higher interest rates and more fees compared to their credit union and online lender counterparts. 12 If you don't qualify for a discount rate, you might end up paying more through a bank than you would with another lender.
In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.
Lender | APR | Approval/Funding Timeline |
---|---|---|
LightStream | 7.49% - 25.99% | Same day - 2 business days |
Best Egg | 8.99% - 35.99% | 2 - 4 business days |
Upgrade | 8.49% - 35.99% | 2 - 3 business days |
OppLoans | 160% - 179% | 2 - 3 business days |
- Check the accuracy of your credit report. ...
- Improve your credit score. ...
- Prequalify before formally applying. ...
- Work on reducing your debt. ...
- Find ways to increase your income. ...
- Don't apply for too much money. ...
- Adding a cosigner or a co-borrower.
The bank will likely look at your credit history as well as your debt-to-income ratio. Since banks have higher criteria for their loans, the approval process can take a bit of time.
- HDFC Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
- Axis Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
- Kotak Mahindra Bank. Max. Loan Amt. Up to ₹10L. Rate of Interest. ...
- IDFC First Bank. Max. Loan Amt. Up to ₹1Cr. ...
- ICICI Bank. Max. Loan Amt. Up to ₹50L.
Many personal loan lenders prefer minimum scores of 550-600 for a $3,000 loan amount. The higher your score, the better the loan terms will be.
Payoff period | APR | Monthly payment |
---|---|---|
2 years | 15% | $242 |
3 years | 15% | $173 |
4 years | 15% | $139 |
5 years | 15% | $119 |
Average Recovery Time
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
- Improve Your Credit Score.
- Ask Someone To Co-Sign.
- Compare Lenders.
- Prequalify For A Personal Loan.
How to get 2000 dollars fast with bad credit?
- Payday-alternative loan. Offered by select federal credit unions, payday alternative loans offer amounts of up to $2,000. ...
- Credit card cash advance. ...
- Payday loan. ...
- Title loan.
The exact definition of a hardship loan varies by lender, but some lenders offer some version of a hardship loan. Hardship loans are similar to personal loans, but they tend to have low loan limits, low interest rates, and short repayment terms because they are designed to get you out of immediate financial trouble.
Yes, it's possible to get a $2,000 personal loan with bad credit — a smaller loan is generally easier to get approved for with a lower credit score. Some lenders have minimum credit score requirements as low as 550. But keep in mind that you'll likely be charged a higher interest rate if you're approved.
To pay off $2,000 in credit card debt within 36 months, you will need to pay $72 per month, assuming an APR of 18%. You would incur $608 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
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