When you need funds for an emergency or unexpected car or home repair, a $2,000 loan would come in handy.
Choose from a secured or unsecured loan. Worried about poor credit? You have options, such as loans for bad credit, no credit check, same-day loans, etc.
Keep reading to find out how to get a loan for your needs, the top lenders, and how to apply.
- Getting a $2,000 loan in Canada is easy if you have a good credit score. If you have bad credit, consider applying for a $2000 loan with the same-day approval at an online lender.
- The best lenders for a $2,000 loan include AimFinance, Loans Canada, Fairstone Financial, LoanConnect and Loanz.
- Getting a bad credit loan through online lenders is quick and easy, and funding release is fast.
How Do You Qualify for a $2,000 Loan in Canada?
Eligible Canadians with a credit score of around 660 and higher will qualify more easily for a $2,000 loan in Canada. The higher the credit score, the better the rates.
Whether you apply for a loan at a bank, credit union or online lender, your credit scores help you get the best loan available.
If you have bad credit, you can still get a $2000 loan for bad credit, often through online lenders specializing in loans for the non-traditional group.
They will typically use your current income and debts as a basis for approval rather than just your credit score. One drawback is that your interest rates would tend to be very high.
Best Canadian Lenders for $2,000 Loans
If you are looking for a loan, you have several options, especially alternative lenders, which have a quicker application process and faster fund release. Find below some of the best online lenders for personal loans and $2,000 loans for bad credit in Canada.
Loans Canada is a loan comparison site that connects lenders with borrowers looking for the right lending product for their situation.
It offers loans ranging from $500-$50,000, with 4-60 months loan terms and APRs of 2.99%-46.96%.
Borrowers can complete a loan application in ten minutes and get approval within 24 to 48 hours. Fund release is also fast and sent via e-transfer or deposited into the borrower’s account.
To be eligible for a loan, you must be a Canadian citizen, be the age of majority in your province, have a credit score of at least 300 and earn a steady income.
Learn more about Loans Canada in this review.
Loans Canada allows you to research and evaluate different lenders before you apply for a loan. The loan comparison platform is accredited by the Better Business Bureau and has been used by over 1 million Canadians. It offers many types of loans, including personal loans, debt relief loans, car loans, and business loans.
Loan amount: $50,000
Loan term: 3-60 months
Interest rates: 1.99% to 46.96%
Eligibility requirements: Ability to prove Canadian residence and 3 months of employment
On Loans Canada’s website
AimFinance is a top personal lender based in Mont-Royal, Canada, offering personal loans to borrowers in Ontario who need affordable credit.
Qualified individuals can borrow $1,000 up to $5,000, with terms of 9-24 months and APR/Annual Interest Rate of 46.00%.
Borrowers with approved loan applications can receive the funds in their bank account within 24-48 hours.
To apply for a loan, you must be 18 or older, an Ontario resident, have a monthly income of $1,200, an email address and a valid mobile phone number.
Fairstone Financial is an alternative lender providing loans to non-traditional borrowers or those seeking loans for bad credit.
It offers secured and unsecured personal loans, ranging from $500-$50,000. Terms are 6-120 months, and interest rates are from 26.99%-39.99%.
Getting a loan at Fairstone can be done online or at a branch. Approval is fast, and you can receive the money in your account within the day.
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Applying for a loan requires proof of regular employment, a steady job and an active bank account.
LoanConnect is a search engine for loans and an online loan broker that connects borrowers with various lenders through a single application.
It offers unsecured loans that range from $500-$50,000. Loan repayment terms are 3-120 months, and APRs are 6.99%-46.96%.
The application process is fast, and the approval is quick, with the lender releasing the funds in as little as 12 hours.
To apply for a personal loan, you must be a Canadian citizen and be the age of majority in your area.
Mogo is a Canadian fintech company offering lending solutions like personal loans, emergency loans and lines of credit to borrowers with good or bad credit.
Personal loan amounts are from $500-$35,000. Terms are from 6-60 months. Interest rates range from 9.90%-46.96%. Mogo also offers a 100-day trial period on most of the loans it offers.
Among the loan requirements are a minimum income of $13,000 a year, a minimum credit score of 500, and housing and employment information.
You must be a Canadian citizen or resident, be the age of majority in your residence, and have a net annual income of $13,000.
Skycap Financial is a Kingston, ON-based provider of alternative financing to Canadians with low or poor credit who need funds.
It offers short-term loans ranging from $500-$10,000, with loan amortization from 9-60 months and APR from 12.99% to 39.99%, depending on the borrower’s credit history.
The loan application process takes less than five minutes, and approval can be as little as 24 hours. Once your loan gets approved, the lender will deposit the funds directly into your bank account.
To get a loan, you need a valid government-issued photo ID. SkyCap Financial bases its lending decisions on your credibility, stability and current income.
Alberta-based Loanz is an online lender offering personal loans to borrowers with different credit profiles. It features seamless application and same-day approval.
Personal loan amounts range from $1,000-$15,000, with loan terms from 12-60 months and APR of 29.9%-46.9%.
Loan application at Loanz is quick, with instant approval, and funds released in as little as 15 minutes.
To be eligible for a Loanz loan, you must be over 18, have a steady source of income with proof of employment, a bank account, a valid ID and a government-issued Canadian ID.
LendDirect is an online lender offering lines of credit rather than the typical personal loan. Its line of credit, which works like a credit card, provides a credit limit you can use according to your needs.
You can access credit of up to $15,000 and get unlimited cash advances. Rates range from 19.99% to 46.93%.
To apply for a LendDirect line of credit, complete an online application form or call the lender. Submit the required documents. You can have the funds in as little as 15 minutes via e-transfer.
Line of credit requirements include a valid ID, an active bank account and proof of steady income.
EasyFinancial provides secured and unsecured personal loans to borrowers with good credit and to non-traditional borrowers unable to obtain loans from banks.
It offers personal loans ranging from $500 to $20,000, even to borrowers with no credit or no credit history. Loan repayment periods range from 9-84 months. APR is between 9.99% and 46.96%.
You can apply for a loan online and get an approval decision within 30 minutes. Funding is through Interac e-Transfer within hours after loan approval.
To be eligible for a loan, you must be a Canadian citizen, meet the minimum age requirement, and have a steady income of $1,200 per month.
Can You Get a $2,000 Loan With Bad Credit?
Yes, even with bad credit, you can get a $2,000 loan by applying to online lenders specializing in bad credit loans. Also called alternative lenders, they do not typically use credit scores as a basis for approving loans.
Rather, they will require you to submit proof of income and current debts. They will assess your capability of loan repayments. Since they view bad credit as a high risk, they will apply higher interest rates on a bad credit loan.
What Credit Score Qualifies For a $2,000 Loan?
According to Equifax Canada, an Excellent credit score is 760+, while a Good to Very Good credit score ranges from 660 to 759. A Poor to Fair credit score is from 560 to 659. A score below 560 is generally considered a bad credit score.
Traditional lenders typically prefer borrowers with good or excellent credit scores. With alternative lenders, people with bad credit can still get loan approval, provided they meet the bad credit loan requirements.
Many would-be borrowers want to know, “What credit score do I need for a $2000 loan?”
If you have a good credit score, you will have no trouble qualifying for a $2,000 loan at a bank or online lender. If you have bad credit and need a $2000 loan with no credit check, you can still get a loan, but your lender will charge you high interest rates.
Types of $2,000 Loans in Canada
If you are considering applying for a $2,000 loan, there are different types of loans to choose from. Below are some of the types of loans you can get in Canada.
A secured loan is a type of loan backed by an asset of value or collateral, such as a car or a house. The interest rate for this type of loan tends to be lower since the collateral reduces the lender’s risk. When the borrower defaults on the loan, the lender uses the collateral to recoup its losses.
An unsecured loan needs no collateral since lenders approve it based on borrower creditworthiness. Since it is not collateralized, it is riskier for lenders. This is why unsecured loans require higher credit scores for approval. If a borrower defaults on this loan, the lender may hire a collection agency or take the borrower to court.
Bad Credit Loan
A bad credit loan is for people with poor credit history or no credit history at all. These loans normally have very high-interest rates due to the risk they carry. With many alternative lenders, they will usually require a regular source of income and an active checking account. These loans can be a good alternative if you cannot get approved for more traditional loans.
How to Apply for a $2,000 Loan
Applying for a $2,000 loan online is quick and easy and requires a few steps:
- Choose an online lender, such as Loans Canada.
- Complete the application form on the lender’s website.
- Provide the required details, such as your full name, date of birth, home address, contact information, Social Insurance Number (SIN), and others.
- Depending on the lender you selected, provide the documents they need to assess your eligibility and verify your income.
- Wait for lender approval, which can take hours or days, depending on your loan provider.
- When approved, receive the funds in your bank account via e-transfer or other methods.
Pros and Cons of a $2,000 Loan
Pros of a $2,000 loan
- Easy approval since it is a relatively small loan
- One lump sum
- No collateral required
- Fast funding times
- The amount is easy to pay back
- Easier to manage
- Timely payments can increase your credit score
Cons of a $2,000 loan
- Interest rates can be very high for borrowers with bad credit
- More eligibility requirements
- Higher payments than credit cards
- Fees and charges can drive up the cost of borrowing
- Missed payments and defaults can decrease your credit score
What is the monthly payment on a $2,000 loan?
If you take out a $2,000 loan with a 6-month term and 8% interest, your monthly payment would be $341. If you choose a one-year loan term, you would pay $174 monthly. Use an online $2000 loan calculator to determine your monthly payment and total cost of borrowing.
What is the easiest loan to get right now?
A payday loan would be one of the easiest loans to obtain right now. This type of loan offers quick funding with minimal requirements. But it is a very expensive loan in most cases.
Is it hard to get a personal loan?
Getting a personal loan can be relatively easy, but qualifying for one depends on your credit score and where you apply. If you have an excellent credit score, you can qualify for a loan at a bank with ease. If you have bad credit, your best bet would be an online lender that usually provides fast application and funding but charges you with hefty interest rates.
What credit do you need for a 2k loan?
Many lenders offer a $2k loan to borrowers with at least a good credit score, ranging from 660 to 759. This is considered a solid credit score whether applying for a loan at banks, credit unions or online lenders.