Sometimes a little extra cash is needed to pay for certain expenses that your bank account might not have enough to cover. In this case, a $2,000 loan might give you the financial nudge you need when money is tight. Whether you’re looking for extra money to cover an emergency repair on your home or car, pay an unexpected bill, or have some other urgent expense, a small $2,000 loan may help.
Read on to find out how to get a $2,000 loan in Canada, and the types of loan options that may be available to you.
How To Qualify For A $2,000 Loan In Canada
When you apply for a $2,000 loan in Canada, your lender will look at the following factors to determine your eligibility for the loan:
Age. You must be the age of majority in your province to apply for a personal loan.
Residency. You must be a Canadian citizen or permanent resident to apply for a $2,000 loan in Canada.
Valid bank account. Most lenders will require an active bank account for funding and repayment.
Income. Your income needs to be high enough to accommodate the monthly payments for your $2,000 loan, plus your current bills. Your lender might have a minimum income requirement that you may have to meet.
Employment. Some lenders may want to see that you have been employed for a certain amount of time or have a stable job. Others, on the other hand, might still approve your loan application even if you’re unemployed. You simply have to show that you have a source of income which may include government benefits.
Credit score. While some lenders may require good credit to get approved for a loan, others may still approve your loan application even if you have bad credit or limited credit history.
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How To Apply For A $2,000 Loan?
To apply for a $2,000 loan, follow these steps:
Step 1. Compare Lenders
Pull up a list of different lenders and loan products to compare their interest rates, fees, terms, and eligibility requirements to help you choose which lender to apply with.
Step 2. Complete And Submit Your Application
Once you’ve decided on a lender, complete the loan application, carefully review it, and submit it. Be sure to upload all the required documents. Lenders will want to review your credit and financial health, which means they’ll need to look at supporting documents, such as proof of income and employment, bank statements, and photo ID to verify your identification.
Step 3. Sign Your Contract And Wait For Funding
Once the lender approves your loan, carefully review the terms and conditions of the contract before you sign. If you’re comfortable with your obligations, sign the contract and wait for the lender to deposit the funds into your bank account which typically happens in 24 to 48 hours.
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Types Of Lenders That Offer $2,000 Loans
Banks and other traditional lenders typically offer loans for higher amounts, but if you have good credit, you could qualify for a small $2,000 loan with them.
A more convenient and easy to qualify option is alternative online lenders. These lenders offer $2,000 personal installment loans to those with bad or good credit.
Features Of A $2,000 Personal Installment Loans
Higher interest rates. These lenders typically charge anywhere from 8% to 35% (APR) for short-term personal loans, depending on your overall financial health.
Short loan terms. Small personal installment loans usually come with shorter terms between 6 months to 5 years.
Fixed repayment schedules. Since each payment is determined by a set schedule, your payments will be predictable and easier to budget for.
Bad credit allowed. In many cases, you don’t have to have good credit to get approved for a small $2,000 installment loan with an online alternative lender.
If you need a relatively small $2000 loan, there are a few different types of loans you can get:
Get A $2000 Unsecured Loan
Unsecured loans are regular installment-based loans that are not collateralized by a valuable asset. These loans are typically considered more risky for lenders which may result in higher interest rates.
Get A $2000 Secured Loan
A secured loan is one that is backed by an asset of value, such as a house or car. Lenders can use this collateral to recoup their losses in the event the borrower defaults on the loan. Since the loan is collateralized, there’s less risk for the lender, so interest rates tend to be lower for secured loans than for unsecured loans.
Get A $2000 No Credit Check Loan
If your credit is poor, you could apply with a lender who offers a no credit check loan. These lenders place more emphasis on your income and assets rather than credit scores. However, while you can get a $2000 loan with no credit check, it will generally come with very high interest rates.
Get A $2000 Co-Signed Loan
If you are unable to qualify for a loan on your own because of bad credit, weak income, or high debt, you may be able to add a cosigner to the loan application to strengthen your ability to get approved. A cosigner is a person with strong credit and financial credentials who can help you qualify for a loan by agreeing to take over loan payments in the event that you are unable to.
Get A $2000 Bad Credit Loan
If you need a $2,000 loan but have bad credit, you likely won’t be able to qualify for one with a bank. Fortunately, you could get a $2,000 bad credit loan from an alternative lender. They often have other approval requirements, such as a strong income and little debt. However, while they may have more flexible criteria, they are usually more expensive.
Get A $2000 No Credit Check Loan
If you have poor credit, getting a $2,000 loan can prove difficult. However, you can avoid being rejected due to poor credit by applying for a no credit check loan. There are some personal loan lenders in Canada who offer small $2,000 loans without any credit checks. Do note, that while these loans are easier to qualify for with bad credit, they do come at a cost. Most no credit check loans have short terms and high-interest rates.
Get A $2000 No Bank Verification Loan
For consumers who have dealt with past financial issues or who simply don’t want to provide too much information to a lender, a no bank verification loan or a no employment verification loan are appealing. With this type of loan, a potential lender won’t require you to provide bank statements or proof that you have an active bank account. You’ll likely receive your money via a cheque or even cash depending on the type of lender.
Get A $2000 No Refusal Loan
A no refusal loan allows borrowers to qualify for a loan without a credit check. This makes it ideal for those with poor credit. Lenders that offer no refusal loans usually base their approval on other aspects of your financial profile including your income, debt, assets and employment stability. If you’re looking for a no-refusal loan, be sure to review the terms and conditions carefully as they usually have a high cost.
Get A $2000 Instant Approval Loan
Loan approval times depend on the type of lender you’re working with. For example, payday lenders usually approve borrowers immediately. A personal loan lender, on the other hand, may be able to provide near-instant approval but may also require several hours up to several days. If you submit an application early in the morning and are available to provide any additional information or documentation needed, this will help move the process along quicker.
Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $10,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $18,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Loan Away is a Canadian online lender that provides unsecured personal loans and home equity loans. Unsecured personal loans are available for up to $5,000, with funds available in as little as 24 hours or less. Home equity loans are available for up to $50,000 to homeowners with sufficient equity, with interest rates starting as low as 19.9%. Loan Away’s online application process is straightforward and takes only a few minutes to complete.
Besides the initial $2,000 loan amount, how much will the loan cost you? The following chart compares different loan terms and displays the overall costs of a $2,000 loan.
6-Month Term
1-Year Term
Loan Amount
$2,000
$2,000
Interest Rate
8%
8%
Monthly Payment
$341
$174
Total Interest Paid
$47
$88
Total Paid
$2,047
$2,088
As you can see, your monthly payments will be much higher with a shorter term. However, you’ll pay less in total interest over the life of the loan.
Final Thoughts
If you need a quick financial fix, a $2,000 loan from an online lender might be your best option. Alternative lenders like these typically have less stringent lending criteria and can provide you with approval and funding quickly, whether you have great credit or not.
Can I get $2,000 without a credit check in Canada?
Yes, you may qualify for a $2000 no credit check loan, which means the lender will not pull your credit report to assess your creditworthiness. Lenders will look at other factors to evaluate your ability to secure a loan, such as your income, assets, and debt.
How will I receive my funds?
Most online lenders use direct deposit or e-Transfer to deposit funds into your bank account once your loan application is approved.
Can I get $2,000 if I’m unemployed?
Some lenders may approve your loan application even if you’re unemployed and are collecting other forms of income, including government benefits like social assistance or employment insurance.
Can I repay my loan early?
This depends on the lender. Some lenders allow borrowers to repay their loans before the maturity date without charging an early repayment penalty fee, while others may not.
How can I get a $2,000 loan quickly?
You’ll have better luck securing a small $2,000 loan from an online lender than from a conventional lender, like a bank or credit union. Online lenders provide easy applications that you can complete and submit online, and approval decisions are made within one business day, and often sooner. As long as everything on your application checks out and is acceptable to the lender, you can get your funds within a day or two of approval.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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