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.
| Loan Amount | Interest Rate | Term | Province Availability | ||
 | Up to $50,000 | 2.00% - 46.96% | 3 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $1,000 - $15,000 | 29.9% - 46.9% | 12 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $300 - $35,000 | 9.9% - 47.72% | 24 - 60 months | BC, AB, ON, NB, NS, PEI, NL | Learn More |
 | Up to $35,000 | 9.99% - 46.96% | 6 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | Up to $25,000 | 26.99% - 39.99% | 6 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $1,000 - $35,000 | 5.99% - 29.19% | 36 - 60 months | BC, AB, MB, ON, NB, NS, PEI, NL | Learn More |
 | $500 - $20,000 | 29.99% - 46.96% | 9 - 84 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | Up to $15,000 | Started at 19.99% | Open-end | BC, AB, SK, ON, NS, PEI, NL | Learn More |
 | Up to $5,000 | 19.9% - 45.9% | 6 - 36 months | BC, AB, ON, NL | Learn More |
 | $500 - $12,500 | 19.99% - 34.99% | 12 to 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | $500 - $10,000 | 12.99% - 39.99% | 9 - 36 months | BC, AB, SK, MB, ON, NB, PEI, NL | Learn More |
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:
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.
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.
If you need a relatively small $2000 loan, there are a few different types of loans you can get:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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