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- $2,000 loan
$2,000 Loan
Our most common loan size. The amount is settled; the real decision is the term, and it is worth about $1,400 either way.
Above $1,000 the single-payment option disappears and the question becomes how long to take. $2,000 is the most common installment loan size we fund: large enough for a transmission, a dental bill or a deposit, small enough that a 12-month term keeps the payment under $300 for most borrowers.
| Key loan information | Details |
|---|---|
| Amount | $2,000 |
| Products available | Installment or personal loan |
| Installment payment | About $268.84 a month over 12 months at 99% APR |
| Installment cost of credit | About $1,226 over 12 months |
| Personal loan payment | About $111.82 a month over 24 months at 29.99% APR |
| Personal loan cost of credit | About $684 over 24 months |
| Prepayment penalty | None |
| Funding | Next business day, or 1–2 days for a personal loan |
Your options for $2,000
| Option | Term | Payment | Cost of credit | APR |
|---|---|---|---|---|
| Installment loan | 6 months | $435.92/mo | $615.50 | 99% |
| Installment loan | 12 months | $268.84/mo | $1,226.05 | 99% |
| Installment loan | 24 months | $193.93/mo | $2,654.37 | 99% |
| Personal loan | 24 months | $111.82/mo | $683.57 | 29.99% |
Choosing the term
On an installment loan at 99% APR, stretching $2,000 from 12 months to 24 drops the payment from $268.84 to $193.93. That is $75 a month of breathing room, and it costs about $1,428 more in total interest. Neither choice is wrong; they answer different questions.
| Term at 99% APR | Payment | Total interest |
|---|---|---|
| 6 months | $435.92 | $615.52 |
| 12 months | $268.84 | $1,226.05 |
| 24 months | $193.93 | $2,654.37 |
The practical rule: take the shortest term whose payment still clears in a month where something goes wrong. You can always pay extra, and there is no prepayment penalty, so a shorter term you struggle with is worse than a longer term you overpay on. The early payoff calculator shows what overpaying saves.
Why credit matters most at this size
The difference between 29.99% and 99% APR on $2,000 is roughly $1,970 over two years. That gap is the single strongest argument for checking whether you qualify for a personal loan before defaulting to an installment loan. Checking costs nothing and uses a soft inquiry.
Eligibility
- 18 or older and resident in a state where we lend
- At least $1,000 a month in verifiable income after tax
- An active checking account in your name, open at least 30 days
- Government-issued ID and a Social Security number or ITIN
Other amounts
$200 loan · $300 loan · $500 loan · $1,000 loan · $5,000 loan
Frequently asked questions
What is the monthly payment on a $2,000 loan?
About $268.84 a month over 12 months at 99% APR on an installment loan, or about $111.82 a month over 24 months at 29.99% APR on a personal loan.
Can I get a $2,000 loan with bad credit?
Yes, as an installment loan. There is no minimum credit score, and the decision weighs your income and existing commitments. Personal loans at lower rates are aimed at fair credit and above.
Should I take 12 or 24 months on $2,000?
Twelve months costs about $1,226 in interest; twenty-four costs about $2,654 but lowers the payment by roughly $75 a month. Take the shortest term whose payment still clears in a difficult month, and overpay when you can.
Is there a penalty for paying a $2,000 loan off early?
No. There is never a prepayment penalty, and interest stops accruing once the balance reaches zero.
Borrow $200 to $5,000 for any purpose
Apply in about five minutes and get a decision in minutes. Checking your rate won't affect your FICO® score.