$2000 Loans For Bad Credit
Considering how things are going, it’s not surprising that more and more people are opting for loans. The cost of living has skyrocketed, so you’d need some extra funds even if you didn’t have to take care of emergencies. The problem is folks with bad credit are less likely to secure any loans. Most lenders consider your credit history and score before loaning you any money. If you don’t have a credit history, you’ll be treated the same as someone with a bad credit score. That’s because lenders can’t tell if you can return the money.
Typically, $2000 isn’t that big amount for loans, but if you don’t have the right score, you’ll have trouble finding someone willing to give you money. At Money-Wise, we believe everyone should be able to secure a loan. That’s why we’ve laid out the best loans for bad credit.
What is Classified as Bad Credit?
Credit unions rely on the FICO scoring system to judge your ability to repay the bad credit loan. Your score decides whether your loan approval goes through and the interest rates you get. The score goes over 800 points, and those with these points are thought to have excellent credit. Folks whose credit score is below 580 are generally said to have bad credit. Even in the bad credit category, there are two cases. Those with a score between 500 and 600 have a “poor” credit rating. However, if your credit score dips below 500 points, you have a “very poor” rating.
Where Can I Apply for $2000 Loans for Bad Credit?
Most banks have minimum credit score requirements, so your chances of getting a loan through them are low. However, you can still try a credit union or online personal loan lenders.
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Credit Unions
You can also contact your local credit union for a $2,000 personal loan. You can get a standard installment loan with decent interest rates. If you can contact a federal credit union, you may be eligible for an alternative payday loan.
These are like payday loans, but the repayment terms can extend up to a year, plus the interest rates are lower. Credit unions are more flexible when it comes to approving bad credit loans guaranteed approval. However, you need to be a member, and there may be a lower income or credit score threshold.
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Online Personal Installment Loans
Online lenders are your best bet if you’re having trouble securing a loan. Online lending sites like ours usually have extensive networks of lenders, so you don’t have to keep applying to different places. You give your details to us, and we circulate them in our network.
Eventually, a lender becomes interested in the application and contacts you with their terms. They determine the APR, but the rough estimate is from five to thirty-five percent. Remember, you can go over the contract and refuse if you don’t like it. The best part is that we don’t even charge you for this service.
Requirements for Bad Credit Loans
If you want to apply for an online loan, you need to be:
- Over 18 years
- Be a US citizen or have a valid social security number
- A steady source of income
- An active checking account
Individual lenders can have additional requirements like a minimum income threshold. You might need to provide a pay stub to prove that. They might also ask for your address, phone number, email address, and job address.
Frequently Asked Questions
What are The Types Of $2000 Loans for Bad Credit
Most lenders have a minimum credit score requirement of around 620. You’ll have trouble securing funds if you don’t have this score. Still, if you live in a state where bad credit personal loans are legal, there’s some hope. Here are a few options available to you to get 2000-dollar loans.
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Friends and Family
Friends and family are the safest options. They’re more likely to be sympathetic to your situation. If they can afford to, they might even extend the repayment terms. Plus, you’ll get a break regarding the interest rates. However, this can strain your relationship, so we understand if you don’t want to take this route.
You can also secure a loan if you know someone with a good credit score rating. If that person agrees to be the cosigner for your loan, the bank will probably approve the loan. However, it also means that if you cannot repay the loan, your cosigner will take the heat.
They’ll have to make any payments you miss, which might also ruin their credit score. It’s awkward, and few people are willing to be cosigners.
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Payday Loans
Online payday loans are another option. However, two grand is a pretty hefty amount for a payday loan. Considering the APR can go up to 400%, you could end up owing someone a fortune. Plus, these have short repayment periods, usually a month.
Most payday lenders consider your debt-to-income ratio before approving any loan. So, you need to earn more than that per month to secure 2000-dollar loans for bad credit.
You could consider applying for separate payday loans from multiple lenders, but you’ll have trouble paying the money back. Plus, it’ll absolutely wreck your credit report.
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Personal Loans
A personal loan may be the best option for bad credit borrowers. It’s an online installment loan, so you can pay everything back little by little over a few months. Plus, the interest rates are lower than payday loans.
There are two types of personal loans; secured and unsecured. If you’re trying for a secured loan, you’ll need to provide something of equal value as security. If you can repay the loan, the lender will take that security and recover their funds. Car loans are an excellent example of this case.
You don’t need to provide security for unsecured personal loans, but the interest rates are higher. Plus, the lender may have a minimum income requirement.
How Fast Can I Secure $2000 with Bad Credit?
At Money-wise, the lender will transfer the money to you as soon as you two finalize the contract. You can get the approval as fast as fifteen minutes. After approval, you’ll get the deposit in twenty-four to forty-eight hours.
The lender may ask you what you’ll do with the money, but once you get it, they won’t follow up on that. Thus, you can use the money to pay for your credit card debt, bills, home repairs, or whatever else you need. We recommend only borrowing what you need.
Will the Loan Hurt My Credit History?
Most bad credit lenders don’t perform a hard check on your credit history. So, the loan shouldn’t affect your score. However, you still need to keep up with the payments. Otherwise, it may show up in your credit report.
Remember, while the lenders don’t check on your credit score, they check everything else. You can say they’re as diligent as a traditional bank in that regard. However, these soft checks won’t affect your credit history.
Secure $2000 Loans For Bad Credit With Money Wise
Anyone can have an emergency where they need immediate funds. Everyone should have access to those funds regardless of their credit history. Thus, you contact us if you need loans for bad credit. Instant approval may seem like a dream, but you can get your funds in twenty-four hours if you fulfill all the requirements. However, you must check the APR rates and set the appropriate repayment term. Money-Wise can help you secure $2000 loans for bad credit. You have to fill out an application and choose a lender. Contact Money-Wise today to get your funds.
Money Wise offers payday loans at the lowest mortgage rates on the market. We operate and grow with only one motto in our minds – providing excellence.
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Disclaimer: Please be advised that credit checks may be performed by some lenders or lending partners as part of the approval process for credit transactions. THE WEBSITE’S OWNER(S) AND OPERATOR(S) ARE NOT LENDERS.
