You can borrow up to $2,000 from personal installment lenders, some payday lenders, title lenders, or possibly a pawnshop lender. But whether or not you’re approved may depend on more than just your credit score. Some lenders look at income, bank account status, and general ability to repay the loan as well.
If you’re in a bind and need some quick cash, there are options out there even if you have less-than-perfect credit. While it may not be as easy to get the cash you need, it is still possible. However, having a low credit score will also mean that you can expect higher interest rates if you do get approved. Sometimes, depending on the loan and lender, the fees and interest may not be worth the cash you get.
Here are some of the most common types of loans that may offer up to $2,000 even if you have poor credit. Just make sure that you research each type thoroughly before deciding which one is right for you.
Personal Installment Loans: this is an unsecured loan (doesn’t require collateral), designed for borrowers with less-than-perfect credit. These loans generally offer more cash than a payday or title loan, and longer repayment periods. Many personal installment lenders do offer loans up to $2,000. The repayment period may last up to a couple of years in some cases.
Payday Loans: Usually payday lenders only offer small amounts of cash, ranging up to a few hundred dollars. However, there are some that may offer larger amounts. Keep in mind, this could be risky since the interest will be high, and you’ll only have a couple of weeks to pay it back.
Title Loans: This is a secured loan, meaning you need to offer up collateral in order to be approved. The collateral for a title loan will be the title to your vehicle. This means that if you don’t repay the loan, the lender can seize your vehicle to recover their money. So you may get the cash you need, but you’re risking the loss of your vehicle.