$2,500 Personal Loans

Can you get a $2,500 loan?

Yes. Since $2500 is a relatively small loan amount, compared to other loans that are out there, it’s not quite as difficult to get this kind of money. You will usually need a credit score of around 580 in order to qualify. There are some lenders that specialize in $2500 loans for applicants with poor credit as long as they have enough income for approval.

Who offers personal loans for $2,500?

One of the best and easiest ways to get extra cash when you need it is by taking out a personal loan. Personal loans offer an easy way to borrow money that can be used for whatever you need, and they can be a great option when you don’t want to put your home or other assets at risk. So, if you’re in need of a little extra cash, you might be wondering – who offers personal loans for $2,500?

There are plenty of lenders who specialize in loans for $2,500. Here are some of the best, with their pros and cons reviewed.

Lightstream – Pros & Cons
Lightstream offers loans ranging from $5,000 to $100,000 – so while you won’t be able to get a loan as small as $2,500, it’s easy to qualify for larger amounts. You’ll need a credit score of 660 but you can get financing in as little as one business day.
Lightstream allows applicants to apply with a co-borrower and has a minimum income requirement of $50,000. Though this is a relatively high threshold, there are no origination fees and loan terms range from two to 12 years for maximum flexibility. Plus, you may be able to qualify for an APR as low as 3.99%!

BestEgg – Pros & Cons
BestEgg offers loans as small as $2,000, making it a great option for people who need just a small amount of money. Loan terms range from 3 to 5 years, with interest rates starting as low as 5.99%. The best part is that origination fees are as low as .99% and there’s no minimum income required.

BestEgg does not allow borrowers to apply with a co-borrower, something that can be frustrating for those of us with a limited (or poor) credit history. Again, though, you can get your money in as little as one business day.

Prosper – Pros & Cons
Prosper is another excellent lender to consider. You can get a loan as small as $2,000, but unfortunately, you’ll pay for it – the lowest interest rate you can get from this lender is a high 7.95%.

Prosper’s loans are available in terms of three and five years, making it easy for you to pay off your loan in the least amount of time. There are origination fees, but they aren’t too hefty – usually no more than 2-5%. You’ll need a credit score of around 600.

As long as you use the Lender App, you can apply with a co-borrower. The biggest downside to using Prosper, however, is that it can take up to five days to get your money – not ideal if you need money fast.

SoFi – Pros & Cons
SoFi is another lender that does not offer loans as small as $2,500. However, you can apply for as little as $5,000 and get your money deposited into your bank account in just one business day.

This lender also provides larger loans, with maximum amounts of up to $100,000 to help you finance bigger projects. You can pay interest rates as low as 5.99% with repayment periods ranging from two to seven years. There are no origination fees but you’ll have to have a credit score of at least 680 and make $50,000 per year in order to qualify.

Upgrade – Pros & Cons
With loans for as little as $1,000, Upgrade is another smart choice to consider if you’re looking for a personal loan. Origination fees can be high – up to 8%, but there’s no minimum income requirement and you can apply with a credit score that’s as low as 560.

Upgrade has relatively low interest rates – they start at around 6.94% – with repayment periods ranging from three to seven years. Again, you can have money in your account in as little as one business day and it’s possible to apply with a co-borrower if you need to.

Axos Bank – Pros & Cons
Axos Bank is yet another lender that won’t provide loans as small as $2,500. However, you can apply for a minimum of $5,000 with loan repayment terms as short as one year. Best yet, this company offers 0% origination fees in some cases!

This lender has interest rates ranging from 7.99 to 35.97%. You can access repayment terms ranging from one to five years. The only downside to using Axos Bank as your lender is that you will need a minimum income of $48,000 and a credit score of at least 700 in order to qualify – something that can be challenging for some borrowers.

OneMain Financial – Pros & Cons
OneMain offers loans as small as $1,500. Interest rates are comparatively high – as high as 35.97% in some cases! However, you only need a credit score of 600 in order to qualify.

Repayment terms range from three to five years and while there are origination fees (usually around 1-10% or a flat fee option), you can get your money in just one business day. You only need to make $7,200 per year in order to qualify and while you can’t apply with a co-borrower, it’s still a solid option to consider.

LendingPoint – Pros & Cons
LendingPoint has loans as small as $2,000 and you can qualify with an income of just $30,000. You only need a credit score of 600 and there are 0% origination fees, in some cases. Interest rates are high, though, with the lowest APR starting at 15.49%.

With LendingPoint, you’ll be able to choose from repayment periods of 2, 3, or 4 years. You only need to make $30,000 in order to qualify. Again, there’s no co-borrower option, but you can have money in your account in just 24 hours.

LendingUSA – Pros & Cons
With LendingUSA, you can apply for personal loans in a variety of amounts. You’ll pay 0% origination fees and can have your money in just one business day.

Universal Credit – Pros & Cons
Last but not least is Universal Credit. It’s great for borrowers with less than ideal credit. You’ll get flexible payment dates but unfortunately, pay high origination fees and there’s no option for a co-borrower to apply with you.

What is the monthly payment on a $2,500 loan?

The monthly payment on a $2,500 loan will vary depending on your interest rate and repayment terms. On average, you can expect to pay around $20 to $300 per month.

If you’re not sure whether you can afford the $20 to $300 payment per month on your $2,500 loan, it’s a good idea to sit down with a qualified financial professional who can help you come up with a clearer budget. Alternatively you can check offers and use a personal loan payment calculator online to estimate monthly payments and more.

What credit score is needed for a $2,500 loan?

Most $2,500 personal loans require applicants to have a credit score of no less than 580, but really 600 is preferred by most. This varies by lender, though, so check your individual terms.

If your credit score is lower than you’d like it to be – or too low to even qualify for a personal loan – then you might want to consider applying with a co-borrower. Also referred to as a co applicant, a co borrower will agree to accept equal responsibility for repaying the debt.

If the primary borrower (you) defaults on a payment, the co borrower is held financially responsible for those payments.

Co-borrowers are a little different than co-signers, who assume fiscal responsibility only in the event that the main borrower does not pay. You don’t make any regular payments and your name isn’t on the deed or loan agreement. You just serve the purpose of reassuring the lenders that the loan will be repaid.

What is the interest rate on a $2,500 loan?

As is the case with most types of loans, interest rates on a $2,500 loan vary. These currently range from around 3% to about 36%, depending on your credit score and payment history.

How long does it take to get a $2,500 personal loan?

This, again, depends on the lender. You can often get approved for a $2,500 personal loan and see the money in your bank account in as little as one business day.

The process is simple.

First, you’ll need to start by shopping around for the right loan. To avoid your credit score suffering a hit – which happens when you have multiple hard inquiries within a short period of time – you should use an online platform such as Acorn Finance that lets you see what you might qualify for without harming your credit score. This is known as a soft inquiry.

When you find the loan you like, you’ll need to go through the application process with the individual lender. This varies slightly among lenders but usually requires you to fill out some brief paperwork with your contact information, personal details, and Social Security Number. You’ll have to provide information about your income and debt, along with things like W2s and pay stubs.

Once your information is verified, you’ll receive an official offer or approval from the lender with your terms, interest rates, and other details clearly spelled out. You’ll sign and return the paperwork and voila! That’s all there is to it. Your money will be disbursed to your account as soon as the paperwork is processed.

Is getting a personal loan for $2,500 difficult?

Not necessarily. Your ease in applying for and receiving a personal loan of any dollar amount will depend almost entirely on your credit score and financial history. If you struggle with the application process and finding the right loan for your needs, you may want to check out Acorn Finance. Here, you can compare rates, terms, and other details from a variety of lenders without a hard impact on your credit rating.

When in doubt, it’s never a bad idea to seek the help of a financial professional (like a financial planner) when you’re applying for a personal loan.

They’ll not only be able to walk you through the process of applying for the loan but can also help you work out which loan might offer you the best deal. They can also provide assistance when it comes to creating a budget and making sure you can actually afford that personal loan without going into even more debt!

Do you need credit history to get a personal loan for $2,500 or more?

You will likely need some sort of credit history to get a personal loan for $2,500 or more. If you have subpar credit or a young credit age, you may be able to apply with a co-borrower or cosigner.

If you choose to apply with a co borrower or cosigner, make sure you select one that has a significantly better credit score than you do – that way, you can ensure that you’ll qualify for the best rates and terms. Make sure you make those payments on time, too, or your cosigner could be on the hook to cover your debt.

Can you get a $2,500 personal loan with bad credit?

It is far easier to get a $2,500 personal loan with bad credit than it is to get one for a larger amount. Usually, you’ll need a credit score that’s around 550 to 650 to qualify, though you should expect to pay higher interest rates with a credit score this low.

What can you use a $2,500 personal loan for?

The short answer? Anything your heart desires! You can use a personal loan for home improvements, paying down other debt, or financing other expenses (like a car, vacation, or wedding). Choose wisely, though, since you’ll be paying that money back plus interest.

If you’re using a $2500 personal loan to pay for something that isn’t technically necessary – like the aforementioned vacation or wedding – put some careful thought into whether this is really the best idea. If you have to go into debt just for lifestyle upgrades like these, there’s a good chance that you can’t actually afford them.

How long does it take to repay a $2,500 loan?

How long it will take you to repay a $2,500 loan will again depend on your interest rate and repayment terms (including how much you pay on the debt each month). Most of the time, it will take one to five years.

If you’re in the market for a personal loan, there are a few things you should keep in mind. Make sure you know what your credit score is and how that will affect your interest rate. Try to get pre-approved for a loan before you start shopping around. This will help you avoid being taken advantage of by high-interest rates and hidden fees.

Finally, compare different lenders to find the best deal on a $2500 personal loan. Consider using Acorn Finance to get an idea of monthly payments and interest rates from different lenders. By following these tips and relying on Acorn, you can be sure to get the best deal on your next personal loan.