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Personal Loans

How to Get a $2,500 Personal Loan

A personal loan is a handy way to borrow money for a variety of purposes—often spending less on financing than you would with a credit card. You can use them for just about anything, including home improvement, debt consolidation, and veterinary bills.  

Personal loans are adaptable, but they aren’t always available to everyone. You must meet certain requirements to get approved. Lenders also set other limits such as how much they’re willing to lend. 

In 2023, the average personal loan size was $19,402. Many lenders won’t offer personal loans below $5,000. If you just need a $2,500 personal loan, your selection of lenders may be limited. But we’ll help you find the right lender and show you how to get approved. 

What lenders offer personal loans for $2,500?

Our LendEDU team has rounded up four top-rated partner lenders that offer $2,500 personal loans:

LenderRates (APR)Loan amounts
Credible7.49%35.99%1$600 – $200,000
Best Egg8.99% – 35.99%$2,000–$50,000
Upgrade8.49% – 35.99%$1,000 – $50,000
Upstart7.8% – 35.99%$1,000 – $50,000

Keep in mind that you must still submit an application and go through the underwriting process, where the lender verifies your income, debts, credit history, and more.

These factors can affect whether you’re approved or denied for a loan, and—if you’re approved—how much you’ll pay. Lenders adjust their fees and interest rate schedule based on your qualifications, both of which are included in a loan’s annual percentage rate (APR). 

You can use the APRs to compare the overall costs of loan offers while shopping around for rates. Remember to steer clear of payday loans and other predatory lenders, which may charge sky-high rates. The lenders below are reputable, and we’re comfortable recommending them.

Credible – Best marketplace

LendEDU rating: 5.0 out of 5

  • Extensive network of lenders
  • Simple, user-friendly process
  • Compare multiple lenders

What sets Credible apart is its commitment to simplifying the loan comparison process. You can submit one application and quickly compare prequalified rates from multiple lenders. If you find an offer you like, Credible can assist you in determining the next steps to take to apply with the paired lender.

Best Egg – Best for a secured loan

LendEDU rating: 4.8 out of 5

  • Secured loan options
  • Quick funding
  • Transparent loan terms

We like Best Egg for its secured loans, fast funding times, and clear, straightforward loan terms. These attributes are crucial for borrowers who value transparency and efficiency in their loan process. By offering secured loans, Best Egg caters to a broad audience, including those who may not qualify for unsecured loans due to credit history or those seeking lower interest rates by providing collateral.

The combination of quick funds and transparency positions Best Egg as a leading choice for individuals seeking a $2,500 personal loan. The company’s reputation for clear communication and its ability to provide quick funds make it a reliable option for borrowers who need financial resources with minimal hassle.

Upgrade – Best for fair credit

LendEDU rating: 4.9 out of 5

  • Specializes in fair credit range (580 – 669)
  • Clear loan terms
  • Convenient application process

Upgrade’s user-friendly application process and transparent loan terms stand out, providing a straightforward path for borrowers with less-than-perfect credit scores. Upgrade’s commitment to serving those in the fair credit range offers these borrowers a chance to obtain a personal loan on reasonable terms.

The clear loan terms and the convenience of the application process remove many obstacles borrowers with fair credit can face. By prioritizing a transparent and efficient loan experience, Upgrade ensures that borrowers are well-informed about their loan conditions, making it a preferred lender for those looking to secure a $2,500 loan without the stress of navigating complex loan terms.

Upstart – Best for little to no credit

LendEDU rating: 4.8 out of 5

  • Considers factors beyond credit score
  • Faster funding process
  • Flexible loan terms

Upstart features an innovative approach to lending, which benefits individuals with thin or limited credit histories. Unlike traditional lenders’ heavy reliance on credit scores, Upstart uses a unique model that incorporates a variety of factors to evaluate applicants. This broader approach to credit assessment makes it possible for more individuals to qualify for a loan, especially those whom traditional credit scoring methods may have discounted.

We like the platform’s ability to offer quick funding and flexible loan terms. These features are beneficial for borrowers who need fast funds and those who require flexible loan conditions. Upstart’s commitment to accommodating borrowers with thin credit, combined with its efficient process and adaptable terms, makes it an excellent choice for anyone seeking a $2,500 personal loan without a strong credit history.

How to get a $2,500 personal loan

You’ll typically need good credit, a strong and stable income, and a low debt-to-income ratio to qualify for any personal loan. The specific requirements can vary by lender. 

Some lenders may be more accommodating of poor credit than others, for example, or specialize in working with borrowers facing significant debt. Here’s how to find the right lender for you and secure your loan:

  1. Check your qualifications: Lenders will check your credit history, credit score, annual income, and debt-to-income ratio. If you know these details yourself in advance, you can zero in on potential lenders you’re likely to qualify with even faster.  
  2. Gather your documents: Lenders will want to see copies of your ID as well as recent pay stubs, bank statements, and prior tax returns. Collect these documents in advance and store them in one location to save time on your application later. 
  3. Shop for lenders: Prequalify with as many personal loan lenders as you can find that offer loans of $2,500. Make sure they do a soft credit check, so you don’t damage your credit. You’ll get an APR quote you can use to find the best loan.
  4. Complete an application: Choose the lowest rate quote, and submit a full application for a $2,500 personal loan. You might need to submit the documents you rounded up earlier. You may get a decision right away, or it could take a few business days. 
  5. Receive funds: If you’re approved, your lender may send you funds via ACH or wire transfer, mail a paper check, or as cash you can pick up in a local branch. Depending on how funding takes place, you may get the money immediately or after a few days.

How to repay a $2,500 personal loan

Another advantage of personal loans is their fixed interest rate, meaning your monthly payment won’t change over time. (That’s not the case with all debts, such as credit cards, which can become more expensive if interest rates rise.) 

In general, it’s best to sign up for autopay for all of your debts. Many lenders allow you to opt in to autopay before you even receive your funds in the first place and may even offer a small rate discount for doing so. Autopay also helps you avoid late fees and damage to your credit. 

You can choose to make the minimum payments each month until your loan is paid in full. But if you’re looking to get rid of your debt even faster, you can send in extra payments at any time. Although rare, double-check that your loan doesn’t charge prepayment penalties first. 

What are the payments on a $2,500 personal loan?

Aside from your own qualifications (notably your credit score and income), the choices you make about your loan repayment can affect your monthly payments and overall loan cost. 

Many lenders allow you to choose a repayment term of two to five years. Some offer an even wider range of term length options. Choosing a longer-term loan means your monthly payments may be smaller, but you might spend more on interest over the long run. 

Here’s an example of how your loan term influences your monthly payment and total financing cost for a $2,500 personal loan at a 20% interest rate. You can see how much it would cost for your own situation using a personal loan calculator

3-year $2,500 personal loan5-year $2,500 personal loan
Monthly payment$93$66 ($27 less)
Total interest paid$845$1,474 ($629 more)

Lenders often charge higher interest rates for larger loan amounts due to the elevated risk they won’t be repaid. A $2,500 personal loan is small when it comes to personal loans, so this could help you save money over someone borrowing more—for example, a $20,000 loan. 

Pros and cons of a personal loan for $2,500

Taking on any type of debt has positive and negative consequences, and each factor carries a different weight depending on your individual situation. It’s important to consider how these factors affect your long-term goals before hitting the “submit” button on a personal loan application. 

Pros

  • Less risk of borrowing too much, such as with a line of credit

  • Fixed monthly payments are easier to budget for

  • Cheaper than alternatives, such as credit cards or payday loans

  • Can help you build better credit or establish good credit if you make all payments on time

  • May be easier to get approved for a $2,500 personal loan than for a larger amount

Cons

  • Limited pool of lenders offering $2,500 personal loans

  • Applying causes a small, short-term drop in your credit score

  • May charge higher interest rates than debts secured by your assets

  • Can cause serious damage to your credit and finances if you default

  • Lenders may charge origination fees that shrink your actual loan payout

  • Can be difficult to get approved if you don’t have good credit or a stable income

  • Increases your debt-to-income ratio, making it harder to get approved for mortgages or other loans

Other ways to borrow $2,500

Not everyone who fills out an application gets approved for a personal loan. Here are other options that may be a better fit for your situation:

  • Apply with a cosigner or co-borrower: Some of LendEDU’s partner lenders, such as Credible, allow you to apply with another person who has better qualifications if you can’t get approved for a $2,500 personal loan on your own. 
  • Check with credit unions: Credit unions operate as nonprofits and may be more flexible than other lenders. They may also offer special Payday Alternative Loans (PALs) of up to $1,000 to people with limited credit.  
  • Use credit cards (carefully): If you open a new 0% intro APR credit card, qualify for a high enough credit limit, and can pay off the debt before the introductory period runs out, it’s essentially the same as a free personal loan. 
  • DIY loans from friends or family: If someone in your life will loan you the money, consider asking them. It’s smart to draw up a formal loan agreement if you do this, complete with late fees and penalties.
  • Special funding sources: Depending on why you need the funds, you may have other ways to get $2,500. You may be eligible for special medical or veterinary care financing, for example, or low-income loans and grants in your area. Call or visit 211.org if you need help finding these resources in your community.

FAQ 

What is the minimum credit score required to qualify for a $2,500 personal loan?

The minimum credit score to qualify for a personal loan often varies among lenders. Typically, most lenders require a minimum credit score of around 650. Applicants with higher credit scores tend to get more favorable loan terms.

Can I apply for a personal loan if I’m self-employed or have irregular income?

Yes, you can apply for a personal loan even if you are self-employed or have irregular income. Lenders focus more on your capability to repay the loan. You may need to show proof of a steady income source or savings to assure the lender.

How long does it take to receive the funds once I’m approved for a personal loan?

Upon approval, the time to receive funds from a $2,500 personal loan can range from as quick as the same day to a few business days. It depends on the lender’s policies and the method of fund delivery.

Are there any restrictions on how I can use a personal loan?

Generally, there are no stringent restrictions on how you can use a $2,500 personal loan. It can be used for consolidating debts, paying for a wedding, and medical bills, among others. However, you can’t use it for illegal activities or risky investments.

What happens if I miss a payment on my personal loan?

Missing a payment on your personal loan can lead to additional fees, increased interest rates, and a potential negative impact on your credit score. Contact your lender immediately if you anticipate difficulty in making a payment.

Can I pay off my personal loan early, and are there any penalties for doing so?

Most lenders allow early loan repayments, but some may impose an early repayment fee or prepayment penalty. Check with your lender for specific policies before opting to pay off your loan early.

How do lenders determine the interest rate for a $2,500 personal loan?

Interest rates for a personal loan are based on factors such as your credit score, income level, debt-to-income ratio, loan terms, and the lender’s guidelines.

Recap of personal loan lenders offering $2,500 loans

LenderRates (APR)Loan amounts
Credible7.49%35.99%1$600 – $200,000
Best Egg8.99% – 35.99%$2,000–$50,000
Upgrade8.49% – 35.99%$1,000 – $50,000
Upstart7.8% – 35.99%$1,000 – $50,000