A simples guide

Compare £2000 loans

If your cash flow is more ebbing than flowing then a £2000 loan may be just the thing to tide you over. There are all sorts of reasons why a short-term personal loan might be just what you need.

 

Maybe you have to make some urgent repairs on your car, or you need to carry out a spot of home improvements. Perhaps you’re being financially savvy and planning to use a £2000 loan to consolidate your existing debts into one. Whatever your reasons, you want to make sure a loan for £2000 is really what you want and put a solid repayment plan in place to pay it back. You may even be able to get a £2000 loan with bad credit.

 

At comparethemarket.com, we’ll help you find the best possible deal.

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How to manage your £2000 loan

The golden rule is to borrow as little as possible, and pay it back as quickly as possible. Always base your loan on an amount you can easily afford to repay - this will save you money and time in the long run. Keep an eye on your proposed timeline too.

While it might seem attractive to drive down your monthly repayment rates by stretching it out into the future, you can end up paying quite a bit more in the long run with the interest rates. For instance, for a £2000 loan at 9.9% APR with monthly repayments of £175, you’ll end up paying £2104 back over 12 months. If you stretch it out to 24 months, your monthly repayments go down to £92, but overall you end up paying £2203.

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Watch out for ‘representative rates’

All advertised APR rates are ‘representative’. ’Subject to status’ means the rate you’ll actually pay will depend on your unique circumstances. Unfortunately, the way to find out whether you’ll be able to get the advertised rate is to apply for the loan, and this leaves a search on your credit file, which could hinder your ability to get credit in the future. So it’s worth making sure it looks promising before applying. 

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Compare loans - the easy way

Hunting around for a loan can be a real challenge. Luckily,  we’ve tried to make this as simple as possible to  allow you to easily compare all the relevant information such as provider, representative APR, total amount repayable, as well as how much it would cost you per month. All we need to know is how much you want to borrow, for example, £2000 – and how long you’d like to repay the loan. Simples as that. So get going and see how much you could save!

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