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2 Year Personal Loan Options

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Learn Your Best Options for a 24 Month Personal Loan

A 2 year personal loan term is rather common. It offers most borrowers a payment that fits in the budget, depending on the loan amount. Larger loan amounts may call for a longer term but that is ultimately for the borrower to decide. Check offers at Acorn Finance to see what personal loans terms your qualify for without impacting your credit score.

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Learn More About 2 Year Personal Loan Options

A 2 year personal loan may be appropriate for a all types of borrowers, even with bad credit. If you have bad credit, lenders may want to keep you on a short loan term so there is less risk. When comparing personal loan offers and determining if a personal loan is a good financial decision, there are several components to consider. Keep reading to learn more about 2 year personal loans.

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Are there 2 year personal loans?

Yes, of course, there are 2-year personal loan options available. Two-year personal loans are actually quite a common occurrence on the lending market. 24-months may be used to finance a vehicle, to install a new bathroom at your home, or to complete a debt consolidation process. Loan amounts for a 24-month loan do not typically come in substantial amounts unless there is proof of a high-level income coming in each month. This is because monthly payments on a 2-year personal loan, depending on the interest rate, can be quite high once the loan amounts start to get above the $25,000 mark.

What are the benefits of a 2 year personal loan?

If you are looking for a 2-year personal loan, you may want to know that personal loans come with many benefits that may make a better option of financing in many different circumstances. For example, if you are looking to finance the purchase of a new or used vehicle but you cannot risk losing the vehicle in the event of a default, an unsecured personal loan is an easy way to get the funds you need to buy a car without using the car as collateral. If you are looking to pay for wedding expenses, a 2-year personal loan may be a better option to pay for those expenses that could end up being less expensive than using credit cards. Credit cards do not come with a pay-off date, and only paying the minimum payments each month could cost you thousands of dollars more in interest. A personal loan is convenient because all the interest is already calculated into the monthly payments. As long as you make all of your payments on time and in full, the loan will be fully paid in 2-years and you will know how much you paid in total interest. Additionally, often credit cards only will allow you a certain credit limit and you may need multiple cards to cover the entire amount that you need. With a personal loan, you can get one large cash payout that you can then use to pay the wedding expenses, or whatever other expenses you have, directly. Then you simply make monthly payments on the amount borrowed and you can sit on the cash in your personal account as long as you need.

What is the best way to get a 2 year personal loan?

If you are looking for a 2-year personal loan, you may want to check with your personal bank or credit union to see what kinds of loan offers they can make. The process may be a little longer than other avenues, so if time is a factor, you may want to consider using an online lender. Online lenders are extremely easy to use and they can have your loan approved and financed in as little as 24-hours. Another great benefit of using an online lender includes the fact that you can shop multiple lenders at the same time from your home computer. By pre-qualify for a certain loan amount with a loan repayment period of 24-months, you can then begin to see what types of interest rates and other terms and conditions you may be able to obtain from various lenders. The different lenders will be competing for your business.

How much can I borrow for a 2 year personal loan?

For any personal loan, the maximum loan amount is $100,000. The monthly payments on a 24-month $100,000 loan can be extraordinarily high, so you will need to find a loan amount over 24-months that contains monthly payments that fit into your monthly budget. A reasonable amount may be closer to the $25,000 mark or under for 24-months, depending on your monthly income. With a two-year personal loan, you can think about doing some kitchen remodels, maybe a new backyard landscaping project, or complete a brand new cement driveway with the addition of a small basketball court off the side. In addition, if you are looking to purchase a vehicle directly from the owner, a 2-year personal loan is the perfect amount and the perfect amount of time to fund that vehicle purchase without including the influence of the bank. A 2-year personal loan to finance a car purchase from a private seller will give you the money to pay the owner immediately while you pay off the loan amount throughout 2-years. If for some reason you become in default, you keep the vehicle as the vehicle was never included as collateral to secure the loan.

Do I need good credit for a 2 year personal loan?

Depending on the loan amount, you should have at least fair to good credit before thinking about applying for a 2-year personal loan. You may want to review your credit report to see where you stand before considering taking on a new line of credit. Most lenders are going to want to see at least a credit score somewhere between 610 and 640 before they even consider giving someone an unsecured personal loan. Some lenders may be willing to work with a borrower with a credit score below 610, however, it may be a good idea to try to build your credit score up a little bit before applying. Doing so will allow you to potentially obtain better interest rates and more favorable terms and conditions.

What do lenders look for when approving a 2 year personal loan?

The first thing that lenders will look at when approving a new 2-year personal loan is your credit history. Does your credit score meet the lender's minimum requirements? Do you have any foreclosures or bankruptcies on your credit report that lenders may need to be worried about? These are the types of things that lenders will look closely at when approving someone for a 2-year personal loan. The next thing that lenders will look at is your income. How much money do you have coming in each month? Do you have other sources of income that could be counted towards qualifying for the loan? Once a lender has determined your income, they will look at your existing debts. Do you already have a mortgage? Student loans? A car loan? They will analyze your debts against your income to come up with a debt-to-income ratio. A typical lender will want to see a DTI ratio below 36%. Meaning you are not paying more than 36% of your income to existing debt. This includes the addition of the new loan into the calculations.

What is the best bank to get a 2 year personal loan?

Traditional banks usually offer 2 year personal loans. As for which one is best, the answer may vary depending on your credit score and other factors. If you have a good relationship with your primary bank, you should see what they can offer. However, you should not assume that they will give you the best offer. Borrowing money usually costs money so it's important to compare offers. Online lenders usually have less overhead than traditional banks allowing them to offer some of the most competitive loans. They may also have less strict requirements.

Where can I get a 2 year personal loan online?

Acorn Finance provides an online platform that allows you to check offers from top national lenders with no impact on your credit score. Within 60 seconds or less you can receive offers and start your comparison. Our lending partners can offer terms up to 12 years and personal loans up to $100,000.

Closing Thoughts

Whether you take a 2 year personal loan or 8 year personal loan, it's important to secure the best rate and term possible. Personal loans may also have fees associated so you will want to compare fees as well. Applying to several financial institutions and comparing offers may sound exhausting, but it doesn't have to be. At Acorn Finance you can check offers within 60 seconds or less with no impact on your credit score.

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What can I do with a $10,000 personal loan?

A $10,000 personal loan has a number of uses, including (but not limited to):
Home improvement Buying a car Wedding costs
Debt consolidation Medical bills Startup business costs

Still have questions?

What are the best 2-year loans? 

While a two-year loan may not be considered short-term, it’s still a shorter term loan. Unless you need to borrow a large sum, an unsecured loan may be the best option for a two-year loan. Unsecured loans do not require collateral and can be funded rather quickly. Additionally, a two-year term is a reasonable repayment period for most unsecured loans. An example of an unsecured loan is a personal loan. 

Here’s what you should know about personal loans:

  1. Fast funding: On approved loans, loans can be funded in as little as 1-2 business days, although funding times can vary. For shorter term loans it can seem like a run around to provide collateral, go through the appraisal process, and meet all requirements set forth by the lender. If you can borrow the funds for a reasonable cost without providing collateral, that’s probably an offer to consider. 
  2. Few spending restrictions: Personal loans often have few spending restrictions. In most cases they are funded as a lump sum. This means if you request the amount you need for one or more things, and are approved, you can use the funds as needed. Just be sure to spend within restrictions. The lender should be able to disclose any restrictions prior to accepting the loan offer. Personal loans are often used for home improvements, engagement rings, auto repair, and more. 
  3. Online options: The internet has transformed the world of shopping, and that includes loans too. While you will want to proceed with caution online, there are several lenders that offer personal loans online. At Acorn we have a network of top national lenders, that you can access offers from if you qualify. Simply complete our online form and check offers up to $100,000, depending on credit score. Our platform is safe and secure. Worry less and focus more on making sound financial decisions. 
  4. Less strict requirements: Some loans require spending plans ahead of time. With a personal loan, it’s based on your creditworthiness. Therefore, if you qualify for a certain amount you can spend it as needed, within restrictions. Additionally, requirements to qualify can be less strict than other options. For two-year personal loans, lenders may be even more lenient as the money is not being loaned for a long term. 
  5. Fixed monthly payments: Fixed monthly payments can make loans more manageable. When you know what to predict you can build it into your monthly budget. Additionally, you may be able to set the loan on autopay to ensure you never miss a payment. Some lenders can offer a discount for putting your loan on autopay. 
  6. No collateral required: Most personal loans are unsecured meaning they do not require collateral. While you won’t have any collateral to use in the event you default or fall behind, your credit score can be negatively impacted if you fail to repay. 

How do you compare 2-year personal loans?

Shopping loans by repayment period is a more common approach than you think. Some have identified how much they need to borrow. By using a payment calculator and estimating rates or checking rates and using those for estimation purposes, you can work backwards. When choosing a repayment period, you want one that results in payments that fit your budget and justifiable total loan costs. 

Comparing offers can help you determine if two years is the right repayment period or if you qualify. 

What are 2-year loans?


Two year loans are loans with a 2-year or 24 month repayment period. The type of loan can vary how it works. For example, a 2-year personal loan means you have two years to repay the loan, but not at your own leisure. Most personal loans are funded as a lump sum to be repaid over a predetermined period, such as two years. Personal loans usually have a fixed monthly payment that will occur until the end of the two-year period. At the end of the repayment period, the loan should be paid in full. An auto loan, on the other hand, works differently. In most cases, the seller or dealer would be funded for the vehicle or loan amount and the borrower would make payments to the lender for two years. Similar to personal loans, auto loans usually have fixed monthly payments too. 

How do 2-year personal loans work?


A 2-year personal loan is funded as a lump sum with a predetermined repayment period of two years. Before the loan is funded, you should know when your first payment is due and what the repayment schedule is. At the end of the two year period, the loan should be paid in full. 

When are 2-year loans worth it?


Taking on debt for 2 years can be more sustainable compared to a long-term loan. Like any loan though, you’ll want to justify the use and ensure you have the ability to repay. While plans can change in life, and sometimes you may not meet an obligation, you should have the intention and plan to repay. If something goes wrong, that’s another story. 

Some loans have few spending restrictions such as personal loans. This means you can use them for a variety of things. Maybe you even choose to take out one loan and use it for multiple activities. Here are some common uses of a personal loan that some borrowers find worth it.

  1. Starting a business: Business ownership is part of the American dream. However, getting funding to chase your dreams can be complicated, especially in the infant stages. Personal loans or assets can be used to obtain funding to start a business. 
  2. Education: Investing in your future is a no brainer. Taking out a loan to fund living expenses or education costs to create more opportunities for your life is easy to justify. However, always consider the payment commitment that comes along with the loan. Just because you obtain education does not mean you will get the job you plan for. 
  3. Home improvement financing: Some home improvements are planned, while others may come as a surprise. Whether you need to make a home improvement or want to, financing can help you afford materials, labor, and other associated costs. Personal loans can offer borrowers a way to fund home improvements without using their home as collateral. At Acorn Finance, our network of lending partners specialize in home improvement loans. We know how much goes into planning home improvements. Take advantage of our platform to check rates and streamline the process. Check offers up to $100,000 at Acorn, depending on your credit score. 

Why choose Acorn Finance for comparing 2-year personal loans?


Two years is a popular repayment period for personal loans. Regardless of how much you need to borrow or your ideal repayment period, comparing offers is wise. However, dealing with several lenders and keeping track of multiple offers can be time consuming. Additionally, vetting lenders before sharing information with them can consume even more time. At Acorn, you can check rates from top national lenders in seconds with no credit score impact. To check rates, fill out our online form, tell us what you need, and we’ll help connect you to lenders that can help. 

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