Basically i'm up to my ears in debt but there's 2500 which will probably cost me dearly if i dont get it sorted out soon, name the collateral or punitive measures for being late.
Any punitive measure are going to be worthless to a lender as it will not allow them to collect the amount they lent to you.
What collateral do you have to offer to secure the loan? Any collateral will need to be "in hand" of the lender or escrow and be easily sold for an amount greater then the value of the loan