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12 Year Personal Loans For Good & Bad Credit

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If you need a 12 year personal loan, you will want to make sure the lender of your choice can offer that before you apply. Use Acorn Finance to discover competitive loan offers from the best lenders for 12 year personal loans.

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Learn More About 12 Year Personal Loan Options

While it may be challenging to find a 12 year personal loan, they do exist. In most cases, 12 year personal loan terms are reserved for high loan amounts and borrowers with excellent credit. If you are searching for a 12 year personal loan, you may be trying to get your monthly payment down. While this is a justifiable reason to go for a 12 year term, keep in mind that the longer the term the higher the loan costs may be. Keep reading to learn more about personal loans and terms.

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Are there 12 year personal loans?

There are several valid reasons that you may want to seek out a 12-year loan. Maybe the loan amount is close to the $100,000 range? Or, maybe you are looking for the lowest monthly payment requirements possible? Personal loan repayments periods depend entirely on the lender. Some lenders may have only a 7-year or 10-year personal loan available, but if you spend a little time reviewing all the different online lenders currently on the lending market, you may be able to find the 12-year personal loan you were looking for.

What are the benefits of a 12 year personal loan?

Long term 12-year personal loans are advantageous for both individuals and for small businesses starting out that may not qualify for a small business loan. It is no easy feat creating your own small business, but if you have reasonable to exceptional credit, it may be a viable option for you to turn your idea into something you can be proud of.

The main benefit for a new business owner just starting out is cash flow. As any small business owner knows, having cash on hand is a great way to pay for inventory, office supplies, and other unexpected expenses that may arise. A long term personal loan could potentially save you a great deal of money when compared to using business credit cards. Business credit cards may have a much higher interest rate with no set pay off date. It may be a good idea to keep a credit card on hand to pay for travel expenses and other emergency expenses, but the more you could use cash on hand, the more you will save in the long run.

One last benefit of a 12-year personal loan is, whether you are a small business or an individual, making your payments on time each month will help you build your credit score. Once your small business is up and running, you may then be able to qualify for a small business loan for a much greater amount that allows you to consolidate your 12-year loan directly into your new loan.

What is the best way to get a 12 year personal loan?

One of the best ways to get a 12-year personal loan is to find an online lender who is willing to work with you to secure a long term loan. With so many online lenders today, it may be your best option to see if you can prequalify for a personal loan on the Acorn Finance website. Simply enter in the amount you need, select a 12-year loan option, and if you prequalify, you can instantly begin to review loan offers from lenders throughout the United States.

How much can I borrow for a 12 year personal loan?

With most online lenders, the maximum amount that you can borrow for a personal loan is $100,000. A loan of $100,000 over 12-years may be a great option for someone looking to start a small business, build a cabin or small vacation home, or to finance a luxury vehicle without the worry of repossession. For a 12-year personal loan you are not required to request $100,000, any loan amount up to that figure will work for an online lender, however, they may request that you take out a somewhat substantial loan amount to make it reasonable for both you and the lender. A 12-year loan for a small amount may have you paying an absurd amount of interest over the life of the loan.

Do I need good credit for a 12 year personal loan?

Ideally, you will want good credit to qualify for a 12-year personal loan. A 12-year personal loan is often for a considerable loan amount that borrowers with poor credit will not qualify for. You may however still qualify for a 12-year personal loan with fair credit. Fair credit may reflect that you are a potential risk for defaulting and that you may have some red flags on your credit report, however, if you can demonstrate a substantial monthly cash flow and you do not have many other existing debts, a lender may still see you as a viable candidate for a 12-year personal loan.

If you are looking for what kind of scores are considered good credit, then you should know that a good credit score is anything above 690. A score of 630 to 689 would be then considered fair. Again, it is not impossible to qualify for a personal loan with a credit score below 689, it just may be more difficult, especially for large long term personal loans.

What do lenders look for when approving a 12 year personal loan?

Lenders are going to look at a few different things when you are applying for a 12-year personal loan. They will want to see that you have a decent credit score and you do not have any recent bankruptcies, home foreclosures, or car repossessions on your credit report. The next thing they will look at is your debt to income ratio. Do you have a solid amount of income coming in each month? What other kinds of debt do you have? If you already have a mortgage and multiple car loans, you may have a more difficult time to qualify for a 12-year personal loan. A good debt-to-income ratio would be anything under 35%. Different lenders will have their own DTI requirements, however, it has been shown that borrowers with a DTI above 43% tend to get denied for loans most often.

Which bank has the easiest personal loan approval for 12 year loans?

Many online lenders will have a simple personal loan approval process. If you are looking for a 12-year personal loan, you may want to consider prequalifying before shopping for a lender. Prequalifying will allow you to shop for personal loans from multiple lenders at the same time, allowing you to find the best interest rates and terms and conditions.

What is the best bank to get a 12 year personal loan?

If you need a 12 year personal loan, you will first need to find a lender that can offer this term. Banks are often more conservative than online lenders. Therefore, an online lender may be your best bet. Depending on your location, there may be some banks that can offer a 12-year term but you'll need to do some research. At Acorn Finance our lending partners can offer terms up to 12 years. Within 60 seconds or less you can check personal loan offers with no impact on your credit score. This is one of the easiest and fastest ways to find the personal loan that works best for you.

Where can I get a 12 year personal loan online ?

Online lenders are becoming more and more popular as the digital age explodes. Of course with anything online, security is always a concern. Therefore, you will want to make sure you find a legitimate online lender to work with. At Acorn Finance we have a network of trustworthy lending partners that are ready to compete for your business. Using our secure platform you can check offers from our lending partners within 60 seconds or less. Our lending partners can offer loan amounts up to $100,000 and terms up to 12 years.

Closing Thoughts

When taking a 12 year personal loan it's especially important to be aware of total loan costs. With a longer term loan, your loan costs will likely be higher. To discover competitive personal loan offers in a timely manner you should visit Acorn Finance.

Check personal loan offers with terms up to 12 years. . . visit Acorn Finance today!

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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?

Why choose Acorn Finance for comparing 12 year personal loans?

Chances are if you need a 12-year or large personal loan, you’ve got a lot of moving parts (and probably plenty of stress, too). You want to invest the time into finding the best loan offer, but it’s easier said than done. Reviewing loan offers can be complicated, especially if you’re unfamiliar with loans. At Acorn, we strive to make the loan shopping process simpler. Because don’t we all love simplicity? 

Start by visiting Acorn Finance and submitting some information. Through our safe and secure platform, you can check rates in seconds with no credit score impact. Once you’ve received offers, you can compare them side-by-side in a user-friendly format. Our lending partners are vetted and legitimate, so you can focus on just the offers as we’ve done some of the heavy lifting for you. When you’re ready, choose the offer that works best and proceed with the lender of your choice. At Acorn, we’re real people who understand real life things; we’re here to help you. 

When is a 12-year loan worth it?


Loans can be used to fund a variety of activities, from purchasing a vehicle to remodeling your home. They can also be used for smaller things, such as funding a vacation, a wedding, or repairing your car. Typically, a 12-year loan is reserved for large loans, which are driven by expensive (and hopefully important) needs. When you spread a loan out over the course of 12 years, you can achieve lower monthly payments, but your total loan costs will likely be much higher. When determining if a 12-year loan is worth it, you should consider what you will pay to borrow the money - and not just in terms of a monthly payment.

Here are some examples of things that may be justifiable for a 12-year loan:

  1. Home improvement projects: Home improvement projects from building an ADU to remodeling a bathroom to converting a basement, or some combination of projects are a common driver for taking out a loan. In recent years we’ve seen the housing market rise while supply dwindles, thus encouraging homeowners to work with what they have got. Investing in your home can improve your quality of life and increase your home value too. Homeowners often leverage a home improvement loan, home equity loan, or home equity line of credit to fund improvement projects. A good starting point is narrowing down what the project will cost so that you know how much you need to borrow.
  2. Emergency: Things can happen in life, and plans can change quickly. Whether you’ve faced a legal hardship or unforeseen emergency, a need for access to cash you don’t have may arise. While a loan may not have been something you considered, you now have no choice but to consider it. Some lenders can offer personal loans with repayment periods of up to 12 years. Personal loans can provide access to a lump sum of cash with few spending restrictions.
  3. Starting a business: Chasing your dreams is a worthwhile investment. Entrepreneurs sometimes need to use personal financing options to get their businesses off the ground. From legal groundwork to trial and error, you may not be ready for a business loan. If you are confident enough, you may be ready for a long-term loan to expedite the growth. Just remember whether the venture fails or succeeds, you are responsible for repaying the loan.

If the need arises for a long-term loan, remember there are different types of loan options on the market. Requirements can vary depending on the loan and the lender, but some may better suit your needs than others.

Are monthly payments lower on 12-year personal loans?


In the world of loans, it’s hard to compare apples to apples. While extending a repayment period may lower the monthly payments, it can drive up the total loan cost. For example, if we look at a $80,000 loan at 9.99% APR with a 10-year repayment period, we can estimate a monthly payment of about $1,057. If we look at the same example but extend the repayment period to 12 years, we can estimate a monthly payment of about $955. In this example, it did lower the monthly payment.

Continuing off this example, the difference in total interest paid between the 10-year repayment period and the 12-year repayment period is about $10,795. When you look at it from that perspective, you can decide if saving about $100 a month is worth spending an extra $10,795 over the course of two years.

How do you shop for the best 12-year loans?


Now that we’ve covered payment and total loan cost examples, you may start to realize there’s more to a loan than the monthly payment. Invest time into doing your due diligence to find the best loan offer you qualify for. How you approach this can vary depending on the type of loan you are pursuing. If shopping for a personal loan or home improvement loan, visit Acorn Finance. At Acorn, you can check rates in seconds with no credit score impact. Our network of top national lenders work with us to simplify the loan shopping process for consumers nationwide.

What lenders offer 12-year personal loans online?


At Acorn Finance, some of our lending partners can offer longer repayment periods than others, depending on eligibility. LightStream, an Acorn partner and well-known lender, can offer 12-year personal loans, depending on credit score. Since personal loans are usually not backed with collateral, lenders may prefer to keep the repayment periods shorter as this reduces their risk.

What are the best 12-year loans?


With interest rates higher than some are used to, you may be wondering what the best loan options are. We have seen our financial world go through plenty of changes over the last few years. However, if you look at past trends, you may realize we’ve seen similar trends in the past. It can be beneficial to read up on past trends and research. Armed with the right information, you can make predictions about the future, which may impact the type of loan you feel is best today. When you sign up for a 12-year loan, you typically have payments for the entire repayment period, or you must find a way to pay the balance in full to relieve yourself of the payments. With a long-term commitment, you will want to consider a potential job loss or unforeseen event that could interrupt your budget. While there’s no crystal ball, we should do our best to make intentional financial decisions. With that being said, here are some types of loans that may be available with 12-year repayment periods:

  • Personal loan
  • Home improvement loan
  • Home equity loan
  • Home equity line of credit
  • RV Loans
  • Home Loans

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