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$1,200 Personal Loans For Good & Bad Credit

Get personalized rates in 60 seconds for a $1,200 personal loan with no impact to your credit score

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Do You Need 1,200 Dollars Today Fast?

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.

Check offers for $1,200 loans at Acorn Finance to find the personal loan that’s right for you!

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How to Get A $1,200 Loan with Good or Bad Credit

Check $1,200 Personal Loan Offers With No Impact To Your Credit Score
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Pre-qualify

Fill out an easy online form to check for pre-qualified offers with no impact to your credit score
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Select offer

Compare terms and payment options to select the offer that’s best for you
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Finish application

Complete your application on your selected lender’s website
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Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

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What are the best $1,200 personal loans in December 2023?

To determine the best loan, you should first consider your needs and how long you need to repay the funds. How quickly you need the funds can also influence your determination as to what is best. Personal loans are a popular choice. They can offer fast funding, few spending restrictions, prequalification with no credit score impact, and several lenders offer them. Additionally, consumers can enjoy fixed monthly payments, thus making them more ideal than a credit card. As a type of installment loan, you will know how much to pay over a predetermined period, meaning you will know when the loan will be paid in full. For these reasons and more, personal loans can be a viable option if you need to borrow $1,200. 

 

How do you compare $1,200 loans in December 2023?

From finding a lender you qualify for to finding a payment that works for you, you may need or want to shop around for the best $1,200 personal loan. While you can view rate charts or advertised information, loans are not like groceries when it comes to shopping. What you see may not be what you get. In order to know what you qualify for, you will need to get prequalified. Once you are prequalified and accept an offer, the lender may request supporting documentation. If discrepancies between your application and the documents submitted are found during the underwriting process, the lender may revise or revoke your offer. Therefore, if you invest the time into comparing $1,200 personal loan offers, submit an accurate and complete application. 

 

There are platforms available online that allow consumers to compare personal loan offers from multiple lenders. This can be a time-efficient way to compare offers. Just be sure the platform you are working with is legitimate and partners with competitive lenders. Not sure where to start? At Acorn Finance, we partner with top financial partners. Within 60 seconds or less, you can check prequalified offers with no credit score impact. Our lending partners can offer loans as little as $1,000 or as much as $100,000, depending on your credit score. Additionally, we allow customers to check offers today and return at a later date to pick up where they left off, as long as offers are still valid. We work to streamline the process of finding the best personal loan offer while keeping consumers safe on the online marketplace.

How do $1,200 personal loans work?

Personal loans are rather straightforward. Needless to say, there can be loopholes in contracts so it’s important to understand all of the fees and guidelines before accepting a loan. Most personal loans are funded as a lump sum and repaid in fixed monthly installments with interest over a predetermined period. Origination fees can be deducted from the total loan amount before it’s funded. Not all personal loans will have origination fees. On the topic of fees, you should consider prepayment penalties, origination fees, and any other fees associated with your loan. As you shop offers, focus on more than just a monthly payment. Fees can greatly impact the total cost of the loan. Additionally, some lenders may offer discounts for setting a loan on autopay or other incentives. Even when borrowing a small loan amount such as $1,200, you will still want to make an educated decision. Borrowing money is intended to put you ahead, not set you back. 

When are $1,200 loans worth it?

Your motive for taking out a loan can vary. With personal loans, there are few spending restrictions. Therefore, you can use it as needed in most cases. To determine if a loan is worth it, consider your needs, the impacts of the loan (positive and negative), and the total loan cost. What will happen if you don’t take the loan? What will happen if you are unable to repay the loan? Think through the financial decision to the best of your ability to make the best choice possible for your situation.

List pros & cons of $1,200 Personal Loans:

Pros 

  • Fixed monthly payments
  • Funded as a lump sum
  • Few spending restrictions
  • Funding in as little as 1-2 business days (although funding times can vary)
  • Get prequalified in seconds 
  • Opportunity to build/boost credit score

Cons

  • Interest and fees
  • Taking on debt
  • Risk of impacting credit score if payments are missed or loan is defaulted on
  • May not be enough money to cover expenses 

 

Why choose Acorn Finance for comparing $1,200 loans?

Acorn Finance empowers consumers by offering them a safe and secure platform to check real personal loan offers. The ability to check personal loan offers in seconds with no credit score impact puts you in the driver seat. Oftentimes, we feel at the mercy of the lender when it comes to needing a loan. However, when the table turns, and you have multiple offers at your disposal, you might find that lenders will work harder to earn your business. To get started, simply input some personal information and receive personalized offers with no impact on your credit score. Found an offer you love? Work with the lender of your choice to finalize the approval process and receive funds in as little as 1-2 business days, although funding times can vary. We make finding a competitive loan offer safe and quick, packaging everything you need in a nutshell. 

 

Where can I get a personal loan for $1,200?

Acorn Finance empowers consumers by offering them a safe and secure platform to check real personal loan offers. The ability to check personal loan offers in seconds with no credit score impact puts you in the driver seat. Oftentimes, we feel at the mercy of the lender when it comes to needing a loan. However, when the table turns, and you have multiple offers at your disposal, you might find that lenders will work harder to earn your business. To get started, simply input some personal information and receive personalized offers with no impact on your credit score. Found an offer you love? Work with the lender of your choice to finalize the approval process and receive funds in as little as 1-2 business days, although funding times can vary. We make finding a competitive loan offer safe and quick, packaging everything you need in a nutshell. 

Pros and cons of lenders $1,200 Personal Loans:

LightStream

Best for: Large personal loans

While LightStream may be more ideal for good credit borrowers and large personal loans, they are a top lender in the online marketplace. 

Minimum qualifications: 

  • Minimum credit score requirement of 660 or above 
  • Minimum income requirement of $50,000/year

Pros:

  • No origination fees
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Competitive loan offers
  • Allows co-signer
  • Large personal loans available 
  • Flexible repayment periods up to 12 years

Cons:

  • Strict qualification requirements
  • No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)
  • No direct payment to creditors for debt consolidation loans

SoFi

Best for: Good credit personal loans

Similar to LightStream, SoFi is best for borrowers with good credit that need large personal loans. With no origination fees and large loan amounts, SoFi is a competitive lender offering outstanding customer service.

Minimum qualifications:

  • Minimum credit score requirement of 680 or above 
  • Minimum income requirement of $50,000/year

Pros:

  • Flexible loan amounts and repayment terms
  • No origination fees
  • Competitive interest rates
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Allows cosigner applications
  • Unemployment protection available

Cons:

  • High credit score requirement
  • Approvals may take 3 days or more

Best Egg

Best for: Fair credit personal loans

Everyone deserves a second chance, and Best Egg tries to give as many borrowers one as possible. Borrowers with fair credit should try to qualify for Best Egg. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 

Pros:

  • Fair credit scores can qualify
  • No minimum income requirement
  • Same or next day funding available, although funding times can vary

Cons:

  • Not available in some states
  • Origination fees between 0.99% and 6.99%
  • Higher APRs

Prosper

Best for: Peer-to-peer loans

Prosper offers peer-to-peer loans that are funded by individuals rather than one financial institution. For borrowers, this can offer more flexibility and sometimes less strict requirements. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 

Pros:

  • Low threshold for credit score
  • No minimum income requirement
  • Flexibility to change payment dates

Cons:

  • Long funding times
  • Origination and late fees may apply
  • No rate discount for autopay available
  • Restrictive repayment periods
  • Funding may take about 5 business days 

Upgrade

Best for: Bad credit personal loans

With bad credit, you may still need a loan. Upgrade can help borrowers with bad credit and give them the chance to Upgrade their life and financial situation. 

Minimum qualifications:

  • Minimum credit score requirement of 560 or above 
  • No minimum income requirement

Pros:

  • Low credit score requirement
  • No early payoff penalty
  • Joint applications allowed
  • Funding as soon as one business day on approved loans, although funding times can vary

Cons:

  • Origination fees between 2.9% to 8%
  • Higher APRs, especially for subprime borrowers

Axos Bank

Best for: Refinancing an existing personal loan

If you need to refinance a $1,200 personal loan, Axos Bank is a lender you may want to consider. With a mobile app to manage loans through and fast funding times, refinancing a loan with Axos Bank can help you save money.

Minimum qualifications:

  • Minimum credit score requirement of 700 or above 
  • Minimum income requirement $48,000/year

Pros:

  • Low origination fees
  • Mobile app to manage loans
  • Fast funding times
  • Funding as soon as one business day on approved loans, although funding times can vary

Cons:

  • High credit score requirement
  • Origination fee up to 2%

OneMain Financial

Best for: Personal loans with fast funding

OneMain Financial is a well-known financial institution that can offer personal loans. With the ability to assist borrowers with less-than-perfect credit while providing fast funding, they are a top lender to choose from. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $7,200/year

Pros:

  • Low credit score requirement
  • Offers secured loan option
  • Low income requirement
  • Flexibility to choose your payment date
  • Fast funding times

Cons:

  • High interest compared to similar lenders
  • Origination fee between 1% – 10% (or flat fee up to $500 depending on state)

LendingPoint

Best for: Fair credit personal loans with fast funding

LendingPoint is yet another lender on our list that can assist borrowers with fair credit. With fast funding and low origination fees, LendingPoint should be on your list of lenders to check offers from. 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $30,000/year

Pros:

  • Low origination fees
  • Relaxed credit score and income requirements
  • Same or next-day funding is available, although funding times can vary

Cons:

  • No joint applications
  • High loan costs
  • Short repayment periods 

Check rates from these top lenders and more at Acorn Finance!

Lending USA

LendingUSA is best for one-time purchases or uses, such as cosmetic surgery financing, pet financing, funeral financing, and more. LendingUSA offers loans for a variety of industries. Loans can be obtained through the LendingUSA website or through a merchant partner that refers to LendingUSA. Additionally, if you pay your loan off within six months, no interest will be charged to the principal. With fast approval decisions and loans as small as $1,000 available, Lending USA is another lender to consider for a $1,200 personal loan. 

Reprise Financial

Reprise Financial can help borrowers find personal loan offers that meet their needs. In order to help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With customized payment options and fixed rates, check personal loan offers at Reprise Financial. 

Universal Credit

For borrowers with bad credit, Universal Credit may be your golden ticket to the funds you need. With a minimum credit score requirement of only 560, Universal Credit is a top choice for subprime borrowers. While loan costs may be higher, they usually are when it comes to borrowing money with bad credit.

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How can I get a $1200 personal loan?

Getting a personal loan for $1200 can be done in many ways. First, you could always go to your personal bank and review what kind of personal loan options are available to you. They may have installment loans that you could access if you have direct deposit or they may have other programs they can offer to their banking customers.

Second, you could always seek a loan from a pawn shop or a cash title loan center if you are willing to put up some collateral for some quick cash. Be warned, this may not be the best option for many consumers, however, they are still a valid way of receiving a quick $1200 loan. Just be sure to make your payments on time or forfeit the asset you used as collateral.

Last, you may want to consider a personal loan of $1200 from an online lender. Online lenders can be a quick and easy way to get the cash you need at a reasonable interest rate. Some lenders may even offer same or next-day personal loans if you need the money for an emergency expense. Online lenders may also have some of the more competitive interest rates available on the lending market. Whichever method you choose, just be sure to take a little extra time to consider the options available to you to ensure you ultimately make the best choice for your financial situation.

How can I get a $1200 personal loan fast?

One of the fastest ways to get a $1200 personal loan is to visit a pawn shop. Pawn Shops have cash on hand, and they can pay out immediately for a personal loan if the value of your personal property meets the same value of the loan. If you are looking for a personal loan option that does not require using an asset as collateral, then checking on loan offers from online lenders may be a good option. In the recent rise in popularity of the online lending market, online lenders have been able to completely digitize and streamline the lending process. Many online lenders in fact can offer same day personal loans depending on how promptly you are able to present all the necessary information and respond to additional requests.

Is it better to get a credit card or $1200 personal loan?

Credit cards, even though they sometimes get a bad reputation, do serve their purpose. The main downfall is the absurdly high interest rates that credit card companies can charge at times. Many times, depending on your credit score, a personal loan could offer you financing with a much lower interest than a credit card. Another question is, do you already have the credit card? You may be able to pre-qualify, apply, and receive the funding from a personal loan weeks before a credit card arrives in the mail. It may be a good option to always have a credit card on hand to pay for unexpected expenses or for day-to-day activities like dining, shopping, and going out with friends, but if you either have to wait for a credit card to arrive, or you are looking to pay much less interest, than seeking a $1200 personal loan may be your better option.

What can I do with my $1200 personal loan?

Personal loans are intended for personal expenses. Meaning, most often, a lender does not have a say in how you use the money. Maybe you are about to get married and you need to put down a deposit on a venue? Do you have medical or dental expenses that need to be paid for? Or maybe that vacation home needs new carpeting? Even if you are getting a $1200 personal loan to simply catch up on utility bills and other day to day expenses, it does not matter. Most lenders do not require you to disclose where the funds of the loan go.

How long will it take to pay back a $1200 loan?

Most personal loans have predetermined loan payoff periods. They can be anywhere from 6-months to 12-years. When you are applying for the loan, you and the lender will discuss which loan repayment periods work the best for your monthly budget and the amount you would like to borrow. A $1200 is almost always considered a short-term loan, therefore, you will then most likely be offered loan repayment periods closer to the 6, 12, or 18-month period. However, it is up to the lender to determine what kind of loan repayment periods they would consider for a $1200 personal loan.

What credit score is needed to secure a $1200 personal loan?

To obtain a personal loan from a traditional bank or online lender, you most likely will want to have a minimum credit score in the 610 to 630 range. A credit score in this range may still be considered a score that will at least get the conversation started with many creditors. If you have a score that is below 610, then it may be more difficult for you, however, it is still possible. Some online lenders offer loans to individuals with bad credit scores as low as 550. It really is entirely up to the lender and how dire your credit situation happens to be.

What is the best bank to get a $1200 personal loan?

Most banks, credit unions, and online lenders can offer $1200 personal loans. Online lenders may offer more competitive rates and terms than traditional banks. However, if you prefer a traditional bank, your location may impact your options. It's always a good idea to see what your primary bank can offer first and then compare that offer to other offers. At Acorn Finance you can check offers from top national lenders without impacting your credit score.

What are the pros and cons of a $1,200 personal loan?

Let us look closer at just a few pros and cons of financing a personal loan in general:

Pros

Competitive interest rates and flexible terms

Use the money for just about anything

No collateral required

Fixed monthly payments

Cons

Taking on debt

Origination fees

Interest rates may be higher than other options

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$1,200 Personal Loan Options That Are Right For You!

A $1,200 personal loan is a small personal loan, thus making it easier to qualify for. Regardless of the amount of money you borrow, you always want to make sure you get the best rate and term available. Acorn Finance understands that your time is valuable, therefore we have created a platform that can save you time and money. If you are considering a personal loan of any amount between $1,000 to $100,000, you should check offers at Acorn Finance.

Get prequalified for a $1200 personal loan with no impact on your credit score. . . check offers now!

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