$1,200 Personal Loans For Good & Bad Credit

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.

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.

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.

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.

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.

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.

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.