$12,000 Personal Loans

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Funding up to $100,000 and APRs as low as 6.24%1

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How To Get A $12,000 Loan

When it comes to personal loans for home improvements, debt consolidation, or any other major expenses, there are a lot of options to choose from. If you’re looking for the best deal, you may want to explore getting a $12,000 loan. Sounds like a great idea, right? Most people can qualify for a $12,000 loan, but not everyone.

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How To Apply For $12,000 Personal Loans

1 Pre-qualify

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

2 Select offer

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

3 Finish application

Complete your application on your selected lender’s website

4 Receive funding

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

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FREQUENTLY ASKED QUESTIONS

Learn More About $12,000 Personal Loans

Are you in need of a personal loan but don’t want to borrow from a bank? There are several other options available to you, including peer-to-peer lending and online lenders. However, before you commit to any lender, it’s important to compare interest rates and terms.

Read more - FAQ

Can you get a $12,000 loan?

You’ll need a decent credit score- usually one of at least 550 – in order to qualify for one of these loans. Your chances of being approved are higher if you have a relatively high income and very little pre-existing debt. Since this loan is on the larger side, it’s unlikely that you’ll be approved with a bad credit score, low (or no) income, and lots of other debts that need to be repaid.
In some cases, you may be able to increase your odds of being approved for a $12,000 loan if you apply with a cosigner or co-borrower. That’s only if their credit and financial picture is significantly higher (and better-looking) than yours. They’ll be on the hook to pay back the loan if you fail to repay it for whatever reason.

Who offers personal loans for $12,000?

Acorn Finance makes it easy for you to find the right lender. Below, we’ll compare the different lenders that offer $12,000 person loans to help you find the best rates and terms. You can get a more individualized look by going to Acorn Finance and using the free comparison tool – there’s no hard credit pull, either!

Lightstream – Pros & Cons

Lightstream offers loans as small as $5,000 or as large as $100,000. This lender specializes in personal loans and charges zero origination fees, something that can help you save money when you’re paying off your loan.
You have to have a minimum credit score of 660 and an income of at least $50,000 in order to apply. However, there’s a serious trade-off here in that interest rates are exceedingly low – you’ll pay just 3.99-16.49% and can choose from flexible repayment terms ranging from two to 12 years. Plus, you can have your money in just one business day, although funding times may vary.
PROS:
Loan amounts between $5,000 to $100,000
Zero origination fees
Interest rates between 3.99% to 16.49%
Terms between 2-12 years
Funding in as little as one business day
CONS:
Minimum credit score requirement of 660
Minimum income requirement of $50,000
Most applicants will need several years of credit history to qualify

BestEgg – Pros & Cons

Another lender that provides personal loan funding in as little as one business day is BestEgg. BestEgg offers loans as small as $2,000 or as large as $50,000, so $12,000 personal loans are right in its wheelhouse. Interest rates vary widely depending on your credit score – they range from 5.99% to 29.99% – but you don’t have to have a minimum income in order to apply.
Not only that, but you’ll only need a credit score of 600 to qualify. That’s great news, especially when you consider that BestEgg does not allow applicants to apply with a co-borrower.
PROS:
Loan amounts between $2,000 to $50,000
Interest rates between 5.99% to 29,99%
No minimum income requirement
Credit score requirement of only 600
Offers a secured loan option for homeowners
CONS:
Origination fees apply
No rate discount for autopay
No co-signer option

Prosper – Pros & Cons

Prosper offers loans ranging from $2,000 to $40,000. Interest rates tend to be higher with this lender – as high as 35.99%, in some cases.
However, you don’t have to have a specific minimum income in order to qualify and if you use the Lender App to apply, you can apply with a co-borrower. You’ll get your money in about five business days – this is longer than what it takes with many other personal loans, but repayment terms are flexible.
PROS:
Wide range of loan amounts between $2,000 to $40,000
No minimum income amount provided
Offers joint loans
Option to adjust your payment date
CONS:
Long funding times
Origination fees between 2.41% to 5%
Only two repayment terms available (3 and 5 years)

SoFi – Pros & Cons

SoFi is a popular lender that offers loans as small as $5,000 or as large as a whopping $100,000. Interest rates range widely, with the best-qualified borrowers earning APRs as low as 5.99%. You’ll need a pretty high credit score in order to qualify – at least 680 – and an income of at least $50,000.
The plus side? You don’t have to worry about origination fees. You can choose from repayment terms ranging from two to seven years and again, you can have your money in as little as one business day, although funding times may vary.
PROS:
Loan amounts between $5,000 to $100,000
APRS as low as 5.99%
Funding in as little as one business day
Unemployment protection
No origination fees
CONS:
Minimum credit score requirement of 680
Limited repayment term options between 2-7 years

Upgrade – Pros & Cons

Upgrade is another top lender to consider. With Upgrade, you can apply for loans ranging from $1,000 to $50,000. Interest rates vary widely, from as little as 6.94% to as high as 35.97% for borrowers with poor credit. This lender also charges significant origination fees, which can be as high as 8% depending on your financial history.
The plus side? You can qualify with a credit score as low as 560 and it is possible to apply with a co-borrower. There’s no minimum income threshold you need to meet, either.
PROS:
Loan amounts between $1,000 to $50,000
No minimum income requirement
Low minimum credit score requirement of only 5560
Rate discount for autopay
Offers direct payment to creditors for debt consolidation loans
CONS:
High origination fees
Late fees apply

Axos Bank – Pros & Cons

Axos Bank has personal loans from $5,000 to $50,000. Interest rates are much higher than what you’ll find with other lenders – starting at 7.99% even for the most qualified borrowers. However, you can choose from many repayment periods and there are cases in which there are zero origination fees, too. You do have to have a relatively high credit score – at least 700 – and a minimum income of $48,000.
As is the case with many of these lenders, you can have money in your account in as little as 24 hours, although funding times may vary.
PROS:
Take advantage of mobile app to manage loan
Option to change your payment date
Fast funding times
CONS:
Higher APRs than similar lenders
Origination fee may apply
Payments only reported to one of three major credit bureaus

OneMain Financial – Pros & Cons

OneMain Financial is a popular personal loan lender with loans ranging from $1,500 to $20,000. Interest rates are also relatively high with this lender, with the most qualified borrowers still required to pay around 8.98 % or more.
That said, origination fees are low (with a flat fee structure available as an option) and you only need a credit score of 600 to qualify. You also don’t need a high income – $7,200 is all it takes to qualify.
PROS:
Fast funding times
Option to change your payment date
Offers direct payment to creditors for debt consolidation
CONS:
Limited loan amounts
High interest rates
Origination fees

LendingPoint – Pros & Cons

LendingPoint has loans from $2,000 to $25,000, depending on your needs. Interest rates are some of the highest you’ll see – 15.49% for the most qualified borrowers – but repayment terms vary from two to four years. You may qualify for zero origination fees in some cases. To qualify for a personal loan with LendingPoint you’ll need a credit score of 600 (along with a minimum income of $30,000) in order to apply.
PROS:
Fast funding times
Low minimum credit score requirement
Option to choose your payment date
CONS:
No co-borrower option
Limited loan amounts
High interest rates

LendingUSA – Pros & Cons

Lending USA is a top lender that offers loans up to $35,000. It looks for applicants with fair credit and has interest rates starting at around 14% – but remember, this can be higher if you don’t match up with other requirements (such as an income that doesn’t meet the minimum threshold).
PROS:
Get prequalified with no impact on your credit score
Avoid paying interest if you can repay principal within 6 months
No prepayment penalties
CONS:
High origination fees
Not offered in all states

Universal Credit – Pros & Cons

Universal Credit is, as the name suggests, a great option for individuals with sub-optimal credit. This lender offers flexible payment dates and rate discounts, making it an attractive option if you’re new to the world of personal loans. However, there are hefty origination fees and you can’t apply with a co-borrower or cosigner.
PROS:
Rate discount for autopay
Direct payment to creditors for debt consolidation
Change your payment date
CONS:
Origination fees
No joint loan option

What is the monthly payment on a $12,000 loan?

A $12,000 loan can have a monthly payment of about $100 to $500. While this may seem like a wide variation, it’s important to remember that there are a lot of factors involved here. You can pay on the higher end of the scale to have the loan be paid off over a shorter period of time. The total interest paid will be significantly less than if you took out a shorter-term loan at a higher interest rate.
That said, by choosing a longer-term loan, you can also get a lower monthly payment that is more affordable. So, before you decide on taking out any type of loan, be sure to compare your options and find the best one for your needs. A personal loan payment calculator can help you estimate monthly payments.

What credit score is needed for a $12,000 loan?

If you’re in the market for a loan, one of the first things you’ll want to do is get pre-qualified – but what kind of credit score do you need and how much money can you borrow?
The most lenient loans may still require a credit score of at least 550 to 600. Most lenders would consider this to be “bad” credit – anything below 670 is less than ideal.
FICO credit scores range from 300 to 850, with 850 being the best and 300 being the absolute worst. Individuals with credit scores between 300 and 579 are considered to have poor credit while those with scores between 580 and 670 have “fair” credit. “Good” credit is 661 to 780 while excellent credit is 781 to 850.
You might have a poor credit score if you failed to make payments on time or defaulted on any loans. You also might have a less-than-ideal credit score if you don’t have much of a credit history – which is the case with many young borrowers.

What is the interest rate on a $12,000 loan?

Interest rates on $12,000 loans vary depending on the exact amount of the loan and your credit history, among other factors (like the repayment period and whether other fees, like origination fees, are rolled into the monthly payments).
With an interest rate of 7% for a three-year loan, you’ll pay around $370 per month. Make that a seven-year loan and you’ll be paying much more money in interest over the life of the loan, but you’ll only have to pay $181 per month.

How long does it take to get a $12k personal loan?

In many cases, you can get approved and get funded for a $12k personal loan in just one business day. Rarely does it take more than a few business days. This is something you’ll want to investigate when you’re comparing personal loans, since there is quite a bit of variation in terms of how quickly a lender can approve you for (and distribute) funding.

Is getting a personal loan for $12k difficult?

Getting a personal loan for $12k isn’t necessarily difficult, but it can be if you’re applying for an unsecured personal loan with a poor credit score. If you have a credit score of 550 or less, you’re probably going to need a cosigner to apply with you – ideally one whose credit score is much higher than you.
Unsecured loans are usually more difficult to qualify for than secured ones, since you’re not offering anything up as a form of collateral. If the loan is secured- meaning you’ve put something (like your house) on the line to verify your commitment to paying back the loan -you may find that it’s somewhat easier to qualify.

Do you need credit history to get a personal loan for $12,000 or more?

Yes. A credit history, even a less than perfect credit score, is necessary when applying for any kind of personal loan, regardless of the amount. Generally, you’ll need good to excellent credit in order to qualify for most personal loans, particularly one for an amount as high as $12,000.

Can you get a $12,000 personal loan with bad credit?

You can get a $12,000 personal loan with bad credit, but you may have to do some shopping around to find a lender that is willing to work with you. You’ll also need to be willing to compromise in other areas.
For instance, if your credit is in the poor or fair range, you will need to have a lower debt to income ratio and less debt overall. You may be asked to prove that you have a higher income or even to put some form of collateral on the line, like your home, for a secured loan.
Essentially, if you have bad credit, you are more of a risk to lenders. Therefore, they’ll look at many other aspects besides just your credit in order to determine whether you qualify for one of these loans. In some cases, you may be asked to reapply with a co-borrower or cosigner.

What can you use a $12,000 personal loan for?

You can use a $12,000 personal loan for just about anything. Many people use these loans to do home improvements while others apply for personal loans to pay for other major expenses, like vacations, weddings, or vehicles. You can also use them to pay off medical bills or consolidate other debts.

How long does it take to repay a $12,000 loan?

How long it will take you to repay your $12,000 loan will depend on a variety of factors, such as your interest rate and your monthly payment. Most people will take around five to seven years to pay off a loan for this amount.
Applying for $12,000 personal loans can be a stressful and daunting task – but it doesn’t have to be. Follow these tips and take some time to do your research so you can be sure that you’re getting the best deal on your personal loan.
When you’re looking for a personal loan, it’s important to compare interest rates and find the best deal. But don’t forget to also look at the terms of the loan. Make sure that you can comfortably afford the monthly payments and that there are no hidden fees or penalties.
If you need help sorting through all of your options, Acorn Finance can help. We’ll show you all the options that are available to you as you’re looking for the best lender – and with no hard credit pull, you don’t have to worry about your score taking a dive. Start comparing $12,000 personal loans today!
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