$12,000 Personal Loans For Good & Bad Credit

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.

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!

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.

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.

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.

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.

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.

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.

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.

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 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!