Check your Approval Odds for a $1,200 loan

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Where to get a $1,200 loan


2 min read
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Taking out an $1,200 loan can be a smart move if it helps you achieve a financial goal.

But you’ll want to make sure you understand what type of personal loan is best for your situation and how those monthly payments will fit into your budget. 

We’ll walk you through our recommendations for lenders to consider and how to apply for a loan.

Monthly payments for a $1,200 personal loan

Loan durationAverage monthly
payments ($1,200 loan)
Poor creditAverage creditGood creditExcellent credit
1–12 months$139.71$130.84$123.13$111.93
13–24 months$127.94$111.17$94.56$70.22
25–36 months$59.48$52.23$47.50$43.21
37–48 months$54.19$47.34$43.37$34.92
Average monthly loan payments are based on aggregate TransUnion credit report data from Credit Karma members with active personal loans as of December 2022

The best $1,200 personal loans

U.S. Bank

U.S. Bank offers unsecured personal loans, and you’ll typically find out whether your loan is approved quickly. U.S. Bank doesn’t charge any origination fees or prepayment penalties. To find the best options, you may want to become a U.S. bank customer before applying for a personal loan.


Rise Credit might be worth considering if you have fair or bad credit and want a personal loan without origination fees or prepayment penalties. Since it reports to the major credit bureaus, it can help you improve your credit. But interest rates can reach well into triple digits.


Afterpay can be a good choice if you want to make a buy-now, pay-later purchase with no interest. You’ll be expected to make four payments over six weeks to pay off your purchase. But if you make a late payment, you might be charged a fee (up to 25% of the loan amount). Afterpay will conduct a soft credit check when you apply, which won’t affect your credit scores.


A LendingClub personal loan may be a good fit if you want to consolidate debt, since it can pay your creditors directly. But you’ll need good credit to qualify for the lowest rates and might have to pay an origination fee.

Digital Federal Credit Union

Digital Federal Credit Union can be a good option if you’re a member (or membership eligible) and would like to explore multiple loan options. This is particularly true if you can lock in the automatic payment and relationship discount. DCU doesn’t offer prequalification, so checking your loan eligibility will mean a hard credit check.

How to get a $1,200 loan

Applying for a $1,200 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.

Start by collecting basic information about your finances, such as …

  • W2s
  • Recent paystubs
  • Identification/Social Security number/driver’s license
  • Desired loan amount
  • Monthly expenses, such as housing costs and debt
  • Information about any collateral you want to use 

From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.

Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores. 

If you apply for a personal loan, you may be able to access money within a few days.

FAQs about $1,200 loans

Can I get an instant loan online?

Some lenders offer same-day loans that provide funding within hours of approval. But same-day funding is not guaranteed, and even the fastest loans can take hours to transfer the funds to your account. The exact timing will depend on your bank.

Is a $1,200 loan hard to get?

Your ability to get a $1,200 loan typically depends on your credit profile and a lender’s requirements for approval. For instance, a borrower with bad credit may only be able to get approved from a lender that specifically advertises loans for people with less-than-perfect credit. Applicants with lower credit scores will likely get offers with higher interest rates and fees than people with stronger credit scores get.

Can you get a $1,200 loan with bad credit?

Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.